Reconciling payments with bank fees



In some cases, the transaction amount shown in the bank statement may be higher than its original value in the system due to added bank charges (such as transfer or service fees). In this case, you can record the full transaction along with the bank charges at the same time in Wafeq by adding an adjustment during the reconciliation.

This guide walks you through the steps.

How to Reconcile a Transaction and Record Bank Charges

Click on Bank Accounts from the main menu, then click on Statement Transactions next to the relevant bank account.



You’ll see the bank statement transactions you previously imported. Click the "Reconcile" button next to the transaction where you want to include the bank charges.



From your recorded transactions in the system, select the one that matches the bank statement transaction by ticking the checkbox next to it, then click Add Adjustment.



The difference between the system amount and the bank statement amount will be automatically displayed as the adjustment amount. Select the account Bank Charges and Fees To record the bank expense separately from the main transaction amount, then click Match selected.



You can then view both the customer's payment amount and the bank charges by clicking the Reconciled button next to the transaction from the Statement Transactions screen.