Importing Your Bank Account and Reconciling Transactions

The process of importing your bank account and reconciling bank transactions allows you to match the actual movements in your bank account with the records logged in Wafeq.

This review helps you maintain the accuracy of your financial data and ensures that the bank balances in the system match the actual bank balances. We will go through the steps in detail in this guide.

Step 1: Adding a Bank Account

Click on "Bank Accounts" from the Accounting menu, then click on "Add Bank Account".

Enter the following details:

• Account Name: (Example: Al Rajhi Bank)

• Account Type: Choose "Bank Account"

• Currency: Select the currency linked to the bank account.

  Click "Save".

   

Note: A corresponding bank account will be automatically created in the Chart of Accounts linked to the bank account.

Step 2: Importing the Bank Statement

From the same Bank Accounts page, click on "Statement Transactions" next to the bank account you want to reconcile.

Then click "Import".

Your transactions will then appear in the system.

Step 3: Reconciling with Existing Transactions in Wafeq

To add new transactions for reconciliation with the imported bank transactions:

Click on "Bank Accounts" from the Accounting menu, then click on "Statement Transactions" next to the account you want to reconcile.

Select the bank account you want to match the bank transaction with from the "Classify to Account" column. For example, if you have charges from your bank, choose the Bank Fees and Charges account for these transactions.

The transaction status will change to "Reconciled".

Go to the list of transactions that belong to this account (for example, expenses), and you'll see the transaction has been added.

Reconciling with Transactions Already Recorded in Your Accounts

Click on "Bank Accounts" from the Accounting menu, then click on "Statement Transactions" next to the account you want to reconcile.

You will see the bank statement transactions that have already been imported. Click the "Reconcile" button next to the transaction you want to include in the bank fees.

From the transactions already recorded in the system, select the matching transaction for the bank statement transaction by checking the box next to it. Then choose the account where you want to record the transaction, and click the "Match selected" button.

The status of the transaction will change to "Reconciled".

Suggested Bank Reconciliation

Wafeq can automatically suggest potential matches between bank transactions and documents recorded in the system, helping you complete your bank reconciliation faster and more accurately.

Wafeq identifies potential matches based on several factors, including:

• Matching amounts.
• Matching dates.
• Description similarity between the bank transaction and the document.
• The ability to identify matches even when the transaction and document descriptions are in different languages.

Wafeq also explains why a particular match was suggested, helping you review the suggestion and make an informed decision before completing the reconciliation.

To use this feature:

• From the main menu, go to Accounting, then select Bank Accounts. Choose the bank account you want to reconcile and click Reconcile.

• You’ll see the Suggested Matches provided by Wafeq. If a matching transaction is available, review its details and the reason for the suggestion, then click Approve Match to complete the reconciliation. If you identify an error, you can undo the match before completing the reconciliation.

• Wafeq also displays Potential Matches, helping you review transactions that may require further verification and identify any discrepancies or errors before completing the reconciliation.