Migrating to Tyms? Here’s how to bring in your customer/vendor balances.
When switching to Tyms from another accounting system, you may need to carry over outstanding balances from your customers (Accounts Receivable) or vendors (Accounts Payable). Tyms offers multiple ways to record these opening balances accurately.
Ways to Record Opening Balances
You can input opening balances through any of the following methods:
1. Import via Contact Module
You can import customers or vendors along with their opening balances in bulk using the Contact Import feature in Tyms.
Steps:
- Go to Contacts > Import Contact.
- Download the import template (Excel format).
- Fill in the contact details along with their opening balances using the appropriate columns.
- Upload the completed file to import.
Understanding the Import Template Columns
The template contains the following columns to help you accurately import both customer and vendor opening balances:
- sales_opening_balance: The amount the customer owes your business at the point of migration (outstanding sales). This applies to customers only.
- sales_account: The specific sales account for the outstanding sales balance.
- receivable_account: The Accounts Receivable account where the sales opening balance should be posted.
- expenses_opening_balance: The amount your business owes to the vendor at the time of migration (outstanding purchases). This applies to vendors only.
- expenses_account: The specific expense account related to the outstanding amount owed to the vendor.
- payable_account: The Accounts Payable account where the vendor’s opening balance will be recorded.
- opening_balance_date: The effective date of the opening balances (when these amounts were carried over into Tyms). Make sure this date is accurate to reflect your reporting period.
Using this method ensures your contact records are complete and accurate, with historical balances carried over from your previous accounting system.
2. Manual Entry During Contact Creation
- When adding a new contact manually via Contacts > New > Contact, scroll to the Other Details section.
- Check the Set Opening Balance box and fill in the relevant balance information.
Contact Overview Page
The Contacts Overview page displays a summary of all customers and vendors. The columns include:
- Type: Indicates whether the contact is a Customer or Vendor
- Name: Full name of the contact
- Business name: (Optional) Business name of the contact
- Email: The email address of the Customer or Vendor
- Phone: Contact phone number
- Opening Balance Date: The date the balance was recorded
- Sales Closing Balance: Current balance owed by the customer
- Sales Opening Balance: The amount the customer owes your business at the point of migration (outstanding sales). This applies to customers only.
- Expenses Opening Balance: The amount your business owes to the vendor at the time of migration (outstanding purchases). This applies to vendors only.
- Action: Perform available actions (Edit, View Statement, Delete)
Actions You Can Perform
Click the three-dot menu beside a contact to perform the following:
- Edit
- Modify the contact’s details.
- Note: You cannot edit the opening balance once it has been recorded.
- View Statement
- See detailed transaction history, balances, and reports for the contact.
- Export the statement in Excel or PDF.
- You can filter by a specific date range before exporting.
- Delete
- Remove the contact entirely.
- Note: Deletion is only allowed if no transactions have been recorded for the contact.