Q1. How can I add GST/VAT to a journal?
Yes, irrespective of the journal currency you can control if the journal will have tax using the "GST/VAT Settings" -
No GST/VAT - The "Tax Profile" field will be hidden in the journal entry lines.
Included in Amount - Tax will be factored into your journal line entry amount, and you can choose a tax profile in the journal entry line for calculation.
Excluded in Amount - Tax will not be included in the journal line entry amount but will be applied separately. You can choose a tax profile for calculation.
Q2. Which accounts do not have tax profiles applicable?
Bank Accounts
Cash
Current Assets
Shareholders Equity
Operating Expense
Current Liabilities
Q3. Will the internal notes added in a journal reflect on the journal PDF?
You can add some internal notes to your journal. These notes will be printed on the journal PDF.
Q4. Is there a limit to how many journal entry lines I can add to a journal?
No, there is no limit to the number of journal entry lines you can add.
Q5. What is the minimum number of journal entry lines required to create a journal?
A minimum of 2 journal entry lines are required to create a journal with equal debit & credit amounts.
In Jaz, you cannot delete the journal entry lines when only 2 are remaining.
Q6. Can I arrange (sort) my journal entry lines?
You can arrange (sort) your journal entries by:
Account Code: Smallest to Largest or Largest to Smallest.
Debits/Credits: Smallest to Largest or Largest to Smallest.
Note: This also applies to Scheduled Journals.
Q7. What are the different types of Journals in Jaz?
Manual Journals - A journal record of non-payment accounts.
Cash Journals - A journal record with at least 1 journal entry line having a bank account
Transfer Journals - A Transfer Trial Balance journal record. Refer to Transfer Trial Balance for more information.
Q8. What is the life cycle of a Journal in Jaz?
The following life cycle applies to -
Manual Journal
Cash Journal
Status | Happens when | Impact on Financial Statements | Applies to Journal Type |
Draft |
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Recorded |
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Voided |
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Q9. How can I set an exchange rate for a non-base payment account used in a base journal?
Click on the debit/credit cell of the journal line to open the "Convert Amount" modal.
Enter the debit/credit amount in the non-base payment currency.
An exchange rate if set at the organization level is present will be fetched used OR the current rate from ECB will be fetched.
You can update the rate if required.
Jaz will automatically convert the debit/credit amount into the organization's base currency using the exchange rate.
Q10. How can I download the journal voucher?
Open the journal details modal and click on the PDF icon to download the journal voucher.
Q11. Is any audit information captured for journals? If yes, what is captured?
Yes, Jaz captures the following audit fields:
Created By - shows the author of the journal
Last Updated By - shows the user who last updated the journal entry
Q12. Can I bulk import journals in Jaz?
Yes, bulk importing journals is easy. For more information, refer to: Import Journals
Q13. Why can I record only 2 lines in a cash journal?
A cash journal is a record of cash transfers between 2 payment accounts of cash/bank account types. Hence, on Jaz by default, the cash journal template is customized to make the cash journal creation easy and quick.
Q14. Can I record cash transfers between bank accounts of different currencies?
Yes, just select the bank account you're transferring the cash from and the bank account you're transferring it to along with the amounts in the respective bank account's currencies.
For a foreign currency bank account you can set an exchange rate otherwise Jaz fetches the latest rate from 3rd party or uses any custom rate set by you at the organization level.
Q15. What is the 'Transfer Rate' in cash journals?
The transfer rate in the cash journal indicates the rate at which the cash-in and cash-out amounts are exchanged.
For example, if the Cash-out amount is 100 SGD and the Cash-in amount is 150 EUR, the Transfer rate is calculated as 1 SGD = 150/100 EUR
Final Transfer rate: 1 SGD = 1.5 EUR
Q16. How are the cash-in/cash-out amounts converted to base currency in cash journals since Jaz does not ask for any exchange rates?
The rules for the FX rate conversions for cash journals are simple in Jaz -
If either cash-in/cash-out amount is in the organization's base currency it is kept as-is and is used to derive the FX rate for the other amount if required.
If both cash-in & cash-out amounts are in non-base currency, Jaz fetches the FX rate for the cash-out amount and converts it to base currency which is then used to derive the FX rate for the cash-in amount and used to convert to the base currency.
Let's take a few examples to understand this further. Assume your organization's base currency is SGD
Scenario I
Cash-out amount = 100 USD
Cash-in amount = 150 EUR
Jaz will fetch the FX rate to convert USD to SGD either from your custom org rate list or from 3rd party. Let's assume the org custom exchange rate is 1USD = 1.34SGD
Cash-out amount in SGD = 100*1.34 SGD = 134 SGD
Now, to convert the Cash-in amount to SGD, Jaz will derive the FX rate from the converted cash-out amount above.
FX rate for cash-in = Cash-out amount in SGD/Cash-in amount in non-base currency
134/150 = 0.8933
If you were to now convert the Cash-in amount of 150 EUR to SGD per the above FX rate it would be = 150*0.8933 = 134 SGD
Cash-out = Cash-in = 134 SGD
Scenario II
Cash-out amount = 100 SGD
Cash-in amount = 150 EUR
Since the cash-out amount is already in base currency, there is no need to fetch FX rates.
Jaz will directly calculate the FX rate for the cash-in amount from the cash-out amount
FX rate for cash-in amount = 100/150 = 0.6667
Converting the cash-in amount to base currency will match the cash-out amount in base currency.
Cash-out = Cash-in = 100 SGD
Scenario III
Cash-out amount = 100 EUR
Cash-in amount = 150 SGD
Jaz will directly calculate the FX rate for the cash-out amount from the cash-in amount
FX rate for cash-out amount = 150/100 = 1.5
Converting the cash-out amount to base currency will match the cash-in amount in base currency.
Cash-out = Cash-in = 150 SGD
Q17. Where can I find the FX rates for cash transfer journals?
Once you have saved the cash transfer journal, open the journal record and find the FX icon against the amounts in the debits/credits column to get the used rates.
Q18. Can I still use payment accounts in journals?
Yes! You can still use any account from your chart of accounts list to create a journal entry.
Q19. Can I create a Journal in non-base currency?
Yes! A journal entry can be created in a non-base currency as well.
Click on the currency displayed in the Debit/Credit column headers to update the currency & set the exchange rate if required.
By default, Jaz uses an exchange rate set at the organization level. If there is none, a third-party rate is applied. You can adjust the rate by clicking the pencil icon.
Q20. Why can't I select multi-currency bank accounts in a non-base journal?
In a non-base journal, you can only select bank accounts that match the journal's currency. This is because, Jaz converts the non-base journal amounts to base currency using the exchange rate set at the journal level.
Hence, Jaz restricts selection of the accounts which do not match the Journal currency.
If you would like to create a journal with multi-currency bank accounts, please set the journal currency to the base currency or use of "Cash Transfer" journals.
Q21. Why can't I see all the accounts in a non-base journal?
System Generate Accounts are not available in a non-base journals.
If you wish to create entries in these accounts you can create a journal in base currency.
Q22. Where can I find the used FX rate for a non-base journal?
To find the exchange rate for a Journal with non-base currency:
Hover on the currency ISO to show the exchange rate used for the journal, relative to the base currency.
The exchange rate information will show the amount in the base currency, alongside the exchange rate information used.
