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.
- A/R aging. What each customer owes, 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, categorized as you go.
- Receipts. Attach a photo or PDF of 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 totaled for reporting season.
The bank.
- Bank feeds. Connect a bank account, or import a statement, and transactions land in a review queue. Nothing in that queue is ever deleted.
- Rules. Categorize once and Summely suggests it next time, or applies it if you say so.
- 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. Hours and costs against each job, and the profit it actually made.
- Time tracking. A running timer or a weekly timesheet, counted into each project's profit.
- Multi-currency ledger. Every posting carries its currency and rate; exchange rates are kept by day and foreign balances are revalued at period end.
- Fixed assets. An asset register with straight-line and declining-balance depreciation posted monthly, and disposals with gain or loss.
- Custom fields. As many as you need on invoices, bills, customers, vendors and more, printed on your PDFs.
- Sales tax liability. What you owe each agency, taken from the ledger's own control account.
- Tracking categories. Tag by department, location or fund, filter any financial statement by it, and see a P&L by class.
Moving from QuickBooks.
Import accounts, customers, vendors, products and transactions from QuickBooks Online, compare the trial balances account by account, and run it again as new transactions arrive. See how switching works.
Reports.
Profit and loss, balance sheet, trial balance, general ledger, transaction list, statement of cash flows, A/R and A/P aging, P&L by class, sales tax liability and 1099 summary. Any financial statement on an accrual or cash basis. When none of those is the report you need, build your own and save it.