Q1. Why aren't there any records available for reconciliation initially, and why do they only appear after hitting refresh?
Jaz filters available records, listing transactions that match the cash flow direction.
If you do not see any records listed upon the first load, that means there are no transactions in Jaz that have the same cash flow direction.
Hit reset to list all the transactions in Jaz, including those that do not match the cash flow direction.
Q2. What are the ways a bank statement can be reconciled in Jaz?
Transaction Type | Description |
Quick Reconciliations |
|
Invoice/Bill Receipt |
|
Cash-in/Cash-out Journal |
|
Cash Transfer Journal |
|
Journal Entry |
|
Transactions created in Jaz |
|
Add Adjustment entry |
|
Q3. Can I do reconciliations in bulk?
Yes, use Quick reconciliation to bulk reconcile records by using the same journal entry account for all the journal entries created for every selected unreconciled record.
Q4. How can I bulk reconcile using the Quick reconcile feature?
Select desired unreconciled records and use the quick reconcile feature to create individual journal entries in the background for each record.
Just enter the Journal reference & journal account which will be used to create a balancing entry.
Every single journal created from this flow will have the same journal reference & journal account. The journal amount will be based on the unreconciled record amount.
The journals created will match the bank account's currency.
If its created in FX currency, you can set the exchange rate of all the journals getting created from the quick reconcile flow OR Jaz will fetch the organization rate if available OR fetch it from 3rd party.
Q5. How can I reconcile a statement with a new invoice/bill?
To reconcile a bank statement against a new invoice/bill, you can create a new invoice/bill receipt.
The details for the invoice/bill receipt will be automatically filled in for you based on the bank statement line.
Q6. What are Cash-in / Cash-out Journals? How can I use them to reconcile a statement?
Cash-in / Cash-out journal template allows for quick journal creation & statement reconciliation.
The 1st line entry in the journal is always extracted from the statement line to be reconciled.
If it's a Cash-in journal, the statement line bank account is debited.
If it's a Cash-out journal, the statement line bank account is credited.
You can add 1 or more balancing journal entry lines in the template.
If it's a Cash-in journal, the balancing entries will be credited.
If it's a Cash-out journal, the balancing entries will be debited.
If the statement line bank account is in foreign currency, you can set a custom rate for the journal / Jaz will set the org rate if available on the statement line date/fetch from 3rd party.
Q7. What are Cash Transfer Journals? How can I use them to reconcile a statement?
Cash Transfer Journal is a quick way to capture money movement between the statement line bank account & other bank accounts added to your organization.
For Cash-in statement line -
You only need to select the account from which the money is transferred to the statement line's bank account. (i.e. add credit entry)
Jaz will get the debit/credit amount & date from the statement line.
For Cash-out statement line -
You only need to select the account to which the money is transferred from the statement line's bank account. (i.e. add debit entry)
Jaz will get the credit/debit amount & date from the statement line.
If the cash transfer is between 2 bank accounts of different currencies, Jaz will calculate the transaction rate on the fly based on the amount entered by you and the statement line amount.
Q8. Can I create a Journal transaction to reconcile against a bank statement transaction?
Yes, you can create a journal transaction from the reconciliation screen.
This templated journal is less rigid compared to cash-in/cash-out journals OR cash-transfer journals.
In this Journal you can add debit/credit entries irrespective of whether the entry in question is cash-in / cash-out.
In the 1st line, the debit/credit amount will be automatically added for you, based on the cash-flow direction of the bank statement being reconciled.
Jaz will also autofill the account & amount from the statement line. You will need to add balancing entries as required.
Journal currency is also set the same as the statement line currency.
If the statement line is in base currency -
you can add balancing journal entries by selecting any of the base currency accounts.
You can also use non-base currency accounts. To learn how to set exchange rates for a non-base currency account, refer to: Manual Journal Guide
If the statement line is in non-base currency -
You can either create a balanced non-base currency Journal OR change the currency to the base currency & then create. For more details on handling non-base currency journals, refer to: Manual Journal Guide
Note that you cannot partially reconcile a statement line with a journal transaction.
Q9. Can I use a combination of transactions, payments, adjustment entries, journal entry & receipts to reconcile a statement line?
Transactions, payments & adjustment entries can be combined to reconcile a statement line.
However, journal entries & receipts cannot be used in any combinations. They must be reconciled in full.
Q10. How can I partially use a transaction to reconcile with a statement line?
To partially reconcile with a statement line, you can change the Match Amount for a transaction that you would like to partially use for reconciliation.
Q11. How can I reconcile a statement line with a cross-currency transaction?
When you select a cross-currency transaction to reconcile with a statement line, you will be asked to add the cash received/spent in the statement line's currency.
Q12. How do I reconcile a statement if I can only partially reconcile it with the transactions available in Jaz?
You can add an adjustment to fully reconcile the statement.
Adding an adjustment is similar to creating a journal entry. Adjustment entries have information like the bank account already filled in.
Adjustment journals are created in the statement line's currency.
If the statement line is in base currency, simply add the balancing entries.
If the statement line is in non-base currency, You can modify the exchange rate of the adjustment journal by clicking on the currency ISO in the debit/credit header.
Q13. Is there a limit to the number of line items I can add to an adjustment journal?
You can have 3 journal entry lines in an adjustment journal.
Q14. Where can I see the transactions used to reconcile a statement line?
To see the transactions used, click on the reconciled statement line.
This will bring up the details for the reconciled statement line, including the list of transactions used to reconcile the statement line.
Q15. Are transaction fee amounts considered when doing reconciliations?
When loading the list of payments available for reconciliation, the amount shown will be net cash amounts. Reconciliations will be done against this net cash amount.
For invoice payments & customer credit refunds, the net amount excludes the fee amount.
For bill payments and supplier credit refunds, the net amount includes the fee amount.
If you are reconciling against a transaction instead of a payment, you will be able to indicate transaction fees when recording new payments during the reconciliation process.
