E-conomic

ReadSoft Online is an automated document-processing system that utilizes remote cloud computing. This means you no longer have to maintain large, expensive server systems and complex software installations in order to process documents. Instead we handle all of that for you, and all you need is a web browser to access a state-of-the-art document-processing system on the cloud.

ReadSoft Online accepts documents in various formats—such as paper, image files, email—and automatically interprets and validates them. All you have to do is log in using a web browser to upload invoices and check interpreted data for correctness using an intuitive, state-of-the-art interface. Likewise, administrative tasks can be easily performed in a web browser.


Cloud Interaction Diagram

After an invoice is processed, ReadSoft Online automatically sends the output (document data and images) to a target system. The target system can be one of many popular financial systems, accounting programs, ERP systems, or even a file system. The possibilities are endless.

ReadSoft Online can do more than send output to a target system; it can also perform seamless, two-way communication with the target system, providing additional features and interaction. We call this an integration. Integrations are flexible, easy to configure, and come complete with all the features you need in order to connect ReadSoft Online with your target system. This saves you time and money, since there is no need for extensive customization.

An integration usually consists of three components:

  • ReadSoft Online.
  • A target system, such as E-conomic.
  • ReadSoft Online Connect, a light-weight program that you install locally to enable communication between the systems and synchronize master data. ReadSoft Online Connect also provides an alternative method to upload documents to ReadSoft Online.

Key features

The E-conomic integration enables cooperation between ReadSoft Online and e-conomic. It leverages more power and adds value to your current accounts-payable system by extracting data from supplier invoices without any tedious projects or expensive hardware investments.

The E-conomic integration supports these features:

  • Invoice posting – General ledger and project invoices are supported. Invoices are posted as book entries within a day book in E-conomic. Invoices must be coded correctly in order to be posted in E-conomic. If an invoice cannot be posted, you must correct the coding in ReadSoft Online before the invoice can be posted again.
  • Credit note posting – You can specify whether or not an invoice is a credit notes using a special field during verification.
  • General-ledger invoice handling – General ledger invoices are standard invoices that are coded using a chart of accounts. ReadSoft Online supports departments, entry text and distribution via the VAT account field.
  • Project-invoice handling – Project invoices are standard invoices that are coded using projects. ReadSoft Online supports project numbers and employee fields. ReadSoft Online supports standard entry information such as department, entry text, and VAT accounts. ReadSoft Online also supports distribution for project invoices when E-conomic does not.
  • Payment-type handling – The E-conomic integration can determine the supplier payment type from the information printed on the invoice. The supplier reference and invoice reference are used to set the payment type when posting the invoice in E-conomic.
  • Automatic coding suggestions – ReadSoft Online provides coding suggestions, which make your job easier by suggesting accounting codes and amounts.
  • Organization mapping – E-conomic companies are mapped to customers in ReadSoft Online.
  • Master-data synchronization – The integration synchronizes master data between E-conomic and ReadSoft Online. For example, E-conomic suppliers, charts of account, currencies, VAT codes, departments, projects, cost types, and employees are imported, so they are available for selection when performing account coding in ReadSoft Online. Departments and cost types that are blocked in E-conomic are not imported and do not appear for selection.
  • Currency exchange rates – When invoices in foreign currencies are posted, ReadSoft Online posts the currency and the exchange rate. This feature may access and use database information (© European Central Bank) for currency exchange rates. The information may be obtained free of charge through the ECB web site.
    Note The E-conomic integration only supports currencies from the ECB listed here.
    Note The exchange rate calculated by E-conomic can differ from ReadSoft Online. The values can differ because ReadSoft Online is not allowed to post exchange rates to E-conomic. Therefore, if E-conomic uses different rounding than ReadSoft Online, the calculated rates can differ. Likewise, it is possible that the exchange rate changes between the time ReadSoft Online makes the calculation and E-conomic makes the calculation.

Where to go from here

Before you can use E-conomic with ReadSoft Online, you must complete these steps:

  1. Configure E-conomic.
  2. Configure ReadSoft Online for use with E-conomic.
  3. Configure ReadSoft Online Connect (optional).

Note

  • If you use master data to add a project coding field to your E-conomic integration, project descriptions over 300 characters are truncated.
  • Closed projects, vendors, accounts, departments etc. are not imported.
  • Distribution keys in E-conomic are treated as departments in ReadSoft Online.
  • If an error occurs in E-conomic and a document cannot be processed, the document returns to ReadSoft Online with an error message.