LEGAL STATUS OF COMPANY
This is an optional field where the user can indicate the type of business for which Thesaurus Accounts is being used, i.e.
The purpose of ticking the relevant box predetermines which nominal ledger accounts are flagged for use by the user, hiding the irrelevant accounts for the chosen type of business.
For example if the user indicates that the business is a "Limited/ Unlimited Company" then the sole trader orientated accounts such as "Drawings", which are not required for the transaction entries of a limited company are hidden from view, and vice versa.
Any accounts which are hidden from view can be restored to view for use at any time using the "Show/Hide Nominal Accounts" option within the "Setup" menu.
The user can opt not to indicate the legal type of the business by simply leaving both boxes unticked so that no accounts are automatically hidden from view.