How to set up Chart of Accounts on Tyms

The Chart of Accounts (COA) is the backbone of your financial organization in Tyms, allowing you to categorize and manage all accounts essential to your business. Use the COA to create, edit, import, and manage your accounts with ease.

Getting Started with COA

Step 1: How to create a new Chart of Account

1. Log in to your Tyms account  (https://app.tyms.io/auth/login).
2. Navigate to the Accounting Module from the module list in the top left corner of your screen and click on the "Charts of account" from the navigation menu
3. Click "New Button" and select “Chart of Account” from the options.
4. Enter Required Fields:
   • Account Type: Choose the fundamental account category (e.g., Asset, Liability, Equity, Revenue, Expense).
   • Account Sub-Type: Select a more specific category, such as "Fixed Assets" under Assets.
   • Name: Enter a clear, descriptive name for easy identification.
   • Number: Assign a unique code for better organization.
   • Description: Provide a concise explanation of the account’s purpose.
5. Parent Account Option: Check the "Account has a parent account" box if it’s a sub-account, then select the parent account.
6. Click “Save” to confirm creation and make it available for use across Tyms.

Managing the Chart of Accounts

Step 2: Chart of Accounts Table Overview

The COA table includes the following columns, giving a snapshot of each account:

• Account: The name of the account.
• Account Type: The primary category of the account (e.g., Asset, Liability, Revenue, Expense).
• Description: A brief explanation of the account’s purpose or usage.
• Balance: The current balance for each account.
• Total: The sum of all transactions associated with the account.

Tip: Clicking on an account name in the COA table opens its Ledger, where you can view all related transactions and a detailed breakdown of its financial activities.

Chart of Account Management Functions

The Chart of Accounts (COA) offers a range of functions for editing and removing accounts, giving you flexibility in maintaining accurate financial records. Both manually created and auto-generated accounts can be adjusted, though some restrictions apply.

For manually created accounts, you can update both the account number and description. However, auto-generated accounts allow only the account number to be modified, preserving the integrity of any automated processes linked to these accounts.

To edit an account:

1. Locate the account in the COA table.
2. Click the "pen icon" next to the account.
3. Update the account number or description as needed.
4. Click "Save" to apply your changes.

Deleting Accounts

To protect historical data, only accounts with no recorded transactions can be deleted.

To delete a single account:

1. Click the "red trash icon" beside the desired account.
2. Confirm deletion to permanently remove the account.

To delete multiple accounts at once:

1. Use the "bulk action checkbox" to select multiple accounts.
2. Click the "bulk delete icon" that appears.
3. Confirm deletion to remove all selected accounts simultaneously.