Who can use this feature
Roles: Owner, Admin, Staff and optional on custom roles
Plans: Available on Plus and Advanced
Accounts
Creating and managing accounts are possible with Syft's "Accounts" feature. This feature is useful for:
Creating management accounts: you could create adjustments for management accounting purposes and post those on Syft.
Consolidation journals to create goodwill and other accounts that only appear in the consolidation.
Navigate to "Layouts" > "Accounts" to add or manage an account.
You can view all the accounts you've created on this page, complete with the account category, COA classification and type, which you can filter for within the drop-down or by clicking the filter icon next to each column heading. The "Created at" column specifies the date it was created. If it is a system account, it will not show a date that it was created but if it is a manually added account then this will show.
You can group your accounts according to category, COA classification, type, or no group by clicking on the dropdown next to the "Add accounts" button. You can also view the account details by clicking on the eye button in the right hand side of the row which will take you to "Account details". Additionally, you can delete an account by clicking on the trash can icon. However, once you've added data to an account via a journal entry, you can no longer delete it. Furthermore, you can toggle on/off enabling Syft accounts that have been created.
📓 Note
Elimination accounts that have been created will show on this "Overview" page
Click on "Add Accounts". You will then be prompted to fill in all the details of your account, including:
Account name
Account classification (profit and loss or balance sheet)
Account category
Chart of Accounts Classification
Tax code
Currency
💡 Pro tip
When adding accounts, you can add multiple accounts at once by clicking "Add additional account". This will create a new line of details to fill in, as shown in the image below. Syft creates a system ID for the account, and manually created accounts are enabled by default.
📓 Note
Account names and classifications are managed in Layouts.
Journals
Journals in Syft allow you to edit the numbers across most of Syft’s reports. Journals will post a transaction entry into the transaction list. And about 90% of the reports in Syft run off that transaction list.
Navigate to "Layouts" > "Journals" to add or manage journals.
You can view all the journals you've posted on this page; complete with the date that each journal was created, the journal number and value as well as whether the journal was posted or if it still exists as a draft. Use the toggle highlighted to enable or disable a specific journal.
On the far right, you have the option to edit, duplicate, reverse or delete any journal displayed on the page. To view your journal in more detail, click on the arrow next to the journal name to expand.
Click on “Add journal” to add an entry. Here, enter the date, account, description, debit or credit amount and a tax code. Once you do have journals, the table above will populate with your journal entries.
You can either post single journals or multiple journals at a time by toggling between the "Single" and "Multiple" button. Additionally, get Syft to balance your journals for you by clicking "Auto balance"! You can save the journal as a draft by clicking on the "Save Draft" button, or click on the "Post" button to post the journal.
💡 Pro tip
Syft allows you to post to Syft-generated accounts!
You have some optionality, such as adding multiple rows. If you're doing multiple debits and credits, you've got the option to add additional notes to the journal for that background information on what the journal was for. You can give it a description.
Click on the "Options" button above the table next to "Add row" to:
Choose the accounting basis: accrual or cash
Add a note to your journal
Assign a contact: either a customer or supplier. However, that's only required if you're doing a journal entry to accounts receivable or accounts payable where you will automatically be prompted to assign it to a contact
Assign the transaction to a division: a tracking option or class
💡 Pro tip
A cash basis entry must go to cash and cash equivalents - one of the accounts must be a cash and cash equivalents account.