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Using Wafeq

  • Getting started with Wafeq
    • Getting started with Wafeq
    • Setting up opening balances for your accounts
    • Setting up customers and vendors opening balances
    • Moving from Xero to Wafeq
    • Moving from QuickBooks to 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 customers and vendors opening balances
    • Setting up opening balances for your accounts
    • Moving from Xero to Wafeq
    • Moving from QuickBooks to Wafeq
  • Account settings and user permissions
    • Inviting users and managing users permissions
    • How can I share feature requests?
  • Contacts
    • Importing your data 1/4: Contacts
  • Invoicing and receipts
    • Creating and sending an invoice
    • Creating a recurring or scheduled invoice
    • Recording sales from a Point of Sale with Simplified Invoices
    • Recording a customer invoice payment
    • Recording bank fees and invoice payments
    • Recording a customer advance or downpayment
    • Sending a payment receipt to your customer
    • Writing off an invoice
    • Choosing an account for an invoice or bill line item
    • Offering discounts in fixed amounts
    • Adding a Stamp or Signature
    • Why can't I see all my accounts in the Paid through drop-downs?
    • Hide or rename line item columns
    • Importing your data 2/4: Invoices and Bills
  • Quotes
    • Creating a quote for your customers
    • Converting a quote to an invoice
    • Offering discounts in fixed amounts
    • Adding a Stamp or Signature
    • Why can't I see all my accounts in the Paid through drop-downs?
  • Credit notes
    • What are credit notes for?
    • 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
    • Choosing an account for an invoice or bill line item
    • Why can't I see all my accounts in the Paid through drop-downs?
  • Chart of accounts
    • Setting up your chart of accounts
    • Organizing your Chart of Accounts with sub-accounts
    • What are Accounts Receivable?
    • Why can't I delete an account?
    • Why can't I see all my accounts in the Paid through drop-downs?
  • Banking and reconciliation
    • Importing your bank account and reconciling transactions
    • Setting up an opening balance for your bank account
    • Entering initial capital contributions
    • Entering transactions in a bank or petty cash account
    • Recording bank fees and invoice payments
    • Recording bank or petty cash transactions
    • Exchange gain or loss for invoices in foreign currencies
  • Manual journals
    • Manually recording transactions
    • Setting up opening balances for your accounts
  • Exchange rates
    • Exchange gain or loss for invoices in foreign currencies
  • 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
    • Exchange gain or loss for invoices in foreign currencies
    • Why can't I see all my accounts in the Paid through drop-downs?
  • Fixed Assets
    • Record and depreciate fixed assets
  • Payroll
    • Running Payroll
    • Submitting expense claims as an employee
    • Managing expense claims
    • How do I email payslips PDFs to my employees?
    • Why can't I see all my accounts in the Paid through drop-downs?
  • Projects
    • Tracking project profitability
  • Reports
    • Viewing customers' statement of account
    • Creating a bill
  • Integrations
    • Connecting your Stripe account to Wafeq
    • Configuring Foodics integration with Wafeq
  • Using sheets view
    • Using Wafeq Sheets
    • Managing expense claims
    • Using the Expenses sheet to enter expenses

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.

  • Importing your bank account and reconciling transactions
  • Setting up an opening balance for your bank account
  • Entering initial capital contributions
  • Entering transactions in a bank or petty cash account
  • Recording bank fees and invoice payments
  • Exchange gain or loss for invoices in foreign currencies
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