If you have ever used Xero’s bank reconciliation function, you will know how easy it is to match transactions to their corresponding bills or invoices; Xero makes suggestions of which invoices or bills are likely to pertain to the transaction in question, you select the correct one, and voilá.
It works exactly the same with BRAG. Simply click the ‘Mayday’ tab within your Xero bank rec interface. This will present any matching invoices and bills that have been posted to the other entities in your group, which could pertain to the payment or income you’re wanting to reconcile:
Tick the relevant invoice box and then click Review and then Continue once you're happy that the right transaction has been selected, then just as usual, click ‘OK’ to reconcile.
Will cross-entity reconciling take care of the postings into both entities?
Yes. As you've set up your ‘Intercompany Loans’ account code mapping in Mayday, clicking OK to reconcile will debit and credit the relevant intercompany accounts. The spend money or receive money transaction will be marked off to the intercompany account in Entity A and the bill or invoice in Entity B will be marked as paid or received to the intercompany account.
Not quite so sure?
Visit the Levelling up articles for a more in depth, deep dive in to BRAG.
If you would like any additional support, please get in touch with the team using the chat support function, or via our email: support@getmayday.com