New feature! Never will your intercompany AR and AP fall out of balance again

We're excited to introduce a game-changing addition to our Mayday Balancer product: AR/AP matching. 

This powerful new feature allows you to effortlessly view and reconcile intercompany AR and AP balances across your entities, ensuring that both the overall balances, as well the balances for individual invoices, bills and credit notes, are consistent.

The new AR/AP matching functionality expands our existing account code matching capabilities in Balancer to cover both sides of the coin, providing 3 huge benefits:

• Easily monitor AR/AP on our unified Balancer dashboard
• Quickly spot discrepancies 
• A safety net preventing AR/AP imbalances, streamlining month or year-end consolidation

What is AR/AP Matching?

Mayday’s Balancer monitors intercompany account codes for discrepancies, ensuring these account balances are always kept in check.

With the new Accounts Receivable and Accounts Payable (AR/AP) matching functionality, you can now view balances between intercompany debtors and creditors to ensure invoices and bills match.

Say goodbye to the long manual process of listing out and matching all of your intercompany transactions. This new feature ensures that bills and invoices (as well as credit notes and overpayments) between entities have the same total balance outstanding by automatically pulling the data from Xero into Balancer’s unified dashboard.

And when your intercompany AR/AP balances don’t agree? 

Dig deeper from the dashboard where it will instantly highlight the relevant individual invoices and bills that have the same balances outstanding.

How to get set-up

Setting up AR/AP matching is simple and can be done in three simple steps!

Here's a quick guide from our Co-founder and CPTO, James Scott-Griffin:

1. Go to Settings > Intercompany Balances
2. Create a new AR/AP intercompany balance (similar to setting up an intercompany account code balance)
3. Select the relevant contact

Optional: Check "This entity should always be the creditor for this balance" to determine currency display and dashboard layout

Once set up, your AR/AP matches will appear on the Balancer Dashboard alongside your account code balances.

Identifying and resolving discrepancies

Reconciling AR/AP discrepancies in Balancer is an effortless task, as the dashboard makes it easy to spot where you fall out of balance. 

1. Click "See full details" to view transactions side by side
2. Use the 'Hide settled rows' option to focus on outstanding invoices or bills
3. Easily identify one-sided entries or mismatched payments
4. Resolve issues directly in Xero

Quick Tip: Check the 'Hide settled rows' box to see only the invoices or bills that are outstanding.

Raving reviews from our beta testers

Our beta testers have been loving this new feature. Here's what they had to say:

Ready to get started?

Experience the benefits of automated AR/AP matching and say goodbye to manual reconciliation headaches. This powerful addition to our multi-entity product suite is available on Mayday's Active or Advanced plans. 

Try Mayday for yourself with a free 30-day trial. Sign up today and transform your intercompany financial management!