Q1. How do I add a new refund method type for a refund?
You cannot add a new payment method type for refunds.
Q2. Can I download a PDF for a supplier refund?
Jaz does not support downloads for supplier refunds.
Q3. How do I record a refund for a supplier credit?
Refunds can only be recorded after a supplier credit note is created. Ensure to fill in all the details to save.
Q4. Can I record a partial refund for a supplier credit?
Yes, you can. Under the Supplier Refund Amount, enter an amount that is less than the maximum supplier credit note amount.
This will result in a partial refund, where only part of the supplier credit note is refunded.
Q5. What happens if I make a refund payment in a different currency than the refund payment I record?
If there is a difference between the recorded amount converted to base currency and the actual cash received amount converted to base currency, realized gain-loss will take place. This is further explained in Q7. When does realized FX 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 cash received currency does not match the recorded refund 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.
You can also adjust the payment rate if the one fetched by Jaz is not the rate you want to use for the payment.
Q7. When does realized FX gain-loss (RGL) happen, and how is it calculated?
RGL happens when the following conditions are fulfilled:
There is a difference between the supplier refund amount converted to the organization's base currency, and the cash received converted to the organization's base currency.
The following recorded supplier refund/cash received currency combinations take place:
Supplier refund currency | Cash received currency (Actual cash received from supplier) | 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 customer credit notes:
Realized FX (Gain)/Loss = (Supplier refund amount / Transaction rate) - (Cash received amount / Payment rate)
Where:
Supplier refund amount: The amount recorded as refunded for a supplier credit note
This amount amount may be the entire supplier credit note's amount, or a part of it (partial refund).
Transaction rate: The exchange rate on the supplier credit note (1.00 if the supplier credit note is in the base currency)
Cash received: The amount received (paid in) for the recorded supplier refund.
The supplier refund refund amount will be equal to the cash received amount if the supplier credit note and refund account are in the same currency.
Payment rate: The exchange rate for the refund payment (1.00 if the refund payment is in the base currency)
FX gains are recorded as negative expenses, while losses are recorded as positive expenses to the FX Realized (Gains)/Loss account.
In other words,
FX gains are recorded if the supplier refund amount in base currency is less than the cash received in base currency at the exchange rate on payment date.
FX losses are recorded if the supplier refund amount in base currency is greater than the cash received in base currency at the exchange rate on payment date.
Example 1 - The supplier refund is recorded in EUR, cash received in USD and the organization's base currency is in SGD:
Supplier refund amount: 55.00 EUR
Transaction Rate: 1.00 SGD = 0.68413 EUR
Cash received: 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 supplier refund is recorded in USD, cash received in SGD and the organization's base currency is in SGD:
Supplier refund amount: 55.00 USD
Transaction Rate: 1.00 SGD = 0.74338 USD
Cash received: 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. How will deleting a tax profile impact my refund records?
Deleting a tax profile will not have an impact on any refunds that have already been made and recorded.
However, you will not be able to select the deleted tax profile moving forward when creating new supplier credit notes, which may have effects on pre and post-tax calculations.
Q9. How will making an account inactive impact my refund records?
Making an account inactive will not have an impact on any refunds that have already been made and recorded.
However, you will not be able to select the inactive account as a refund account (in the case of cash and bank accounts) moving forward, until the account is active again.