Managing Credit and Prepaid Cards in Bank Accounts



When you use credit cards or prepaid cards to pay bills, it’s essential to record transactions accurately and settle outstanding balances properly.

Wafeq allows you to create dedicated accounts for these cards, enabling you to manage them just like any bank account, including recording payments, settling liabilities, or topping up the balance in the case of prepaid cards.

In this guide, we walk you through the practical steps to set up cards, use them to pay invoices, and manage related financial transactions in Wafeq, step by step.

Adding a Credit Card

To manage bill payments made using a credit card, you first need to create a dedicated account for the card in Wafeq. This allows you to track its balance and outgoing payments accurately.

Go to Bank Accounts from the main menu, then click Add Bank Account.



Enter the credit card details as follows:

• Account Name: Enter a clear and descriptive name to help you recognize it later, such as: HSBC Visa Credit Card – ending in 1234.
• Account Type: Select Credit Card.
• Currency: Choose the currency of the card account

Then, click Save.



Recording Invoice Payments via Credit Card

Once the credit card has been added to the system, you can use it to record bill payments, with the card balance being automatically updated.

Go to "Purchases" from the main menu, then click on "Bills" and select the bill that has been paid, using the credit card.

Click the + icon in the Payments column to open the payment recording window.



Click the Record Payment button.



Fill in the payment details as follows:

• Select the credit card used for the payment from the Paid Through" field.
• Enter the amount paid.
• Choose the appropriate date.
• Add a description if needed.

Then click the Save button.



Recording Credit Card Debt Repayment

After using a credit card to pay bills, the amount appears as an outstanding balance that must be repaid to the bank.

To settle this balance, you need to record a payment transaction from your bank account to the credit card account.

Go to Bank Accounts from the main menu, then click on Ledger Transactions next to the credit card you want to settle.



Enter the details as follows:

• Date: Select the repayment date.
• Description: Optionally, add a note to document the transaction clearly.
• Amount: Enter the amount that was repaid.
• Account Classification: Select the credit card account to which the payment is being made.

Then, click Save to record the transaction and settle the outstanding balance.



Adding a Prepaid Card

To add a prepaid card—such as a purchasing card—you can create it as a bank account within Wafeq. This allows you to use it directly when recording payment transactions.

Click on Bank Accounts from the main menu, then click the Add Bank Account button.



Enter the card details as follows:

• Provide a clear account name, such as: HSBC Prepaid MC – Ending in 5678.
• Set the account type to "Bank", since a prepaid card functions as an actual balance available for spending, just like a regular bank account.
• Choose the currency used for the card.

Then click the Save button.



Adding Balance to the Prepaid Card

After creating the prepaid card account in Wafeq, you can top it up by transferring an amount from your bank account to the card, following the same steps used for transferring funds between two bank accounts.

Go to Bank Accounts from the main menu, then click on Ledger Transactions Next to the prepaid card you want to top up.



Enter the details as follows:

• Date: Select the date of the top-up transaction.
• Description: Add a description such as "Balance from HSBC account."
• Amount: Enter the amount you wish to load onto the card.
• Account Classification: Select the bank account from which the amount was transferred (e.g., HSBC or any other account).

Then click Save to complete the process.

The amount will be automatically deducted from the selected bank account and added to the prepaid card’s balance.



Paying a Bill Using a Prepaid Card

To pay a purchase bill using a prepaid card, click on Purchases from the main menu, then select Bills, and click the + icon in the Payments column next to the bill you wish to pay using the card.



To open the payment entry window, click on the Record Payment button.



Fill in the payment details as follows:

• In the Paid Through field, select the prepaid card you want to use.
• Enter the amount you wish to pay.
• Choose the appropriate date.
• Optionally, you can add a description for the payment.

Then, click the Save button.



Once the payment is saved, the amount will be deducted from the prepaid card balance and automatically reflected in its statement.

To verify this, go to Bank Accounts from the main menu, then click on Ledger Transactions next to the prepaid card. You’ll find the transaction recorded automatically.