You can perform Journal entries with Tyms accounting software. This can be done by someone with good double-entry principle knowledge. Although it is advisable to use other methods of posting transactions to software, Journal entry is the fastest route in entering data in any accounting software.
For Tyms, whether you are a novice or professional, you can actually post to the Journals in Tyms. In this article, we will show a step-by-step guide to doing so.
How to post a Journal Entry in Tyms
You can do this in three ways;
- Through direct posting
- Using import section
- Using AI (ADAM)
Through direct posting
To do this, log in to your Tyms dashboard. Go to the Accounting section and click on Journal. At the right-hand top corner, click on New, then “Journal Entry”. It will open a new page for you to post your transaction.
Follow the process. Enter the title of the transactions. Next, the account to be “debited” and the account is “credited”. If you want to, you can add a description of the transaction. This will help for reference purposes. Then add the amount. The same amount should be on the debit and credit sides.
Also, you can add a supporting document. For example, if it is a sale of goods, the receipt or invoice can be added. Now, click on “save.” In our example in the screenshot below, we assume a sale of goods of 500,000 Naira cash. So, we debit the “cash account” and credit the “sales account.”
Using the Import Journal
If you have a bulk of transactions to post, instead of posting them one at a time, you can simply post them in batch using the journal import section. You can also use it if an ongoing company wants to start using the Tyms accounting software. The method is quite simple. Download the template, fill it up, and upload it to the software.
Using the AI Generate feature
Here, you will need to type in a prompt in the AI chat box. You can type simple words as the following:
- 1st February 2025, sold goods for N500,000
- 2nd February 2025, paid for electricity bill N34,000
- 3rd February 2025, purchase goods for N320,000. And so on.
Please do not forget to check your chart of accounts to ensure that the AI has posted the transactions according to your prompt.
When to post using Journal Entry
As earlier stated, it is not advisable to use Journals to post transactions in accounting software. This usually makes reconciliation difficult. And the accountant may find himself/herself in the middle of a deep sea. You can post in the journal in any of the situations below:
- To open the books of an entity
- When correcting errors in bookkeeping
- While reconciling the bank statement
- Transferring an amount from one account to another
- When non-current assets are bought or sold on credit. However, in Tyms, there is a section where you can post directly into the fixed asset account, and
- In closing the books of accounts of a business.
In conclusion, Tyms accounting software makes posting transactions easier! Unlike other software, its Artificial Intelligence features, referred to as ADAM, help make posting seamless.
