YNAB You Need A Budget

[gborland]

So, I was wondering what kind of experiences people had with getting accountants to accept YNAB data. Is anyone sending YNAB files directly to the accountant, or reports generated from YNAB? Or are you having to enter data in a separate system?

My accountants require me to use their own bespoke online accounting system, which frankly sucks, so I'm entering everything twice (one in their system, and once in YNAB). I may even switch accountant because of this.

[YYC27]

I can't speak to specific experience on this, but I can see where an accountant would have difficulty with YNAB data as-is. Accountants like journal entries, ledgers, that sort of thing. You could potentially massage the CSV export into something they could deal with. Maybe.

I have a bit of an accounting background and, speaking for myself, I wouldn't use YNAB if I were running a business. It just isn't compatible with accrual-based accounting methods. I think it could have a place managing certain cashflow items, but I can't see it as a replacement for dedicated accounting software.

[Joel]

I have a bit of an accounting background and, speaking for myself, I wouldn't use YNAB if I were running a business. It just isn't compatible with accrual-based accounting methods. I think it could have a place managing certain cashflow items, but I can't see it as a replacement for dedicated accounting software.

I absolutely agree with this statement.

[Budget_Ninja]

I wouldn't use YNAB if I were running a business. It just isn't compatible with accrual-based accounting methods. I think it could have a place managing certain cashflow items, but I can't see it as a replacement for dedicated accounting software.

+1.

I am currently going thru the accounting accreditation program in Canada, not a practicing accountant - just studying to become one. The cash basis of accounting, which YNAB uses doesn't conform to GAAP. You need to recognize revenue when it is earned, not received. (Revenue Recognition Principle) And the Matching Principle requires that expenses be matched to the same accounting period as the revenues they help earn.

[WairereRose]

I haven't tried - my accountant does the entry into another system for me, I just supply the invoices, the bank statements with notes on, and a heap of paperwork with a list of what I've given her.

I do agree with the others that YNAB as it stands is really not practical for accounting purposes. We have the option (for small businesses) whether to account for income and expenses when invoiced or when paid, but as it is easier for me to work things out (fewer adjustments required) if I go on when they are invoiced, that is what I have chosen and so my official books and my YNAB books are quite different.

[Molozic]

Wondering if some one of you guys could suggest me some good accounting books to start learning i was checked here http://www.505accountingbooks.com but its a lot of books i don't know what to chose ?

[samt]

Hi there, I am fairly new to YNAB, so forgive me if this is wrong, but it seems like YNAB could be used quite nicely for small business alongside small business accounting software, even if you are accounting on an accrual basis, as long as you were importing your transactions from the accounting software (e.g., using a CSV file -- I use Xero and I can export my data in .csv file), rather than importing transactions from your bank statement. Then everything would be in sync.

Just an idea.

Whoops -- just realized that due to YNAB's limitation in not being able to have multiple income categories, this might not work if you have multiple income categories in the accounting system (as most businesses do). This seems like the Achille's heel of YNAB for small business.

Sam

[Bee&Bea]

You can have multiple income categories. You use those instead of the Available this month or Available next month preset ones. Someone on here explained how to do that. We have a very small business and I use the categories of Manufactured Retail, Manufactured Wholesale, Non-Manufactured Retail, and Non-Manufactured Wholesale. The state requires that info when we file the sales tax. I can categorize all income that way with splits for sales tax collected.