Getting started in Wafeq
The first thing you'll want to do in Wafeq, is to import your contacts so that the invoices, the bills, and the expenses that you will later on import, recognize these contacts.
If you’ve been tracking your revenue or expense categories in a spreadsheet or other accounting software, you’ll want to recreate these accounts in your chart of accounts. You'll want to identify them and organize them in your chart of accounts. You can also customize your chart of accounts, create sub-accounts, or delete accounts.
Once you start using Wafeq, you'll want to apply your customers' and vendors' balances to keep track of the amount you still owe them, or they still owe you. To do that, import your unpaid invoices and bills dating before the day you decide to move to Wafeq.
To receive or make payments from your bank account, start by adding your bank account to Wafeq. If you wish to import only part of your bank statement starting on a specific date, you can also set up an opening balance for your bank account on that specific date.
If you have inventory stock that you want to import into Wafeq, you can do so by setting up an initial quantity on hand of your inventory items. This will help you keep track of the quantity changes after you create invoices and bills for these inventory items. The items' details will also be automatically added to your line items as you are invoicing or billing your customers and vendors.
To record your salary expenses in the correct month, you'll want to add the list of your employees and their salaries. After setting up your payroll, you will also have the option to reimburse your employees directly in their payslip cycles and manage their expense claims.
In Wafeq you have the option to easily import the rest of your documents such as expenses. This allows you to fully manage your bookkeeping from Wafeq.
After you set up the opening balances for your customers and vendors, bank accounts, and payroll, and set up an initial quantity on hand for your inventory items, you can set up the opening balances for all of the rest of your accounts in one go. Watch this video to see how you can record these transactions in your manual journals for Wafeq to automatically add them to your books.
9. Hire a dedicated accountant
If you wish to solely focus on running your business and accounting is at the bottom of your priority list, your accountant will ensure your book accuracy and tax compliance. You will also receive monthly reports and can always check into your account to obtain more detailed reports.