Top Questions Answered: How to Use Tyms Accounting Features Effectively

Q: Can I manage interbank transfers on Tyms?
A:  Yes, you can. To accurately record interbank transfers (e.g., from GTBank to Wema Bank), you’ll need to create a new account under the Equity category in your Chart of Accounts called Interbank Transfer. This account acts as a bridge between the two bank accounts. Here’s how to do it:

• Create an account under Equity named Interbank Transfer.
• When transferring funds from one bank to another (e.g., GTBank → Wema Bank):
• Post the outgoing transaction from GTBank to Interbank Transfer.
• Post the incoming transaction from Interbank Transfer to Wema Bank.

This ensures both bank accounts and the interbank transfer account stay balanced and can be reconciled properly.

Q: Can I connect my Paystack or Flutterwave account to Tyms?
A: Yes, you can connect both Paystack and Flutterwave to Tyms. Go to Settings > Integration > Click on Paystack or Flutterwave > Follow the prompt to connect your account. This enables automatic payment tracking and easier reconciliation

Q: Can I use Tyms for a manufacturing business?
A: Yes, Tyms is suitable for all types of businesses, including manufacturing businesses. You can manage your operations using:  The Composite Items feature (for finished goods and Raw Materials), The Inventory Module (for stock management), The Accounting Module (for tracking financials and generating reports). This setup helps you manage production, stock movement, and financial reporting seamlessly.

Q: Can I assign approval roles or prioritize team tasks in Tyms?
A: Yes, Tyms supports expense approval workflows. You can assign specific team members to review or approve certain types of expenses before they’re finalized. Click  https://www.tyms.io/en-NG/help/category/general to learn more about setting up approval workflows.

Q: Are recurring invoices and recurring journal entries available in Tyms?
A: Yes, Tyms supports recurring entries. This helps reduce manual entries and ensures consistency.

Q: Can I import my existing data into Tyms?
A: Yes, you can import your historical or existing data into Tyms. We provide easy-to-use templates for importing. 
This helps you get up and running quickly without starting from scratch.