Once you’ve logged in to Mayday with your Xero account, you can get started by creating some Recharge rules. This lets Recharger know which transactions to recharge and where to recharge them to.
First, choose the type of rule you want to create:
Expense rules dictate how expenses incurred by the entity are recharged to other entities in the recharge group. These can be recharged at cost, or cost plus
Revenue rules dictate how income generated by the entity is recharged to other entities in the recharge group
Balance sheet rules are used to recharge costs in balance sheet codes (most likely asset codes) rather than P&L codes. This would mean that these costs wouldn't hit the P&L of the original entity when they were wholly for the benefit of another.
Mayday rules are for regular, fixed-amount recharges, for example, a management charge, and they don't look up from source transactions in Xero in the same way as expense, revenue and balance sheet rules do.
Next, tell us exactly how we can find the transactions that you want to recharge, using any combination of:
- Account code
- Tracking category
- Contact
- Assigned to
- Line item description
- Reference
And finally, tell us which entities will be recharged. We want to know which account codes to post the recharge to, and how to distribute the recharges. Here, you can use custom apportionments on a rule-by-rule basis, or use set apportionments which we will cover in the next step.
For a more in depth look at creating recharge rules, see this helpful article.
Continue to Step 2: Setting Up Apportionments