Banking and reconciliation
Recording bank or petty cash transactions
Enter bank accounts such as petty cash or transfers between one of your bank accounts to another.
Learn by watching
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
Setting up an opening balance for your bank account
Bank transactions that are recorded automatically
When you record a payment to or from a bank account that you’ve created in Wafeq, 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 Accounts in the left side menu, then select the bank account where you’ve received the payment and click on View transactions of that bank account. You will see that Wafeq automatically listed the invoice payment transaction with a backlink to the invoice payment.
The same process applies to other payment transactions, such as bill payments, payslip payments, or manual journals
Record bank transactions manually
There are some instances when you 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.
A yellow journal icon will appear on the left side of your transaction, to indicate that it has been recorded in your books.
Example: bank transfer between two accounts
Assume you've made a transfer of SAR 10,000 to one of your bank accounts.
- Go to
Bank Accounts
on the left side menu. - Click on
Transactions
on the bank account you made the payment from. - On the transactions sheet in a new row, enter the following:
- The
Date
you made the payment. - A
Description
, for example, "Funding of other bank account". - The
Amount
transferred. Make sure you enter the amount as negative, i.e.,-10,000
, since this is money leaving the account. - Under
Classify to account
, choose the bank account that is receiving the money.
Example: Profit withdrawal by owners
Assume you want to record a withdrawal of SAR 10,000 of profits to the owners.
- Go to
Bank Accounts
on the left side menu. - Click on
Transactions
on the bank account you made the payment from. - On the transactions sheet in a new row, enter the following:
- The
Date
the money left the bank account. - A
Description
, for example, "Profit distribution to owners". - The
Amount
transferred. Make sure you enter the amount as negative, i.e.,-10,000
, since this is money leaving the account. - Under
Classify to account
, choose the accountDrawings
.