Getting started with Wafeq
Setting up customers and vendors opening balances
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.
Learn by watching
Watch this video on how you can set up customers’ and vendors’ opening balances or read on below: Setting up customers and vendors opening balances
Objectives
After you've set up opening balances of your customers and vendors, you'll be able 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
Step-by-step instructions
Let's assume you're moving to Wafeq on the 1st of January.
In order to set up your customers opening balances, you will need to import all your unpaid invoices balances as of the 31st of December.
To prepare your invoices CSV import 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, enter your unpaid invoices and their balances only.
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. - In the
Account
column, enterOpening Balance Offset
. This is the account Wafeq uses for opening balances. - Continue to the
Import
dialog in Wafeq after you've selected this file to import. - 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 theStatement of Account
tab. To get your customer’sAccounts Receivable
opening balance on the 1st of January, use theContact
filter to filter the report by your customer’s name and set theTo 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 on your Balance Sheet
.
Tax rates
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.