Mayday Accruals will review all of your existing accruals and available transaction data and then suggest any accruals and reversals identified to you in the inbox.
You can choose to view these in the card view:
Or the list view:
If you’re happy with the suggestion, simply click Approve and the Accrual / Reversal will be added to the relevant schedule
Note: approved suggestions are added to the schedule in Mayday and not posted straight to your accounting file. So you will still need to post / update any journals
If you’re not happy with the suggested accrual or reversal, you can edit it and then approve, or you can reject. If you choose to reject you’ll need to provide a reason why. This is really important as it helps our AI to learn from its mistakes.
Note: you can edit any fields for a suggested accrual but for reversals you can only edit the amount. This is because reversals are linked to an existing accrual and must match those fields, where accruals are stand alone.
You can choose to add a materiality threshold for the suggestions. This means our AI will only suggest accruals which are greater than this value. You can manage this in the settings pages for Accrued Costs and Accrued Revenue:
