Intra-entity Recharges are Live!

We are thrilled to announce a major development to our Recharger product: intra-entity recharges. This new feature means you can now recharge costs and revenues, both within and between entities. 

If you’re currently using Mayday Recharger, if you’re a single entity business which regularly reallocates charges between departments, or if you’re a multi-entity business with recurring recharges both within and across related entities in the group, you’ll want to keep reading!

‍What are intra-entity recharges?

At Mayday we’re not big on time-consuming, error-prone and stressful manual processes (as I’m sure you aren’t). So in order for us to mend month-end for every business, we need to cover your intra-companies too. 

Intra-entity, or interdepartmental, recharges are built for when you need to reallocate costs and revenues between departments within a single entity. By adding this new functionality to Recharger we’re adding an additional layer to our award-winning recharge automation tool. 

Recharge rules apply the same way they would for allocating recharges across multiple related entities. Though now you can post inter-entity recharges into the appropriate departments of a single entity. 

You can also make pure intra-entity recharges, for when you need to allocate costs and revenues across tracking categories, or move them between account codes.

To simplify it, here’s an example…

Let's say Mayday HQ posts an at-cost recharge of £10,000 to Mayday Inc each month. However, Mayday Inc needs to split this payment between Departments A, B and C. 

Now, Mayday HQ is able to make custom reallocations to Departments A, B and C within Mayday Inc. 

In addition to this, let’s jazz it up and say Mayday HQ needs to recharge departments D and E within the Mayday HQ entity. They can instead make a pure intra-entity recharge and reallocate postings within this sole entity.

‍How does it work?

1. Follow the steps in ‘How Recharge Rules Work’ to configure the rule type and transaction matchers.
2. Define the apportionments for how you’d like to split payments within account codes and tracking categories.
3. Specify the intra-entity split percentage or any portion to be ‘not recharged’, then choose a pre-defined apportionment or create a new one.
4. If creating an intra-entity apportionment for a different entity, enter an account code from that entity.

For a full breakdown on how to create intra-entity recharges, visit our support centre here or watch our video tutorial on how to set up intra entity recharges here.

‍Our customers are already raving about it

We are amazed to have received such incredible responses from our customers already!

Expanding the intercompany trinity

This new edition to our robust, multi-entity product trinity, marks our expansion into intra-entity territory. Intra-entity reallocations are a game-changer to our ever growing product suite and we are continuously working to develop further solutions for mending month-end.

Our Updated stack!

   1) Recharge automation with Recharger

           * NEW: Both Intra- and Inter- entity recharges

   2) Balanced intercompany loan accounts with Balancer ‍

   3) Cross-entity bank reconciliation with BRAG

‍

If you’re tired of dealing with manual processes that slow you down and lead to inaccurate reporting, try out Mayday for yourself by signing up for a free 30-day trial today!