Q1. How can I add a new payment method type?
You cannot add a new payment method type for payments.
Q2. Can I download the payment advice?
Yes, you can download the payment advice. Refer to Can I download a bill payment PDF? for more information.
Q3. How do I record a payment for a bill?
To record a bill payment, there are a few ways you can do so:
During bill creation
Price must be filled in for at least one line item for this option to be available.
If the bill was saved as a draft, any associated payments will also be in a draft status.
After saving the bill, the payment will be active, and show up in the Purchases > Payments > Active tab.
After bill creation
You can choose to create a partial/full payment for a bill by changing the bill payment amount.
Depending on whether the payment is partial/full the bill status will be updated.
Q4. Can I record a partial payment for a bill?
Yes, you can. When recording a payment for a bill, if the Bill Payment Amount is less than the bill transaction amount, then the bill would be considered to be partially paid.
Q5. What happens if I pay in a different currency than the bill?
If there is a difference between the transaction amount converted in base currency and the payment amount converted to base currency, realized gain-loss will take place. This is further explained in How is realized gain-loss calculated
Q6. Where is the payment rate fetched from if the currencies don't match?
If the payment currency does not match the bill 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 (bill) amount converted to the base currency of the organization and the payment amount converted to the base currency of the organization.
The following bill/payment currency combinations take place:
Bill 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 bills:
Realized FX Loss/Gain = (Payment Amount / Payment Rate) - (Transaction Amount / Transaction Rate), with a multiplier of -1
Where:
Payment rate: The exchange rate used between the non-base currency and the base currency on the day of payment
Payment amount: The amount paid for the bill
Transaction amount: the amount on the bill
Transaction rate: The exchange rate used between the non-base currency and the base currency on the day of the transaction
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 = 0.68413000 EUR
Payment amount: 65.00 USD
Payment rate: 1.00 SGD = 0.74338000 USD
Hence, in this case:
(65.00 / 0.74338000) - (55.00 / 0.68413000) = 7.04
Applying a multiplier of -1, 7.04 * -1 = -7.04 (or realized loss of 7.04 SGD)
Example 2 - Transction in USD, Payment in SGD and Organization's base currency is in SGD:
Transaction amount: 55.00 USD
Transaction Rate: 1.00 SGD = 0.74338000 USD
Payment amount: 70 SGD
Payment rate: 1.00 SGD = 1.00 SGD (Since SGD is the base currency)
Hence, in this case:
(70.00 / 1.00) - (55.00 / 0.74338000) = -3.99
Applying a multiplier of -1, -3.99 * -1 = 3.99 (or realized gain of 3.99 SGD)
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 bill'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. 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 a bill.
This refers to the tax that needs to be withheld and paid to the government.
For bills, payments made via this payment method will always be credited to the Withholding Tax Payable payment account.
Q10. How will deleting a tax profile impact my payment records?
Deleting a tax profile will not have impacts 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 bill creation, which may have effects on pre and post tax calculations.
Q11. How will making an account inactive impact my payment records?
Making an account inactive will not have impacts 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.