RedSky provide an integrated suite of Construction Financials, the core elements of Contract Ledger, Contract Sales, Nominal Ledger, Fixed Assets and Purchase Ledger are described below.

Contract Ledger

The Contract Ledger gathers all information relating to the contract in a concise format for enquiry and reporting purposes.

Seamless integration from all contract related Summit modules ensures quick access to cost, value, budget and committed cost information in numerous user definable layouts.

A multi-level cost structure allows cost/budget reporting and enquiries at summary, transaction and intermediate levels using the drill down feature to step down through the levels.

In addition two further parallel cost structures can be defined, allowing the cost data to be viewed from three different perspectives.

  • Multiple user definable enquiry screens.
  • 30 character code for contracts with alpha short name.
  • New multi level Subsidiary Contracts.
  • Up to 30-character multi level user-definable cost head library.
  • Cost heads linked to nominal account code for automatic posting.
  • Flexible cost analysis including both Resource i.e. material/material type, labour/trade.
  • Activity/Operational analysis i.e. by stage of build.
  • Contract sales entry i.e. applications, internal and external valuations, cash, invoices.
  • Direct entry of cost transactions to contracts.
  • Special journal entry, i.e. auto reverse, recurring.
  • Transactions held for life of contract.
  • Maintenance of contract cost head budgets for comparison with actual.
  • Overhead recovery – variable recovery rates on selected cost heads.
  • Committed costs and quantities maintained for purchase orders with transfer to actual cost on invoice posting.
  • Full on screen enquiry with drill down to source of data.
  • Additional contract information, images, documents, spreadsheets, project plans etc can all be accessed from the contract enquiry.
  • Detailed audit trails.
  • Full reporting including contracts listing, cost library, sales and cost transactions, retentions, applications, valuations, cost summaries.

Contract and Sundry Sales Ledger

Contracting is unique in the types of transactions it requires to process a “sale”. In addition, the way these transactions affect the management accounts varies from company to company. Our experience of the contracting sector has led to a very flexible contract sales ledger. The ledger is fully parameter driven, which enables the transaction types required for the business and how they affect the system to be configured. Once defined, the rules that apply to each are specified e.g. applications are memoranda only and not subject to VAT.
  • Multi period
  • Definable transaction types, including Advance payments, Applications, Internal and External Valuations, Invoices, Cash and Credit Notes
  • Full tracking of application, valuation, cash with retention, final invoices, retention and release with aged analysis
  • Overdue application, valuation and retention listings
  • Code search facility on account code or short name
  • 30 character alpha/numeric codes for customers aged debtor analysis
  • Integration to Summit Service Management
  • Integration to invoicing systems
  • Label printing
  • Variable history file
  • Inter company journals with automatic inter company contract accounts
  • Automatic accruals
  • Detailed audit trails
  • Credit control

man working on computer

Nominal Ledger

The Nominal Ledger uses a definable divisional structure, providing for summarised or detailed management information. Security within the Nominal Ledger is at menu option and account level, ensuring only authorised personnel have access. This security is carried over for reporting.

All information is easily accessible using the flexible on-screen enquiry routines.

  • Up to 36 periods with budgets can be kept open as required.
  • Up to 30 character nominal code with 7 levels user defined.
  • Posting of journals, e.g. standard accruals, reversing journals, prepayments, recurring, and schedule of charges.
  • User definable transaction types.
  • Automatic journal listing and auctioning.
  • Automatic trial balance.
  • Code search facility on account; Description, code or short name.
  • Full on screen enquiry and reports.
  • Detailed audit trails
  • User definable Profit & Loss and balance sheet with actual, budget and variance reporting for the year to date with current period – with comparisons to last year.
  • Full narrative against each nominal transaction.
  • Up to 99 companies

Fixed Assets

The module integrates with the Nominal Ledger and Contract Ledger, and the asset database records information on financial data, location, depreciation, revaluations, maintenance cycles and maintenance contract information.

  • Analysis by Asset types and Location
  • Asset database
  • Financial data
  • Location
  • Depreciation
  • Revaluations
  • Maintenance cycles
  • Maintenance contract information
  • Depreciation can be charged to nominal account or contracts
  • Depreciation Methods; Straight line or Written down amount
  • Depreciation can be charged on a Monthly, Quarterly, Half yearly or Annually
  • Maintenance agreements
  • Logging
  • Preventative maintenance schedules
  • Inventory listings by department
  • Profit/Loss on disposal report
  • Year end asset reporting

Purchase Ledger

The Purchase Ledger allows fast invoice input, flexible payment routines and fast retrieval of supplier information, invoices and payments – whether current or several months old.

Multi-currency options, integration with purchase order processing enabling automatic authorisation of invoices, a “hold” facility for unapproved invoices and the result is a flexible and comprehensive purchase ledger.

  • Multi period
  • Multi Currency
  • 30 characters alpha/numeric codes for suppliers
  • Hold facility for disputed or unauthorised invoices
  • Code search facility on account code or short name
  • Automatic payment option following acceptance and or editing of suggested payment listing
  • Part payment of invoices
  • Remittance advices print, fax or e-mail
  • Payments by cheque, giros and BACS
  • Due dates and settlement discounts automatically calculated
  • Variable history file
  • Facility for processing invoices from image
  • Enquiry drill down to cost allocations and source documents including source image
  • 50 character narrative per invoice line
  • Inter company journals with automatic inter company control accounts
  • Detailed audit trails

Contact RedSky

Find out more about Summit Financials or any of RedSky’s construction-specific software solutions.

Call 0203 002 8700

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