Advanced accounting

What Advanced Accounting adds

Without it, KyDec keeps your documents and payments. With it, KyDec also keeps your books: a chart of accounts, voucher books, and the statements built from them, such as the balance sheet, the trial balance and profit and loss.

Switching it on opens the Accounting menu in the sidebar. Until then each page in that menu explains what it is for and shows an Enable Advanced Accounting button that brings you here.

Advanced Accounting is part of a paid plan. On the Basic plan this tab shows an offer to start the free trial or to upgrade, in place of the settings.

Switch it on

Open Business Settings in the sidebar and choose the Advanced Accounting tab. The switches are in the Ledgers & Vouchers section.

1. 1Turn on Enable Advanced Accounting. In Confirm Your Business Currency, check the Business Currency and click Confirm & Continue, then Yes, Enable.
2. 2Create Ledgers for Prospects decides whether a prospect gets an account as soon as it is added. Left off, the account is created when the prospect becomes a client.
3. 3Allow Editing Voucher Entries lets a voucher entry you wrote by hand be changed afterwards, instead of being reversed and written again.
4. 4Configure, beside Sync opening balances across financial years, carries closing balances into the next year.

What KyDec sets up for you

The moment you enable it, KyDec creates what your books need:

• The default account groups, the default accounts filed under them, and the default voucher books.
• An account for every payment account you already have.
• An account for each of your existing clients. A client set to use an account you choose yourself waits until you choose one, and prospects follow the Create Ledgers for Prospects switch.

Carry balances into a new financial year

1. 1Click Configure beside Sync opening balances across financial years and choose the Financial year whose closing balances should be carried forward.
2. 2Click Sync. KyDec shows what the next year opens with: how many accounts carried a balance, and the total debit and credit.

• Balances carry forward for accounts in Asset, Liability and Capital groups. Income and expense do not carry: they close into Retained Earnings.
• KyDec keeps opening balances in step as you post, so each year opens with everything before it. You can sync the same year again; it shows the balances as they stand now.
• Only the financial years your business has existed for are offered.

Reversed entries and default voucher books

1. 1Under Reversal record configuration, Show Reverse Entries in the voucher list decides whether a voucher book lists entries that have been reversed. Left off, a book opens showing only the entries that still stand.
2. 2Strike through Reverse Entries draws a line through reversed entries so they are easy to tell apart. It is available only while the first switch is on.

• Map Default Voucher Books lists each document type with the voucher book its entries go to: Invoice, Quick Expense, Purchase, Debit Note and Credit Note.
• Edit on a row changes the book. Show on Document decides whether your team can pick a different book on an individual document.