What is the Intergrated Nominal Ledger?
The Integrated Nominal Ledger serves as a comprehensive record-keeping system in Scion, capturing all transactions across your Credit Union’s accounts from various journals and sub-ledgers. Essentially, it serves as the central repository for all financial activities.
Within the Intergrated Nominal Ledger, you’ll find detailed entries for assets, expenses, and payments. Moreover, this ledger’s data is instrumental in generating essential financial statements such as the balance sheet and profit and loss statement at the conclusion of an accounting period.
Additionally, the Nominal Ledger contains a chart of accounts, which acts as an organised index categorising accounts into subsets like assets, liabilities, and shareholder equity.
Why use the Wellington IT Nominal Ledger?
In the past, accounting entries were painstakingly recorded by hand in physical ledgers, consuming considerable time. These ledgers were essential for maintaining comprehensive records for you Credit Union, with entries meticulously logged on both the credit and debit sides to ensure balance.
However, the addition of the Nominal Ledger to Scion has revolutionised Credit Union accounting practices.
Boasting an array of features, including bank reconciliation, time tracking, payroll management, invoicing, and more, all accessible on Scion Consequently, these advancements have streamlined accounting processes, saving time and enhancing efficiency.
Automatic Transaction Posting and End-of-Day
No need to manually enter member transactions into your ledgers. Scion will automatically post these for you.
Reporting, Budgeting & Forecasting
Comprehensive reporting, budgeting and forecasting tools to drive better financial decision-making, including Balance Sheet and P&L.
Bank reconciliation
Fully integrated bank reconciliation for multiple accounts.
SAGE API
If you currently use SAGE for your Nominal Ledger, we can offer an integrated API for this.
St Dominic CU reach new demographic with Current Accounts
St Dominic Credit Union introduced the Member Personal Current Account (MPCAS) solution in the summer of 2019 as part of a strategic vision to appeal to a new demographic.
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Success at St. Paul’s with current accounts
In order to fulfil their strategy of being the primary financial provider to their members, St. Paul’s Garda Credit Union realised they needed to offer full banking services, which included a current account and a new debit card.
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35% increase in online usage for Gurranabraher
If Gurranabraher Credit Union wanted to attract new members and increase member loyalty, they knew the best way to do this was to invest in member experience, utilising both the technology and strategic partnership offered by Wellington IT.
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