If your Element Type option list is blank when trying to create a new Nominal Element then likely something is causing the system to be unable to display the list, typically this is an illegal character somewhere.
In most cases the following option will have a line which contains a comma, this will need to be edited or removed.
From the Toolbar select System Admin
Then select the Setup
From the list scroll to Company Details
Select the Nominal tab
And then the Reporting Elements subtab
Usually a line here will contain a Comma, remove the comma
Once removed, the Element Type drop down list should be visible again and you will be able to create new Nominal Elements