All that’s left to do is post any FX and/or interest adjustments where necessary.
Please note that these are optional steps:
If you are operating with same currency loans then FX adjustments will not be relevant
If you do not charge interest on intercompany loans then interest adjustments will not be relevant.
If either of these conditions apply, read on to find out how you can make the relevant adjustments with Balancer.
For FX adjustments, Balancer auto-calculates the conversion. You simply correct the balances by one click posting your FX adjustment journal into Xero.
For interest adjustments, simply set the interest rate that should apply to the loan in the Edit interest setting, and then Balancer will auto-calculate the adjustment for you to one-click post into Xero.
For more on posting FX adjustments, refer to our article: How to post an FX adjustment, and for more on posting interest on loans, please refer to our article: How to calculate and post loan interest.
Not quite so sure?
Visit the Mayday Academy for more information on intercompany loans and loan account automation.
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