Setting up an opening balance for your bank account



When transitioning to using Wafeq for the first time, it’s essential to record the balance in your bank account according to what was recorded in the previous system or from your bank records.

In this guide, we will learn how to record the opening balance of the bank account in Wafeq, ensuring it reflects accurately in the balance sheet without affecting revenue or expenses.

Bank Accounts in the Chart of Accounts

When creating a new bank account from the bank accounts page or within the chart of accounts itself, you will find this account listed in the chart, where all transactions related to the bank account are linked, including the opening balance.

To ensure the bank account is included in the chart of accounts, click on Accountant from the main menu, then click on Chart of Accounts.

Search for the required bank account under Cash and Cash Equivalents accounts.



How to Add the Opening Balance for a Bank Account

To add the opening balance for the bank account, click on Bank Accounts from the main menu, then click on Transactions in Books under the desired bank account.



On a new line, select the date, enter the opening balance in the Amount field, and choose the account category Opening Balance Offset. You will then see the green journal icon, which allows you to view the details of the opening balance entry.



To review the impact of the balance on the accounting statements:

• Click on Reports from the Main Menu, then select Trial Balance and specify the date range.
• Then review the bank account you added the opening balance to (e.g., HSBC) to find that it has been recorded.