Features
Everything the books need.
Summely is one system, not a starter tier with the accounting sold separately. Everything below is in the product today.
The ledger underneath.
- Double-entry, enforced. Every transaction posts balanced debits and credits through a single posting path. An unbalanced entry cannot be written.
- Immutable history. Posted entries are never edited or deleted. Corrections post as reversing entries, so the trail stays complete.
- Chart of accounts. Full account structure with parents, types and system roles.
- Manual journal entries. Accruals, depreciation and corrections, saved as drafts and posted when reviewed.
- Period close. Lock a period once it is final; the system self-audits before it freezes anything.
- Audit log. Every change, who made it and when.
Money coming in.
- Invoices. Build them, send them as PDFs by email, and see what each customer owes.
- Estimates. Quote first, convert the accepted quote into an invoice.
- Payments. Record what arrives and apply it across invoices.
- Credit memos. Credit a customer properly rather than editing an invoice they already have.
- Deposits. Batch payments into the single line your bank statement shows.
- Customer statements. Ageing by customer, current through 90 days and beyond.
Money going out.
- Bills. Enter what you owe, with due dates from each vendor's terms.
- Expenses. Card and cash spend, categorised as you go.
- Receipt capture. Scan a receipt and the vendor, date and total are read off it for you to confirm.
- Purchase orders. Order, receive against the order, then bill what actually arrived.
- Vendor credits. Record what a supplier owes back.
- 1099 tracking. Contractor payments totalled for reporting season.
The bank.
- Connected feeds. Link an account and transactions arrive on their own.
- Rules. Categorise repeat transactions automatically.
- Reconciliation. Prove the books agree with the statement, to the penny.
- Transfers. Move money between your own accounts without inventing income.
The parts most small-business software charges extra for.
- Inventory. Quantities on hand, FIFO cost layers, and cost of goods sold posted at the point of sale.
- Projects and job costing. Time and costs against a job, and the profit it actually made.
- Time tracking. A timer or a timesheet, billable straight onto an invoice.
- Multi-currency. Foreign invoices and bills, realised gains at settlement and unrealised at period end.
- Fixed assets. An asset register with straight-line and declining-balance depreciation.
- Budgets. Budget against actuals, by account and period.
- Sales tax. Rates, agencies, and what you owe each of them.
- Tracking categories. Tag by department, location or fund, and report on it.
Reports.
Profit and loss, balance sheet, trial balance, general ledger, transaction list, statement of cash flows, A/R and A/P ageing, budget versus actual, inventory valuation, project profitability, fixed asset schedule, sales tax liability and 1099 summary. Accrual or cash basis. When none of those is the report you need, build your own.