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 opening balances for your accounts

Watch how you can set up opening balances for all of the rest of your accounts in one go.

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Opening balances are the first entries you will recording into Wafeq at the beginning of your accounting period in Wafeq. Let’s follow an example:

If you are moving to Wafeq on the 1st of January, you will need to do the following:

Export your trial balance from your previous software indicating your closing balances as of the 31st of December. These balances are the opening balances that you will be entering in Wafeq journal.
Go to the Manual journals module in the left side menu.
Indicate the Date when you will be moving to Wafeq (in this case it is the 1st of January).
(Optionally) Add a Note for this transaction.
Select the base Currency in which all your journals will be recorded.
Double click the Lines sell to open your journal line item edit form. In this form, you will be able to enter all your account’s opening balances.
Organize your external spreadsheet following the journal line item edit form’s header.
Copy your details from your previous software’s trial balance into their corresponding fields.
- Enter a short Description such as Opening balance from previous software
- In the Account column, enter your accounts’ names. The Account column is a drop-down menu, this means that all your accounts’ names should be case sensitive for Wafeq to recognize them when you paste your entries. e.g. If your account’s name is Furniture and Equipment, make sure that as it is in the spreadsheet you are preparing.
- In the Debit column, enter your accounts’ positive balances.
- In the Credit column, enter your accounts’ negative balances.
- Sum up your balances in your spreadsheet and make sure that it matches the sum of the balances in your previous software’s trial balance.
- Add a final row with the same Description, for your Opening Balance Offset account and debit or credit it with the sum of your balance’s amount to balance out the journal.
Copy your spreadsheet data, and paste them into Wafeq’s journal line items’ form.
Click Save.

Now, all your accounts’ opening balances are in Wafeq and you can continue your bookkeeping.