Banking and reconciliation

Troubleshooting mismatching bank balances

Understand the different bank balances in Wafeq and how to troubleshoot reconciliation errors.

The different types of balances

You will see three types of bank balances for your bank account in Wafeq.

Ledger balance

The ledger balance is the balance of bank transactions that have been recorded in your books. It's the balance you see on your Balance Sheet.

Statement balance

The statement balance is the balance in your bank account as reported by your bank. You obtain the statement balance by exporting your bank statement from your bank (for example, by logging into your online bank and exporting your statement) and importing it into Wafeq.

Don't forget to map your balance field during import

During the import step, you must make sure your CSV or Excel file contains the Balance field from your bank, and you must make sure to map it to the Balance field in Wafeq.

Calculated balance

The calculated balance is the sum of all transactions that you have imported into Wafeq when you imported your bank statements. You will find it in the Statement page of your bank account on Wafeq.

Troubleshooting mismatch scenarios

Your bank account is reconciled when:

Ledger Balance = Statement Balance

If this is not the case, follow these troubleshooting steps.

1. Check the bank reconciliation report

This report will show you:

  • Transactions that you've recorded in your books, but that have not been reconciled with a transaction in your statement
  • Transactions in your statement that have not been reconciled with transactions in your books
  • Transactions that are reconciled but with dates that fall outside your report date

If the reconciliation report does not show any unreconciled transactions, move on to the next step.

2. Check that your statement balance is equal to your calculated balance

If the calculated balance is not equal to the statement balance, it means that your bank statement may have one of the following issues:

  • You haven't imported all transactions of your bank statement
  • You have imported some transactions twice
  • You haven't imported the initial opening balance of your bank statement