Accruals are split into two parts, the Long Service Award and the Accrual Policy. The Long Service Award dictates how many days the accrual gives, the Accrual Policy dictates when it triggers and awards the entitlement. 

Please see below for guides on how to set up the main accrual:

Entitlement Accrual setup (Accrual Pattern setup)

Can set up accrual patterns in Global -> Entitlement accrual setup, or by clicking the Add button on an accrual policy within an element in complex mode.

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Description - you want to describe the frequency, so "Yearly Employment Start" or "First of the Month" might be good names.
Enable projected annual total - When the first accrual runs in a holiday year, it will run all the future accruals for the year too. It will not re-run the accruals on future dates when they roll around. Rarely useful.
Prorate award - Whether FTE is taken into account when awarding the accrual. Normally set to yes.
Award in the year - Allowed for yearly and employment start (any frequency) recurrence patterns.
Current year - the effective date of the accrual is the date on which it is run. Most normal.
Next year - the effective date is the first day of the next holiday year. Used to anticipate balance so that it can be seen and spent in the next year period. Note that this setting will interact with Accrue on rollover (in the Complex Element section).

Recurrence pattern - The frequency at which the policy will check to add the accrual.

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