Creating and managing accounts on Syft is a straightforward process that can significantly enhance your accounting practices. Whether you need to create additional accounts for management accounting adjustments or consolidations, Syft makes it easy.
How to create accounts on Syft
Step 1: Navigate to Accounts
Open the Sidebar: Start by navigating to the sidebar within Syft.
Select the Correct Entity: Ensure that you are in the correct entity.
Access Layouts: Scroll down to the "Layouts" section and select "Accounts".
Step 2: Add a New Account
Find Existing Accounts: Here, you will see a list of all the accounts that have been previously created.
Add Account: Click on the "Add Accounts" button.
For this example, let's create two new accounts: a merchandise stock account and a merchandise sale account.
Step 3: Define the Account Details
Name Your Accounts:
Merchandise Stock
Merchandise Sale
Specify Classification and Chart of Accounts:
Merchandise Stock:
Classification: Balance Sheet Item
Category: Current Asset
Chart of Accounts: Inventory Item
Merchandise Sale:
Classification: Profit and Loss Account
Category: Other Income
Chart of Accounts: Other Income
Set Tax Codes:
Merchandise Stock: Standard Rated Purchases
Merchandise Sale: Standard Rated Sales
Adjust Currency (Optional): You can change the currency of your account if necessary. In this case, we'll keep the reporting currency unchanged.
Step 4: Create the Account
Add Multiple Accounts: If you need to create multiple accounts, select "Add Additional Accounts". If not, you can delete any extra account lines.
Finalize Creation: Click "Create" to finalize the account setup.
Step 5: Verify and Adjust Accounts
Verify Account Details: At the top of the list, you will find the two accounts you created. It's crucial to ensure these details are correct because some information cannot be changed later. However, you can still adjust the tax code and currency.
Delete Accounts: If no journals have been processed for these accounts, you can delete them. If journals have been processed, the accounts will be locked and cannot be deleted.
Step 6: Reflect Accounts in Layouts
Check Account Reflection: Ensure these accounts are accurately reflected in your layouts, as this impacts other parts of Syft.
Toggle New Accounts: Navigate to "Layouts" and toggle on "Show Only New Accounts".
Merchandise Sales Account: Should appear under the "Other Income" category in the chart of accounts.
Merchandise Stock Account: Should be classified as inventory under "Current Assets".
Save Layout Changes: Note that once you save any changes to the layout, the new account banner will disappear on your next visit.
Further Learning
If you need to learn how to process a journal entry for your new accounts, refer to our Journals Knowledge Center videos. By following these steps, you can efficiently create and manage accounts on Syft, ensuring your accounting system remains organized and accurate.