Key features

General Ledger  

  • High end financial features such as live profit and loss report right on your screen, charting performance trends and ratios with extensive customisation capabilities
  • Posting are Ex GST
  • Accrual basis General ledger not Cash
  • Tight Control over Financial Period.
  • Roll Base Security
  • Audit Trail 
  • Drill down Back to Source Transaction.
  • Universal Balancing Report.
  • Full set Standard Account Reports
  • Flexible Tree Bass Chart of Accounts
  • GST Reporting.
  • Standard and Auto Reversing Journals.

Cash Book

  • Manual Cash Book entries
  • Bank Transfers
  • Integrated Transactions from Source.
  • Bank Deposit Report.

Bank Reconciliation 

  • Imports Bank details directly from Internet Bank.
  • Compressed View and Source Transactions.
  • Bank Reconciliation Report and General Ledger Bank.

Getting Started


Are the transactions from products, customers and suppliers automatically posted to the general ledger to update the stock, trade debtors and trade creditors? 

All transactions post online. You can for example show live debtors trial balances, creditors trial balances, profit and loss reports and balance sheets on your screen as list or tree views. As each transaction posts, the enterprise financial reports update instantly.

You can also reprint all financial reports as at any specific time on any day. So if you want to know what your stock on hand was at 2:15 pm on Tuesday last week. You can print that report. You can print the other financial reports as at the same time.

The system also runs over a hundred financial self checks every day. It reports to Readysell if any of the balances do not reconcile. By showing the general ledger effect of every financial transaction on a tab on the transaction itself. The system self checks that the general ledger effect of very transaction balances to the stock on hand, trade debtors and creditors effects. 

How are expenses dealt with such as electricity and phone?

If the expense is to be treated as a trade debtors or trade creditors transaction :

Readysell supports debtors debit notes and creditors debit notes. The accounts that such transactions can be posted to can be limited. So in effect sub-system journals to the debtors and creditors ledger can only be posted against expense accounts unless express permission is granted.

This stops the bookkeeping team from accidentally dissection something like a bill for electricity to an asset rather than an expense account. 
Each supplier has a default expense account. So when you enter a supplier invoice for electricity.

The electricity general ledger expense account will automatically fill in on the screen. Further reducing errors and increasing speed of processing. 
Transactions can be copied. So if the electricity invoice this month is like last month, you can copy last months electricity invoice and just change the differences.
Payments and credits can be entered on the system WITHOUT knowing which invoice is being paid in advance.

This allows you to process your bankings or payments. Then sort out the reconciliation later if convenient.
Note that small discounts/surcharges can automatically be generated, such as when a customer overpays their account by one cent.
Also payments can be processed by just highlighting the items to be paid and clicking the pay button. In the alternative a automatic payments feature based on payment terms is available.
Note that aging depends on the payment terms of individual items. So you can give customers/suppliers extended payment terms on individual products or invoices, future date invoices so they are not current until next month etc.

Does Readysell transfer these over so they automatically get posted to the correct expense code in the general ledger or do I need to set them and if so how?

Readysell allows total customisation of the rules around how transactions interface to the general ledger. We do this by controlling the way transactions dissect to the general ledger using a list of rules rather than anything built into the program. As each transaction is posted. The system reads the interface rules list for that transaction type. It then breaks up the transaction into the correct accounts based on the rules. If for example you wanted to see the rules. You would just go to the interface rules list and click export. The entire set of rules about transactions posting to general leger would be exported to an excel spreadsheet. You can add additional rules or change the default rules distributed with Readysell without having to change the program itself. This provides complete transparency in respect to the general ledger interface as well as complete flexibility.
In addition there are limits which accounts can be used for each transaction type. Preventing obvious errors like dissection a credits invoice to an asset instead of an expense account. You can also add to and change those rules.
The most commonly used accounts can automatically fill in on transactions based on the supplier or other criteria.
The user the created and/or changed any data is automatically logged. Audit trails can be associated with any field. Logging all changes to sensitive data,
The screen designer/list designer allows you to redraw transaction screens to suit yourself. You can decide if for example you enter the value or the account first on a suppliers expense invoice.
The security system allows you to enable or hide any aspect of the system. Restricting down to the field level the features available to staff members.

Do they have a built in back up system for all our data at end of day?

Readysell automatically backs itself up to the cloud every evening. Eliminating the chance of forgetting to backup faulty media etc. We find that tape and other manual backs often just don't work. With our cloud backup, the backup is always off site. You can see your backups using a web interface where every you are. You can keep many days of backup in the cloud in a safe and secure manner. 
Readysell also automatically backs up today's data to your test database each night. So by logging on as test you can see your data as at close of business on the previous working day.

How is End of Month and End of Year processed? Can this be performed while the shop is operating for business or does it have to be performed out of working hours? (Also, if after hours which part has to be performed then)?

Readysell eliminates the need for a month or year end process. New financial periods open as required. Old financial periods can be set to automatically close as required. In addition :
You can keep old periods open for selected transaction times.

For example keep the last financial year open for adjustment journals from your accountant but not for new sales or any other transactions,
You can 'unclose' a period and fix an error at any time. Then close the month/year again,
The system can automatically generate the general ledger end of year journal (profit and loss appropriation posting). This journal is posted to a special period. So your last year profit and loss prints your income and expense accounts before they were closed. You don't stuff you your reporting for last year with your end of year adjustments. Your end of year adjustments sit in their own special end of year adjustments period (like a dummy month for accounting adjustments). Then your new year takes into account the end of year adjustments.
You can run all your end of month and end of year reports. Such as statements, trial balances, stock on hand, general ledger p&l/balance sheet, bas reports etc. at any time. Days, weeks or years after the relevant end of period date, it makes no difference. Your team just keep typing in transactions. Readysell handles the rest.