Q1. How can I change the date/month of the financial year end?
You can change the date/month of the financial year end under Settins > Organization Details > Accounting.
Adjust the date and month as needed.
Q2. Will changing the date/month of the financial year end affect existing data?
Changing the date/month of the financial year end does not affect existing data.
It will only affect the reporting period of your existing data, such as the reporting period that show up in reports.
Q3. How can I add currencies to my organization?
You can add new currencies via Settings > Organization Details > Currencies.
You will find the option to add new currencies there.
Select desired currencies from the drop-down list
You will see the new currency added.
Q4. Can I set exchange rates for the organization's base currency?
No, exchange rates cannot be set for the organization's base currency.
Q5. How can I set exchange rates for a currency?
Go to Settings > Organization Details
Under Accounting, choose a currency.
Add a new custom rate.
Set the Start and End date for the custom rate.
Enter the rate in your preferred denomination, e.g. 1 SGD: 1 USD or 1 USD: 1 SGD (Assuming that SGD is the base currency)
You can switch the currencies to enter the correct rates by clicking on the flip icon.
Q6. If a custom exchange rate is set for 1 set (e.g., 1 SGD = x USD), will Jaz calculate the corresponding flipped exchange rate (e.g., 1 USD = x SGD)?
Yes, Jaz will also calculate the corresponding flipped exchange rate whenever a custom rate is added.
Q7. What does it mean to add custom rates for a currency in Jaz?
Adding custom rates for a currency means your organization can set up its own exchange rates instead of relying on third-party rates.
Q8. Can I choose specific dates or date ranges for custom rates?
Yes, you can set a custom rate for a single day or a date range by selecting the Start and End date.
Q9. Can I delete a currency added?
Once you have added a currency, you cannot delete it from Jaz.
Q10. Is there a limit to the number of currencies I can add?
Currently, there are no limits to the number of currencies you can add on Jaz.
Q11. Will setting custom rates affect my existing transactions?
No, configuring custom rates for a specific date range where transactions already exist will have no impact on them.
Transactions are recorded with fixed rates at the time of creation.
Q12. Which third-party services does Jaz support for fetching currency rates?
Jaz is integrated with the ECB to fetch rates daily. ECB supports 30 currencies at the moment. All the other currency exchange rates are fetched from currencyAPI if there are no custom rates already set.
Jaz fetches closing rates for each calendar date for the respective currency pairs on a daily basis, at about 15:30 GMT.
Q13. How often are the currency rates updated when fetched from third-party services?
Daily, at about 15:30 GMT
Q14. Is it possible to utilize third-party rates alongside existing custom rates?
When available, Jaz will always make use of custom rates set by the organization first. Jaz will only pull from 3rd party sources if custom rates have not been set, or are unavailable.
Q15. How can I modify custom rates?
Go to Settings > Organization Details
Under Accounting, choose a currency with custom rates.
Edit or delete the custom rate as desired.
Modify the exchange rate or adjust the start and end dates.
Q16. Can I retrieve deleted custom rates?
No, once custom rates are deleted, they cannot be recovered.
Instead, you can create a new custom rate.
Q17. Can I use a currency in a transaction even if no custom rate is set?
Yes, if there is no custom rate added to the organization, Jaz will fetch the latest rate from a third-party provider.