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  • Wafeq Help
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  • Getting started in Wafeq
    • Setting up opening balances for your accounts
    • Getting started with Wafeq
  • Importing your data
    • Importing your data 1/4: Contacts
    • Importing your data 2/4: Invoices and Bills
    • Importing your data 3/4: Expenses
    • Importing your data 4/4: Inventory
    • Setting up opening balances for your accounts
  • Account settings and user permissions
    • Inviting users and managing users permissions
  • Contacts
    • Importing your data 1/4: Contacts
  • Invoicing and receipts
    • Importing your data 2/4: Invoices and Bills
    • Creating and sending an invoice
    • Recording a customer invoice payment
    • Recording bank fees and invoice payments
    • Recording a customer advance or downpayment
    • Adding a Stamp or Signature
  • Quotes
    • Creating a quote for your customers
    • Converting a quote to an invoice
    • Adding a Stamp or Signature
  • Credit notes
    • Credit notes: issue, apply to invoice or refund
  • Bills
    • Importing your data 2/4: Invoices and Bills
    • Creating a bill
    • Recording a bill payment
    • Recording a supplier advance or downpayment
    • Setting up your chart of accounts
  • Chart of accounts
    • Setting up your chart of accounts
    • Organizing your Chart of Accounts with sub-accounts
    • Why can't I delete an account?
  • Banking and reconciliation
    • Importing your bank account and reconciling transactions
    • Setting up an opening balance for your bank account
    • Recording bank fees and invoice payments
    • Recording bank or petty cash transactions
  • Items and inventory
    • Importing your data 4/4: Inventory
    • Setting up an initial quantity on hand for an inventory item
    • Tracking inventory
    • Adjusting your inventory
    • Invoicing for inventory items
    • Billing for inventory items
  • Expenses
    • Importing your data 3/4: Expenses
    • Using the Expenses sheet to enter expenses
    • Handling expenses paid by the owner
    • Submitting expense claims as an employee
    • Managing expense claims
  • Payroll
    • Running Payroll
    • Managing expense claims
  • Projects
    • Tracking project profitability
  • Reports
    • Viewing customers' statement of account
    • Creating a bill
  • Using sheet view
    • Using Wafeq Sheets
    • Managing expense claims
    • Using the Expenses sheet to enter expenses

Getting started with Wafeq

1. Import your contacts

The first thing you’ll want to do in Wafeq, is to import your contacts so that the invoices, the bills, and the expenses that you will later on import, recognize these contacts.

2. Set up your chart of accounts

If you’ve been tracking your revenue or expense categories in a spreadsheet or other accounting software, you’ll want to recreate these accounts in your chart of accounts. You’ll want to identify them and organize them in your chart of accounts. You can also customize your chart of accounts, create sub-accounts, or delete accounts.

3. Set up your customers and vendors opening balances

Once you start using Wafeq, you’ll want to apply your customers’ and vendors’ balances to keep track of the amount you still owe them, or they still owe you. To do that, import your unpaid invoices and bills dating before the day you decide to move to Wafeq.

4. Add your bank account and set up an opening balance

To receive or make payments from your bank account, start by adding your bank account to Wafeq. If you wish to import only part of your bank statement starting on a specific date, you can also set up an opening balance for your bank account on that specific date.

5. Set up an initial quantity on hand for your inventory items

If you have inventory stock that you want to import into Wafeq, you can do so by setting up an initial quantity on hand of your inventory items. This will help you keep track of the quantity changes after you create invoices and bills for these inventory items. The items’ details will also be automatically added to your line items as you are invoicing or billing your customers and vendors.

6. Set up your payroll

To record your salary expenses in the correct month, you’ll want to add the list of your employees and their salaries. After setting up your payroll, you will also have the option to reimburse your employees directly in their payslip cycles and manage their expense claims.

7. Import your data

In Wafeq you have the option to easily import the rest of your documents such as expenses. This allows you to fully manage your bookkeeping from Wafeq.

8. Set up opening balances for the rest of your accounts

After you set up the opening balances for your customers and vendors, bank accounts, and payroll, and set up an initial quantity on hand for your inventory items, you can set up the opening balances for all of the rest of your accounts in one go. Watch this video to see how you can record these transactions in your manual journals for Wafeq to automatically add them to your books.

9. Hire a dedicated accountant

If you wish to solely focus on running your business and accounting is at the bottom of your priority list, your accountant will ensure your book accuracy and tax compliance. You will also receive monthly reports and can always check into your account to obtain more detailed reports.

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