The Intercompany Reconciliation tool in GATHER.nexus ensures all intercompany accounts are matched and balanced across entities, even in multi-currency environments.
1. Setting Up Reconciliation
When starting a new reconciliation, click Perform from the Intercompany Reconciliation screen. You’ll complete a guided 5-step setup:
Step 1: Name the Reconciliation
Enter a clear, descriptive name (e.g., “Q1 2025 Group Reconciliation”, “January UK-AU Intercompany”).
Click Save & Next.
Step 2: Choose the Companies
From Group: Pick companies from a predefined group for consistency.
Direct Selection: Select companies manually across groups.
Define originators (From Companies) and recipients (To Companies).
Note: A company cannot be both From and To.
Click Save & Next.
Step 3: Choose the Accounts
For each company, select relevant intercompany accounts from the chart of accounts.
Add multiple accounts if needed.
(Optional) Enable Tracking Categories to filter reconciliation by project, department, or business unit.
Click Update & Next.
Step 4: Choose the Currency
Select the reconciliation reporting currency.
GATHER.nexus automatically converts amounts and highlights exchange rate differences.
Click Update & Next.
Step 5: Select the Reconcile Period
Choose start and end dates.
Options include monthly, quarterly, annual, or custom ranges.
Align with your group reporting calendar.
Click Update & Next.
2. Performing & Matching Transactions
After setup, you’ll enter the Reconciliation Analysis Screen.
Interface Layout
Left panel: From Companies (originators).
Right panel: To Companies (recipients).
Central area: Matching and balancing transactions.
Features
Status Tabs: Unreconciled | Reconciled | Excluded.
Filters: By company, account, date, or tracking category.
Currency View: Switch display currencies (for view only).
Highlighting:
Green = matched transactions.
Orange = discrepancies (option to adjust).
Transaction Matching
Select transactions on both sides to reconcile.
Exclude items not in scope (can re-include later).
Use search and filters for large datasets.
Exchange Rate Options
Transaction Date Rate
Month-End Rate
Monthly Average Rate
Specific Date Rate
3. Creating & Posting Adjustments
If discrepancies exist, you can create adjustments directly within the tool.
Creating Transactions
Add Invoice: Generate intercompany invoices and post to Xero.
Add Journal Entry: Create manual adjustments with balanced debits and credits.
Posting Transactions
Draft: Save for review before final posting.
Posted: Finalise directly in Xero.
Repost: Correct or update transactions later while maintaining an audit trail.
Completion & Finalisation
Save & Reconcile Later: Pause and return later.
Finish Now: Close the reconciliation immediately.
System maintains progress tracking, history, and audit logs.
Need help? Visit gather.nexus, click the chat icon in the bottom-right corner, or email us at [email protected] for assistance.