What currency do transactions come into Recharger as?
When running a recharge calculation, Mayday pulls in transactions using the base currency of the source entity (. It recharges based on the amount recorded in the general ledger — whatever’s been posted there is what Mayday uses.
For example: If Mayday HQ’s base currency is GBP (£), and a bill is posted to Mayday HQ in USD ($), the accounting system will automatically convert the USD amount and record it in GBP in the general ledger. That converted GBP amount is what Mayday will pick up and recharge.
What currencies can I post recharges in?
You can post recharges in any currency that’s supported by both entities involved. You will see the option to select the currency at the 'Postings' stage of the recharge process.
For example, if you’re recharging between an NZD entity and a GBP entity, and the GBP entity doesn’t have NZD enabled in its accounting system, then NZD won’t be available as a posting option. Mayday will only show you currencies that are valid for both sides.
Want to change that?
Just update the available currencies in your accounting system’s settings, re-sync with Mayday, and the new currency options will appear.
What FX rates are applied? Can these be overridden?
By default, we use the exchange rate provided by European Central Bank Exchange, but you can override this.
If your Xero or QBO organisations do not support multi-currency, and the two entities are not of the same base currency, then the Postings page will force you to post journals in each entity's home currency.