Setting a chart of accounts on Tyms accounting software is straightforward. In fact, it comes pre-installed with a ready-to-use chart of accounts. However, you can set it up to be suitable to your organisation's accounting needs. More so, you can use the AI feature on the software to set it up by using prompts.
What to do before setting up a chart of accounts on Tyms
The first task is to decide how the chart of accounts (COA) will look in your organization. Your firm's structure will determine the chart of accounts. If it is a parent company with subsidiaries, the way you will set your COA will be more of a regular company. Also, a company with more than one product will set up its chart of accounts differently from that with a single product.
Structuring the chart of accounts allows the accounting software to provide a suitable financial report. A COA will include the account name and code. The code helps you know the account head. Note that without the COA, it will be impossible to post business transactions to their respective accounts.
How to set up Chart of Accounts on Tyms accounting software
You can do this in three ways:
- Setting up manually
- Importing Chart of accounts
- Using ADAM (Tyms AI)
Setting up manually:
From your dashboard, click on account, then a chart of accounts. Next, go to your right-hand side, at the top of the screen and click on new. Choose “Chart of account” from the drop-down. Now put in the account type, name of account, number (code), and description. If it is a parent account, then check the box.
Importing Chart of accounts
If it is an ongoing business that wants to start using Tyms, you can simply upload your current chart of accounts. You will need to download the template. This can be found in the import “chart of accounts” section. I have circled it in the screenshot below. Follow the procedure in the download template, then upload it.
AI Generate
Through this means, you can write a prompt. Simply click on “AI generate.” Then, “New accounts”. Next, choose “which account type you want to generate with AI.” In the third box, you will need to explain in simple English what your business does and what brings in money and take it out. See the sample in the second screenshot below.
Setting up the chart of accounts is the first step for every new software you intend to use. It provides the accounting structure for the organisation and ensures that the software provides the reports you need according to the chart of accounts.
