
Students' Guide to Business Computing
linked to the nominal ledger; it is enough to update the nominal ledger
from the payroll system, each time the payroll has been run.
Contract accounting
Some accounting software (including most major mainframe
packages) offers an additional facility known as contract accounting
(or project accounting). This is similar to the nominal ledger, except
the accounts relate to short-term projects, rather than cost centres. It is
particularly relevant to contractors wishing to control project costs,
and to consultants who need to present project accounts, because they
charge clients on the basis of cost plus a