Once you’ve logged in to Mayday with your Xero or QBO account, connected all of the relevant Orgs and activated Accruals in Settings > Products, you can get started!
We will enable Accruals for all of the entities in your Group but if you wish to disable it for any reason, you can do so in Settings > Accrued costs / Accrued revenue using this tickbox:
We will set the start date as the 1st date of the previous month as default, but you can change this to be any date as far back as your Group start date.
This is also where you provide the balance sheet codes you want us to post your accrued cost and revenue to and these are the codes we will use for the balance sheet reconciliation at the bottom of the schedule and summary pages.
Note: an account code can only be used once so you cannot provide the same code for accrued costs as you do for accrued revenue
Make sure you save any changes before leaving the page, using the save button in the bottom left corner:
All of your existing accruals will automatically pull through to Mayday so you can start to manage them from there. For more information see this helpful article
Continue to Step 2: Create an accrual