Overview
The Intercompany Module for Xero
"Mayday - where have you been all my life?!" - Cheryl Morgan, Unity Health
Mayday eliminates the pain of manual accounting adjustments, saving finance teams a whole day of work each month and improving accuracy. Multi-entity with Xero has never been so easy.
Mayday Balancer
- Never again will your intercompany loan accounts fall out of balance: Balancer cross-checks your intercompany loan accounts to ensure both entities show equal amounts.
- Discrepancies clearly visible: quickly find the culprit that unbalanced the accounts and rectify posting asymmetry.
- Simplified adjustments: any FX and/or interest adjustments are auto-calculated for you to one-click post back to Xero.
Mayday Recharger
- Automate intercompany charges: removing the manual work of recharging costs and revenues between group entities. Reducing scope for human error, and average recharge time by 98%.
- Create your own rules: like the bank rules you use in Xero, create rules to automate the calculation of your intercompany recharges.
- Aligned with Xero processes: your recharge rules will pick up the relevant Xero transactions and calculate your recharges. Then one-click post back to Xero. A task which used to take a whole day is now a tick-box task which takes just minutes.
BRAG (Bank Reconciliation Across the Group)
- Cross-entity bank rec made simple: easily and efficiently match transactions where one group entity pays a bill or receives money for an invoice posted in another group entity, eliminating the risk that a bill could be paid twice.
- Xero extension: the bill or invoice can be matched by the entity that paid or received it directly from that entity's Xero bank rec, and marked as paid without the need to switch Xero files.
- Automate loan account postings: matching payments across entities with BRAG automatically generates the relevant loan account postings.
Mayday is built on deep industry insight and a passion for building brilliant accounting technology. Proud winners of the Xero Emerging App Partner of the Year Award 2023.
Watch the following video to learn more about our products. To watch the section for a particular product, please open the video in YouTube and use the following timeframes:
- Balancer 00:00-01:42
- Recharger 01:43-05:01
- BRAG 05:02-07:32
Mayday + Xero
"Mayday gives Xero wings" - Harriet Hope, Arbolus
Mayday integrates securely with Xero, connecting with your Xero organisations and pulling all the relevant transaction data.
Balancer syncs with your Xero organisations and uses loan account mappings to display your postings side-by-side. We automate the relevant FX and/or interest adjustments and you one-click post them to Xero.
Recharger syncs regularly with your Xero organisations so that you can access each group entity’s information in real-time, automate the relevant recharges, and one-click post back to Xero.
BRAG is a browser extension that functions from within the Xero bank rec interface, enhancing Xero’s regular bank rec so that it now works for cross-entity bank rec.
Getting started
To get started, sign up for a free 30-day trial by clicking the 'Get this app' button above. Once you have connected your Xero organisations, you’ll be ready to go.
To get started with Balancer, set your loan account mappings and let Balancer do the work for you. Balancer will highlight any discrepancies so that you can quickly and easily rectify posting asymmetry. Any FX and/or interest adjustments are auto-calculated for you to one-click post back to Xero.
With Recharger, you begin by creating recharge rules for your intercompany transactions. Once the rules are set up, you can easily automate your calculations each month and one-click post back to Xero.
Download the BRAG browser extension and set up your loan code account mappings. You can now reconcile intercompany invoices and bills, across entities, directly from the Mayday tab within the Xero bank rec interface.
