We understand some businesses use custom FX rates or rates that are different to Mayday's default rates. That's why we allow you to override the rates.
Rates Mayday uses by default
Mayday uses FX rates from the European Central Bank Exchange wherever you are managing intercompany accounts with different currencies.
You can view the rates here.
It's important to understand why Mayday's rates are not Xero's rates
Given its not possible to pull the rates from Xero, Mayday generates its own rates using the European Central Bank Exchange rates.
These rates are generally materially the same, but we understand for some businesses its important to know this so they can customise/override our rates to match what goes through Xero.
There is another reason why Mayday uses its own rates: Xero uses the FX rate as at 11pm in the time zone the org is set to. So for instance, if I have a UK & Aus entity, the UK entity will use GBP -> AUD as at 11pm UK time, but the Aus entity will use GBP -> AUD as at 11pm Aus time. So the two entities will have different FX rates. So even if we matched Xero, we're going to be using a different FX rate to one of those entities.
Mayday can pull rates at the same time across entities, which helps with matching transactions across currencies in different Xero organisations.
Where Mayday uses these rates
We use these daily rates in a number areas, including:
Balancer: Identifying which transactions in one loan (i.e. GBP) match to transactions in another loan (i.e. AUD)
Balancer: Calculating the discrepancy between two loan accounts that are in different currencies
BRAG: Identifying bills/invoices to match where we have a bank feed item (i.e. AUD) that we're matching to a bill/invoice in another currency (i.e. USD)
Recharger: When calculating recharges between entities with different base currencies
Customising or overriding FX rates
You can add Exchange Rate overrides from the Settings > Exchange rates page.
This allows you to set multiple overrides in a batch, making it much simpler to set up all the rates you need to use in one go.
You can also use different rates for Balancer and Recharger if needed:
Audit trail of FX rate changes
You can view FX overrides in settings > exchange rates. From here you can also remove or edit a rate that was previously created (i.e. if you made a mistake).
