After an incredibly successful beta period, BRAG is now live. BRAG (bank rec across the group) is an extension which adds on to Xero’s bank reconciliation page.
Cross-entity bank rec is now a reality and we can’t wait for you to see it.
If you’d like to see a live demo of BRAG, or if you have any questions for us at Mayday, tune in to our upcoming launch webinar on the 1st of February.
When would I need BRAG?
If you have multiple related entities, sometimes one entity could make a payment, or receive income, on behalf of another group entity. Sound familiar? Keep reading.
In this situation, you have to comb through their group’s entities’ accounts to find the corresponding invoice or bill. You must then go back to the first entity to reconcile the transaction.
There is also a risk that a bill could be paid twice if it still shows as outstanding in the entity to which it pertains. We know you don’t want that.
Mayday BRAG offers users a quick and easy solution to this problem.
How does it work?
With BRAG, you can quickly match intra-group transactions to the corresponding bills and invoices. With the ability to immediately reconcile cross-entity transactions in the same way as you would single-entity transactions, you can save time and eliminate errors.
Mayday will automatically debit and credit the relevant intercompany loan accounts when you reconcile your transactions. And that’s that!