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Banking and reconciliation

Recording bank or petty cash transactions

Enter bank transactions such as petty cash or transfers between one of your bank accounts to another.

Learn by watching

In this video you will see how:

  • Wafeq automatically adds your recorded payments to the relevant bank account’s transactions’ sheet
  • You can add transactions directly to your bank or petty cash account’s transactions sheet

Setting up an opening balance for your bank account

Bank transactions that are recorded automatically

When you record a payment to or from a bank account that you’ve created in WeKeep, the payment transaction will be listed in the bank account transactions list.

Let’s follow an example of an invoice payment:

After you record an invoice payment paid to your bank account

Go to Bank transactions in the left side menu, then select the bank account where you’ve received the payment and click on the View transactions of that bank account. You will see that Wafeq automatically listed the invoice payment transaction with a backlink to the invoice payment.

The same process applies to other payment transactions, such as bill payments, payslip payments, or manual journals

Record bank transactions manually

There are some instances when you’d want to record bank transactions directly in the bank account transactions sheet. Some of these include entering an opening balance for the bank account, recording a profits withdrawal by the owner, or recording a tax payment.

A yellow journal icon will appear on the left side of your transaction, to indicate that it has been recorded in your books.

Example: bank transfer between two accounts

Assume you've made a transfer of SAR 10,000 to one of your bank accounts.

  1. Go to Bank transactions on the left side menu.
  2. Click on Transactions on the bank account you made the payment from.
  3. On the transactions sheet in a new row, enter the following:
  • The Date you made the payment.
  • A Description, for example, "Funding of other bank account".
  • The Amount transferred. Make sure you enter the amount as negative, i.e., -10,000, since this is money leaving the account.
  • Under Classify to account, choose the bank account that is receiving the money.

Example: Profit withdrawal by owners

Assume you want to record a withdrawal of SAR 10,000 of profits to the owners.

  1. Go to Bank transactions on the left side menu.
  2. Click on Transactions on the bank account you made the payment from.
  3. On the transactions sheet in a new row, enter the following:
  • The Date the money left the bank account.
  • A Description, for example, "Profit distribution to owners".
  • The Amount transferred. Make sure you enter the amount as negative, i.e., -10,000, since this is money leaving the account.
  • Under Classify to account, choose the account Drawings.