Accounting

Here are the steps to follow to set up a new workspace for pre-accounting with Sway Finance.

1. Creating the workspace. See How to create a new workspace?
2. Setting up bank accounts. See How to add a bank account?
3. Accounting setup. See How to configure the accounting settings?
4. Let's get started!

The whole process takes 10 to 20 minutes, depending on the number and type of bank accounts you add.

If you have any questions, you can contact Sway Finance at any time:
- By telephone or e-mail, see our contact page.
- Via the interactive chat feature in the Sway app by clicking on the "Ask Support" button at the bottom left of the menu bar.

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1. In the menu on the left, navigate to the workspace settings ("Settings"), then the submenu "Accounting settings" (accounting information).

2. Select your VAT scheme:
1. Cash basis
2. Accrual basis (currently not supported)
3. Net tax rate
4. Flat tax rate

3. Then navigate to the "Chart of accounts" submenu.

4. There, you'll have the choice to:
a. Use a standard chart of accounts (by clicking on the blue text at the bottom);
b. Upload your own chart of accounts by clicking on the blue "Upload" button.

5. Once you have selected one of the two options, you can check that the chart of accounts is displayed correctly and save it by clicking on the blue "Create chart of accounts" button.

6. Last step: you must assign at least one bank account to one of your accounting accounts and define a suspense account:

i. Click on the first item in the blue list above the chart of accounts: "Link at least one bank account (...)": a pop-up window will appear.

ii. Select a bank account and your corresponding bank account in Sway. Click on the "Link bank account" button.

iii. Click on the second link, "Designate or create a suspense account", and a second pop-up window will appear.

iv. If you already have a suspense account defined in your chart of accounts, you can select it from the list.

v. Otherwise, click on the blue text "Or add a new account instead".

vi. In this last pop-up window, enter an account number (e.g. 1099) and a name (e.g. "Suspense account"). The other fields can be ignored.

vii. Click on Add account.

You can access the "Accounting" menu, where you will find all the transactions for the account(s) you defined above. You will be able to access automatic encoding functions (based on AI and the rules you define), as well as export to your preferred accounting tool.

💡 If you cannot find the "Accounting" menu item, please contact Sway Finance (you can use the integrated chat): this feature is activated upon request by our partners.

Winbiz is a well established accounting software in Switzerland. You can easily optimise your pre-accounting workflows by using Sway Finance:

• To collect banking and invoice data,
• Generate auto-encoded accounting entries (thanks to a sophisticated AI),
• And export a file ready to import in Winbiz, thus not altering your actual accounting processes.

Here's how to proceed:

1. Open the chart of accounts (from the Accounting tab).

2. Go to the "Tools" tab, then "Import, Export" > "Export".

3. Check the tabs:

   a. Export to...
      i. Select the correct destination folder (to find the chart of accounts once exported)
      ii. File type: “Semicolon-delimited with quotation marks”

   b. Export options:
      i. Choose Windows ANSI - 1252 format
      ii. Keep all boxes unchecked (Memo Fields, Null Values, After Export).

4. Click on Start.

✅ A CSV file is generated. You can import it directly into Sway Finance in the workspace settings and the "Chart of accounts" submenu.

Crésus is a well established accounting solution in Switzerland. You can easily streamline your pre-accounting process by using Sway Finance:

• To collect banking and invoice data,
• Generate auto-encoded accounting entries (thanks to a sophisticated AI),
• And export a file ready to import in Crésus, thus not altering your actual accounting processes.

Here's how to proceed:

1. From the chart of accounts view, go to the "File" menu, then "Export...".

2. Tick the box “Export column names”

3. Click the"OK" button

A .txt file is generated. You can import it directly into Sway in the workspace settings, in the "Chart of accounts" submenu.

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Once you've signed up, created your workspace, and connected a first bank account, you can easily enable the Xero daily sync. Simply go through the steps below or follow along the video.

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‍1. Invite the Sway Bot

1. Go to "Settings" from your Sway dashboard
2. Select "Collaborators" from the menu
3. Click the button to Invite the Sway bot to your workspace
4. You will be notified by e-mail when the Bot was successfully enabled

2. Configure Xero Access

1. Open Xero and click the menu button at the top left
2. Navigate to "Settings" → "User"
3. Send an invitation to: bot@swayapp.io with "Business and Standard Accounting" rights

Your benefits

Once setup is complete, you'll benefit from:

1. Automatic daily transaction sync between your Swiss bank accounts and Xero, each business day
2. Real-time reconciliation capabilities that keep your books balanced
3. Up-to-date accounting records reflecting your current financial position
4. Streamlined financial management that reduces manual work

On top of that, you can easily invite collaborators to your Sway Finance workspace to easily manage bills and invoices, submit payments to your banks and automate your cash management and accounting processes.

Complete setup takes 5-10 minutes and only needs to be done once. Your financial data will then flow seamlessly and securely between platforms.

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