Configuring default financial accounts on Tyms

For an effective onboarding experience on the Tyms accounting software, you can choose the default financial accounts that align with those you've already set up in your chart of accounts, allowing for a more personalized experience.

This is important because it enables you to tailor the software to your specific business needs and financial structure, ensuring accurate and efficient financial management and reporting.

To configure your default ledger accounts, follow these steps:

Step 1: Visit the settings page.

Navigate to the settings page at the top right corner of the page. This contains every section needed to personalize your business information.

Step 2: Select your default accounts for the Revenue module.

1. Navigate to the accounting section.
2. In the Revenue section, click the dropdown menu to select your preferred account for each option. 
3. You can also create a new account if it does not exist. Repeat this process for all accounts under the Revenue section. 

Once you've made your selections, save your changes, and they will take effect immediately.

Step 3: Select your default accounts for the Expenses module.

Repeat the same steps for the Expenses account.

Step 4: Select your default inventory account, and inventory valuation method.

1. Select your default inventory account, or create a new one if it does not exist yet.
2. Select your preferred inventory valuation method.
3. Check the “Sell negative stock” box if you want to be able to sell inventory items even when you’re out of stock on Tyms.

Step 5: Select your default accounts for various taxes.

Select your desired accounts for Taxes, Receivables and Payables.

Confirm your changes, and save.

By completing these steps, you'll have these accounts as the default on all the modules represented.