Q1. How can I add a new payment method type?
You cannot add a new payment method type for payments.
Q2. Can I download a payment receipt?
Yes, you can download the payment advice. Refer to Can I download the payment receipt PDF for an active payment? for more information.
Q3. How do I record a payment for an invoice?
To record an invoice payment, there are a few ways you can do so:
During invoice creation
The price must be filled in for at least one line item for this option to be available.
If the invoice was saved as a draft, any associated payments will also be in a draft status.
After saving the invoice , the payment will be active, and show up in the Sales > Payments > Active tab.
After invoice creation
You can create an invoice payment after invoice creation from the invoice details.
Q4. Can I record a partial payment for an invoice?
Yes, you can. When recording a payment for an invoice, if the Invoice Payment Amount is less than the invoice transaction amount, the invoice would be considered to be partially paid.
Q5. What happens if I receive a payment in a different currency than the invoice?
If there is a difference between the transaction amount converted to base currency and the payment amount converted to base currency, realized gain-loss will take place. This is further explained in Q7. When does realized gain-loss (RGL) happen, and how is it calculated?
Q6. Where is the payment rate fetched from if the currencies don't match?
If the payment currency does not match the invoice currency, there is a possibility of a realized gain/loss due to the fluctuations in the exchange rates.
Jaz fetches a custom rate if available on the date of the payment. If not, the rate is fetched from 3rd party services.
Q7. When does realized gain-loss (RGL) happen, and how is it calculated?
RGL happens when the following conditions are fulfilled:
There is a difference between the transaction (invoice) amount converted to the base currency of the organization and the payment amount converted to the base currency of the organization.
The following invoice/payment currency combinations take place:
Invoice Currency | Payment Currency | Is there RGL? |
Organization's base currency (e.g. SGD) | Non-base currency (e.g. USD) | Yes |
Non-base currency (e.g. USD) | Organization's base currency (e.g. SGD) | Yes |
Non-base currency (e.g. USD) | Non-base currency (e.g. USD) | Yes |
Non-base currency (e.g. USD) | Non-base currency (e.g. EUR) | Yes |
Organization's base currency (e.g. SGD) | Organization's base currency (e.g. SGD) | No |
RGL is calculated this way for invoices:
Realized FX Loss/Gain = (Transaction Amount / Transaction Rate) - (Payment Amount / Payment Rate)
Where:
Transaction amount: the amount on the invoice
Transaction rate: The exchange rate used between the non-base currency and the base currency on the day of the transaction
Payment rate: The exchange rate used between the non-base currency and the base currency on the day of payment
Payment amount: The amount received for the invoice
Example 1 - The transaction is recorded in EUR, payment received in USD and the organization's base currency is in SGD:
Transaction amount: 55.00 EUR
Transaction Rate: 1.00 SGD = 0.68413 EUR
Payment Rate: 65.00 USD
Payment rate: 1.00 SGD = 0.74338 USD
Hence, in this case:
Realized Gain - 7.04 SGD = (55.00 / 0.68413) - (65.00 / 0.74338)
Example 2 - The transaction is recorded in USD, payment received in SGD and the organization's base currency is in SGD:
Transaction amount: 55.00 USD
Transaction Rate: 1.00 SGD = 0.74338 USD
Payment amount: 70.00 SGD
Payment rate: 1.00 SGD = 1.00 SGD (Since SGD is the base currency)
Hence, in this case:
Realized Loss - 3.99 SGD = (55.00 / 0.74338) - (70.00 / 1.00)
Q8. What is the transaction rate for a payment?
Transaction rate refers to the exchange rate used between the non-base currency and the base currency on the invoice's date.
This may be the organization's custom rate, a transaction-level exchange rate, or a 3rd party market rate that is being used.
Q9. How can I send a payment receipt to my customer?
To send a payment receipt, make sure that your customer has a valid email set up in contact settings.
After doing so, click on the mail icon to send a payment receipt to your customer after saving the payment record.
Q10. What is a Withholding Tax Certificate payment? How is it different from other payments?
The withholding tax Certificate payment method refers to a withholding tax payment recorded for an invoice.
This refers to the tax that needs to be withheld and paid to the government, rather than credited to your organization directly.
For invoices, payments made via this payment method will always be credited to the Creditable Withholding Tax payment account.
Q11. How will deleting a tax profile impact my payment records?
Deleting a tax profile will not have an impact on any payments that have already been made and recorded.
However, you will not be able to select the deleted tax profile moving forward on invoice creation, which may have effects on pre and post-tax calculations.
Q12. How will making an account inactive impact my payment records?
Making an account inactive will not have an impact on any payments that have already been made and recorded.
However, you will not be able to select the inactive account as a payment account (in the case of cash and bank accounts) moving forward, until the account is active again.