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

Setting up customers and vendors opening balances

Watch this video on how you can set up customers’ and vendors’ opening balances or read on below:

When migrating to Wafeq, you will most likely have customers’ invoices and vendors’ bills that are still outstanding. The balances of these outstanding invoices and bills need to be imported into Wafeq as opening balances for your customers and vendors respectively to allow you to:

Keep track of your accounts receivable and accounts payable balances.
Keep track of the amount of money that your customers still owe you and the amount of money that you still owe your vendors.

Let’s follow the example of setting up your customers’ opening balances. You can follow the same steps to set up your vendors’ opening balances.

If you will be moving to Wafeq on the 1st of January. You will need to import all your unpaid invoices as of the 31st of December.

To prepare your invoices CSV file, go to Invoices in the left-side menu, click on the Import button, then the on the link to download the CSV template. In this spreadsheet, make a list of your unpaid invoices and their balances.

To import the invoices balances only:

Set the Quantity to 1.
Set up the amounts in the Price column to be equal to the balance amount.
Set the Status of these invoices to SENT.
In the Account column, enter the Opening Balance Offset account, because you will be recording the opening balance of the invoice only.
Import this file into Wafeq.
Map each column of your CSV file to its corresponding column in Wafeq.

To verify the opening balances of the imported invoices, go to Reports in the left side menu, then to the Statement of Account tab. To get your customer’s Accounts receivable opening balance on the 1st of January, use the Contact filter to filter the report by your customer’s name and set the To date filter to the 31st of December. You will see that each of the customers’ Accounts receivable opening balances on the 1st of January match the balances on the CSV file.

If you remove the Contact filter, you will notice that the imported invoices increased your accounts receivable total balance by the total amount your customers owe you as of the 1st of January. This change in your Accounts receivable opening balance is also visible in your Balance Sheet.

Notice that we haven’t applied any tax rates to the invoices because any taxes due must be imported separately as part of setting up the opening balance of other accounts.