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Q2, 2024: Quarterly Product Updates

May 16, 2024

Our team is constantly designing new products and features to help us achieve our mission to create a world in which all accounting adjustments are reduced to a one-step approval process. 

We regularly share internally what we are shipping next for the hundreds of people and businesses using Mayday. And it’s always been core to our values that we share these plans with all of you, too.

Here’s the latest update on what Q2 has in store and the milestones we achieved in Q1. 

Q1 in Review

Intra-entity recharges

We had the major new release of intra-entity recharges on Recharger

Intra-entity recharges is our first feature which extends to single-entity finance teams, as well as our multi-entity groups. This feature means you can recharge costs or revenues from one department to another or between nominal codes from within a single entity.

Recharge rules apply the same way as allocating recharges across multiple related entities. However you can now post inter-entity recharges into the appropriate departments of a single entity. You can also make pure intra-entity recharges, for when you need to allocate costs and revenues across tracking categories, or move them between account codes.

Behind the scenes

As always, we were working on lots of performance enhancements throughout the quarter to improve your experience with Mayday.

However, you might notice that some of the features we aimed to build in Q1 are now included in our Q2 Product Updates. The reason for this is that throughout Q1, our amazing product team has doubled in size, which means we can provide you with even more product enhancements and new features.

What to expect from Q2?

Balancer Upgrades

We’ve got huge plans for Balancer this quarter, including:

AR & AP matching

Balancer monitors intercompany account codes for discrepancies, ensuring these account balances are always kept in check. We’re improving users capabilities on Balancer this quarter, by expanding functionality for AR and AP matching. 

This means you'll soon also be able to view balances between intercompany debtors and creditors to ensure invoices and bills match. This ensures that Entity A and Entity B's bills and invoices have the same total balance outstanding. It will additionally highlight the relevant individual invoices and bills that have the same balances outstanding. 

Export dashboard view

This new feature will let you generate PDF reports of your Balancer dashboard. 

You’ll be able to export the matrix view and the dashboard view from Balancer straight into a PDF file letting you access this information in different formats. This produces a supporting workpaper/audit trail to authenticate that the intercompany has been complete and is balanced.

Post one-sided journals

You’ll soon be able to post one-sided journals in Balancer. 

This feature will be useful for cleaning up historic issues and ad-hoc transactions, such as a one-off recharge or journal that has been posted that doesn't need an ongoing recharge rule. 

When managing ad-hoc issues between intercompany accounts, it’ll be more efficient to ad-hoc recharge out of the balancer transaction history, as you can quickly and easily identify the one-sided postings. 

This is comparable to the ability users have to run ad-hoc recharge rules, or override a recharge in Recharger. 

Recharger enhancements

Recharger, which governs recharging rules between entities and departments, will have two great new features launched in Q2:

Ad-hoc recharges

Create one-time recharges for non-standard situations that don't fit rules. 

Recharger enables you to set rules which govern the recharging of costs and revenues between your connected entities and departments – but 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, for example reallocations for situations that don't occur regularly, where it might be impractical to create fixed, recurring rules.

Non-calendar-month reporting periods

Run recharges based on your specific fiscal periods like 4-4-5 calendars. 

Customers commonly use Recharger to select the month they want to run recharges for and post that month’s recharges to Xero. However we know many businesses, particularly in the hospitality industry, use the 13 x 4 week reporting periods. This development opens up more flexibility for businesses that use non-calendar-month reporting periods.

BRAG developments 

New transfer integration 

When you’ve made a bank transfer between your two entities which would add to the intercompany loan, we’ll make it simpler to reconcile both sides of this. Currently you would need to do this manually, however this enhancement improves the process.

Hear directly from Mayday's Co-Founders

Excited to hear more about what we've got coming your way in Q2? Mayday’s Co-Founders, David Tuck and James Scott-Griffin, hosted a webinar to share all of the product updates that we have planned for the next quarter…

Watch the session on demand here.

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