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Nadim

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Articles

Recent activity by Nadim

  • Setting up an initial quantity on hand for an inventory item

    When you start using Wafeq, you most likely already have inventory stock. This article explains how you can set up the opening quantity on hand for an inventory item.Learn by watchingWatch this vid...

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  • System accounts and locked accounts

    In the Chart of Accounts, some accounts have a padlock icon 🔒. This means that you cannot delete these accounts.There are three main reasons you won't be able to delete an account: it's a system ac...

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  • Troubleshooting mismatching bank balances

    Understand the different bank balances in Wafeq and how to troubleshoot reconciliation errors. The different types of balancesYou will see three types of bank balances for your bank account in Wafe...

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  • Spreading an expense over several months

    Learn how to amortize an expense such as a prepaid rent over several periods.How to spread an expense paid upfrontAssume you've paid 12,000 + 15% VAT = 13,800 rent upfront for 1 year and you want t...

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    • -2 votes

  • Managing employee advances

    You may give your employee a cash advance for cash expenses they may need to pay while performing their job. Watch our step-by-step video to know more:  Record the cash advance to the employeeCreat...

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  • Updated VAT and Subtotal Calculations in Wafeq (December 8, 2023)

    As of December 8, 2023, Wafeq has implemented new methods for calculating VAT and subtotals to align with recent regulations from local tax authorities. New Calculation MethodThe updated calculatio...

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  • Adding retention to invoices

    Retention is a deduction applied on a sales invoice total as part of an agreement between the supplier and the customer. The customer will withhold paying the retention amount until the work is com...

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  • What is Accounts Payable?

    Accounts payable is a critical aspect of any business's financial operations, particularly in dynamic and diverse markets. This article will provide an in-depth look into what accounts payable is, ...

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  • Creating an Email Template for an Invoice

    You can create an email template for every customer while sending an invoice on Wafeq.On the left-hand side choose Invoices (in the Sales section), choose Sheet view from the top bar, then create a...

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  • How to Manage Employee Commissions and Include Them in Payroll

    Managing employee commissions is essential for motivating your team and tracking financial performance. With Wafeq, you can easily add and calculate employee commissions periodically, whether tied ...

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