After an incredibly successful beta period, Mayday Balancer is now live!
Balancer is the safety net that ensures your intercompany loan accounts will never again fall out of balance.
To see a demo of how Balancer transforms your intercompany loans so that you never have to worry about the accounts falling out of balance, watch our launch webinar.
When would I need Balancer?
When a business has multiple related entities, the entities will almost always have intercompany loan accounts. These intercompany loan accounts need to stay in balance so that all of the entities are clear on what is owed and month/year-end consolidation can take place.
Intercompany loan accounts between a business’s related entities easily fall out of balance because of:
- posting asymmetry
- FX adjustments can be missed or incorrectly calculated
- Interest can be missed or incorrectly calculated
The result is that finance teams must then unravel these transactions to find the culprit and rebalance the accounts. The pain of rebalancing the accounts invariably comes at the worst time: at year end, or during a financing or acquisition.
How does it work?
Balancer cross-checks your intercompany loan accounts and immediately flags any discrepancies between them.
You’ll be able to quickly find the transaction that unbalanced the accounts and rectify posting asymmetry.
Then, you can post your FX adjustment journals or set the interest rate that should apply and Balancer will auto-calculate the adjustment for you to one-click post straight back to Xero.
