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Q1, 2024: Quarterly Product Updates

January 18, 2024

Welcome to 2024 at Mayday! We're eager to dive into our Q1 goals, which include introducing lots of exciting new features to our product suite.

Before delving into what’s coming up next, let's take a moment to reflect on the strides we made in Q4 and how we concluded the year 2023.

Q4 in Review

Our first product, Recharger, received some exciting updates to wrap up 2023.

Balance Sheet Rules

At the beginning of Q4, 2023, Recharger had always been a P&L tool and therefore was only able to look up expense and revenue codes. Based on user feedback, we extended rule types so that you can recharge balance sheet codes in addition to cost and revenue codes. 

Some users wanted costs they were wholly recharging to other entities not to hit their P&L, so we built balance sheet rules. You can warehouse those costs which need 100% recharging to another entity in the balance sheet, so that they don’t distort your mid-month P&L.

Mayday Rules

We also extended rule types to what we have called “Mayday Rules”. All of our other rule types look up Xero transactions but sometimes recharges are not based directly on Xero transactions, for example, an agreed management fee. So we created Mayday rules for this type of recharge situation. These are for regular, fixed-amount recharges. 

Behind the scenes

We've also been developing intra-entity recharges, the ability to recharge costs or revenues from one department to another from within a single entity or between nominal codes, as well as functionality to reconcile over and part-payments with BRAG (Bank Rec Across the Group)

Our engineering team has been busy enhancing performance and UX throughout the quarter, alongside building these new features. These new Recharger and BRAG features are now almost set for launch and will be released in Q1.

What else can you expect from Q1?

Huge updates to Balancer

Our intercompany balance sheet recs superstar, Balancer, is set to receive some massive upgrades.

1. AR and AP matching

Balancer currently monitors pairs of intercompany account codes for discrepancies. Some users wanted to be able to view balances between their intercompany debtors and creditors using Balancer. This is to ensure Entity A and Entity B's bills and invoices have the same total balance outstanding and also the same balances outstanding on relevant individual invoices and bills, so this quarter we’ll be delivering functionality for AR and AP matching.

2. Intelligent fix asymmetries

Balancer has always helped users identify posting asymmetries so that they can head into Xero to investigate and rectify those asymmetries there. This quarter, we’ll start building a new feature that will provide a one-click fix so that you can ensure your accounts are in balance from within the Balancer product. This will be a dynamic process that evolves over time as the product progresses toward the ability to identify all reasons for posting asymmetries.

Say, for example, you've posted one side of a transaction to the intercompany code but in the other entity you’ve posted it to the P&L – Balancer will match the transactions and enable you to one-click fix by either moving one side out of the intercompany code and into the P&L or moving the other side from the P&L over to the intercompany code.

3. Post journals to both entities simultaneously

This quarter, you’ll be able to post manual journals to both entities’ Xero organisations simultaneously. The balance on the loan will always be the same before and after.

For instance, if you wish to write off a portion or the entire loan balance, you’ll no longer need to create separate journals in each Xero organisation. Instead, you’ll be able to post both journals into the two Xero organisations at the same time, directly from Balancer.

More updates to Recharger

Recharger enables you to set rules which govern the recharging of costs and revenues between your connected entities. We’re now also building ad hoc recharges.

This feature is designed for recharge scenarios that users find challenging to create rules for due to their non-standard nature. This could be because these situations don't occur regularly, or it might be impractical to establish and remember rules for them. With ad hoc recharges you’ll be able to create one-off recharges for any of these situations.

Hear directly from Mayday's Co-Founders

Excited to hear more about what we've got coming your way in Q1? Mayday’s Co-Founders, David Tuck and James Scott-Griffin, hosted a webinar to share all of the product updates that we have planned to kick off 2024…

Watch the recording here.

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