The wallet feature in Rewaa helps you continuously monitor cash balances and amounts entered into the platform's bank accounts. It reflects all financial transactions, including cash transactions, payments, expenses, and other registered activities. Keeping track of the wallet balance assists in making financial decisions, such as preparing payments for suppliers, managing tax liabilities, and more. Below is an overview of the wallet details and functionalities.
Accessing the Wallet
To access the wallet:
Navigate to: Accounting > Expenses > Summary.
Wallet Overview
Wallet Balance: Shows collected amounts (cash and bank-related) for your business.
Adding/Withdrawing Funds.
ℹ️ Changes made here affect only the wallet and not other financial reports like net profit, sales, or expenses.
Adding Funds to the Wallet
Steps to Add Fund:
Click on Add Fund.
Enter the amount.
Select or create a category (using the + symbol).
Click Add Funds to finalize.
Withdrawing Funds from the Wallet
Steps to Withdraw Fund:
Click on Withdraw.
Enter the amount.
Select or create a category (using the + symbol).
Click Withdraw to finalize.
Viewing Transactions
To view all wallet transactions:
Click View All Transactions.
Review details such as date, type, performed by, amount, and balance.
Dashboard Insights
To access the dashboard, go to: Accounting > Expenses > Summary > Statistics Overview.
Select the time period.
The dashboard provides critical financial insights, allowing you to track:
Net Income: Total revenue minus cost of goods sold and expenses.
Most Spent Expenses.
Total sales (Tax not included): Total quantity sold × unit price.
Cost of Sales (Tax not included): Total quantity sold × average unit cost.
Returns (Tax not included): Total quantity returned × unit price.
Operating Expenses (Tax not included).
Most Spent Expenses.
Net Tax Payable/Refundable.
FAQs
1. Do wallet transactions reflect in journal entries?
Yes, all additions and withdrawals from the wallet are recorded in journal entries.
2. Can wallet details be exported?
Yes, navigate to: Reports > Finance > Wallet Transactions.
Choose the time period and transaction type, then export the data to Excel.
3. How can taxes be calculated manually?
Use the Calculate Tax Yourself feature:
Add the following data:
Total Sales.
Total Cost of Goods Sold.
Total Operating Expenses.
Click: Tax Calculate
Results:
Red Amount: Indicates tax payable to the authority.
Green Amount: Indicates tax refundable from the authority.
Equal Values: No tax liability.