reserved nominal accounts

I said earlier that VAT has its own nominal account (actually it uses a few) which suggests that posting transactions to it could cause a problem at audit time. Normal practice is to reserve certain accounts in such a way that they can only be posted to through approved procedures. Therefore, it is necessary to mark these accounts so that stray transactions cannot be posted to them.

These accounts include Bank Accounts, VAT Accounts, Sales Ledger, Purchase Ledger and possibly more.