Accounts Receivable and Accounts Payable (AR/AP) matching is part of Mayday's Balancer product.
It allows you to keep an eye on AR and AP across the group, ensuring they stay in balance.
Setting up AR/AP matching
Head to Settings, then Intercompany Balances to create a new AR/AP match.
Its the same process as setting up an intercompany loan, except instead of choosing which GL code to match you are setting the relevant contact:
Note: The checkbox "This entity should always be the creditor for this balance" is optional. If you use it, this will determine the currency we show everything in (functional currency of the creditor), and which entity is on the left hand side of the balancer dashboard (screenshot below).
Once set up, it will then appear on your Balancer Dashboard along with your loans.
Identifying discrepancies
From the screen shown above, click on the "See full details" link to view transactions side by side and identify what's causing discrepancies.
Mayday automatically matches invoices and bills on opposite sides, so you can quickly see if there are any one-sided entries. Mayday even shows you payments that have been applied.
Quick Tip: Check the 'Hide settled rows' box to see only the invoices or bills that are outstanding.
Once you have identified an issue, jump into Xero to resolve it.