Recording bank or petty cash transactions
In this video you will see how:
- Wafeq automatically adds your recorded payments to the relevant bank account’s transactions’ sheet
- You can add transactions directly to your bank or petty cash account’s transactions sheet
Recording a bank transaction
When you record a payment to or from a bank account that you’ve created in WeKeep, the payment transaction will be listed in the bank account transactions list.
Let’s follow an example of an invoice payment:
After you record an invoice payment paid to your bank account
Go to Bank transactions in the left side menu, then select the bank account where you’ve received the payment and click on the View transactions of that bank account. You will see that Wafeq automatically listed the invoice payment transaction with a backlink to the invoice payment.
Note: The same process applies to other payment transactions, such as bill payments, payslip payments, or manual journals
Adding transactions directly in the bank account’s transactions sheet
There are few instances when you’d want to record bank transactions directly in the bank account transactions sheet. Some of these include entering an opening balance for the bank account, recording a profits withdrawal by the owner, or recording a tax payment.
Let’s follow an example of recording a profits withdrawal by the owner. First, go to the bank account’s transactions sheet and in a new row enter the date when the withdrawal has been made, the amount withdrawn, a short description for that transaction, and finally in the Classify to account drop-down menu, select the account where you want to record the transaction, in our case, this would be the Drawings account.
A yellow journal icon will appear on the left side of your transaction, to indicate that it has been recorded in your books.