Setting accounts opening balance on Tyms accounting software

Setting up your opening balances correctly is crucial when onboarding your previous records on Tyms. Tyms allows you to easily import opening balances from a previous accounting system, or a trial balance. 

When recording your balances, it is required that both the credit and debit sides are equal for you to be able to publish.

Follow these steps to set your opening balances in Tyms:

Step 1: Prepare Your Opening Balance Data

1. Gather Your Data: Ensure you have your opening balances ready, ideally in the form of a trial balance from your previous accounting system.
2. Create all required accounts: Ensure that all the required accounts are created on Tyms under the chart of accounts.
3. Create all bank accounts: Ensure that all bank accounts has been created also and you are fully ready with all the accounts needed for the import.
4. Check Accuracy: Verify that all balances are accurate and up-to-date before importing them into Tyms.

Step 2: Access the Opening Balances Section

1. Login to Tyms: Log in to your Tyms account with your credentials.
2. Navigate to “Accounting” module: Go to the ‘Accounting module’ menu located on the main dashboard left sidebar and locate ‘Chart of accounts’ in the sub-menu under the accounting module.
3. Select “Opening Balances” tab: In the tab menu, find and select the ‘Opening Balances’ tab.

Step 3: Input Your Opening Balances

1. Locate accounts: Locate the account for which you are setting the opening balance from the balance table.
2. Enter Balance: Input the opening balance amount for the selected account. Ensure you enter the correct debit or credit value.

Step 4: Review and Save Draft

1. Review Entries: Double-check all the entered balances for accuracy.
2. Save draft: You can save your balances to draft before publishing. But, any time you return to the opening balance page, you will need to restore the draft saved.

Step 6: Finalize and Verify

1. Check Totals: Verify that the total debits and credits match and that the opening balances are correctly reflected in your Tyms account.
2. Publish: Click the publish button to publish your changes. Note that all old drafts will be cleared once published.

By following these steps, you can easily set up your opening balances in Tyms, ensuring a smooth transition from your previous accounting system. If you encounter any issues or need further assistance, please refer to the Tyms Help Center or contact our support team via contact@tyms.io.