Product Updates
Wafeq Product Updates: What’s New in September 2024
At Wafeq, we continuously refine our platform to meet the evolving needs of your business. Our latest updates enhance security, manual journal workflows, and more to help you maintain smooth, secure operations.
Here’s a look at what’s new this month:
1. Manual Journals: Improved Tracking and Flexibility
Manual Journals in Wafeq have received significant upgrades:
Draft and Authorized Statuses: Now, you can track the status of your journal entries with "Draft" and "Authorized" tags, giving you more control over your accounting records.
Foreign Currency Customization: For businesses dealing in multiple currencies, you can now set custom exchange rates in Manual Journals, along with dedicated Debit and Credit fields to handle foreign currency entries smoothly.
Stay tuned for upcoming features, including tax rate support for Manual Journals.
2. Redesigned Banking and Ledger Pages
To enhance usability and ensure consistency across the platform, we’ve updated several key pages:
Bank Statement Page: This has been revamped to align with our latest design system, improving the navigation and visibility of your transactions.
Manual Bank Transactions Page: Similar improvements have been made to streamline the process of managing manual bank entries.
General Ledger Page: Formerly known as “Account Transactions,” this page now offers a more intuitive layout, making it easier to track and manage your ledger entries.
3. Reports and API Integration
For businesses that rely on automation and deeper integrations, we now offer the ability to generate key financial reports through our API, including:
- Profit & Loss
- Balance Sheet
- Cashflow
These reports can be seamlessly integrated with your internal systems, giving you greater control over financial data without manual intervention.
4. Invoicing and Billing Enhancements
Several new features make invoicing more customizable:
Customizable Notes Label: Tailor the “Notes” section on your invoices to suit specific client requirements.
Billing Accounts: Manage multiple subscriptions across various organizations from a single billing account—perfect for businesses handling multiple entities.
Tax Header Helper: A new tool that explains why your invoice or credit note will be classified as a simplified tax invoice or credit note, helping you ensure compliance.
5. Organization and User Settings Enhancements
Managing multiple entities just got easier:
Display Name for Organizations: You can now add aliases to your organizations, making internal management simpler and more intuitive.
User Settings Moved: To improve accessibility, User Profile settings have been moved to a dedicated page, allowing you to update details faster.
6. Contact Management Improvements
We've made it easier to find and manage your contacts:
Advanced Contact Selection: You can now search for a contact using partial information such as their phone number, TRN, or email, improving your productivity and speeding up workflows.
7. KSA-Specific Features: Fatoora Phase 2 Compliance
For our users in Saudi Arabia, Fatoora Phase 2 self-service e-invoicing is now available for Plus and Premium plan subscribers. This feature simplifies compliance with Saudi Arabia’s latest e-invoicing regulations, keeping you up to date with government requirements.
Learn more about Setting Up E-Invoicing Phase 2 with Wafeq.
These latest updates further enhance Wafeq’s commitment to providing a seamless, secure, and efficient accounting experience. From improved security features like 2FA to more flexible manual journal options and KSA-specific compliance tools, Wafeq continues to evolve in line with your business needs. Whether you’re managing multiple organizations, customizing invoices, or handling complex transactions, these features are designed to save time and improve your workflow.
Stay tuned for more updates, and as always, feel free to reach out to our support team if you need any assistance. We're here to help you make the most of Wafeq's latest features!