Since ReadyNAS OS 6.2.0, the Time Machine function in ReadyNAS supports Private Time Machine and Shared Time Machine
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Private Time Machine allows each user to have a dedicated private Time Machine allocation to back up their Mac OS X machine. Private Time Machine is allocated to the local user accounts on the ReadyNAS. If you do not have any local user account please proceed to create a new user.
To backup data on your Mac to Private Time Machine:
In the admin page of your ReadyNAS, go to Accounts > Users. Click New User.

Enter a Name, a Password and confirm the Password. Click Create.

Click Backup > Time Machine.

The Time Machine window opens. Under Private Time Machine, click the add (plus) icon:

Select the local user account to allocate the Private Time Machine.
Set the Capacity as required for the Mac that is being protected. Click Add.

On your Mac OS X computer, launch Time Machine.
Click Select Backup Disk.

Select the Available Disks to match the Private Time Machine allocation created in step 2. Click Use Disk.

Enter the username and password (the username and password are the credentials from the local user account created earlier in step 1). ClickConnect.

Private Time Machine is now connected and the backup is ready to run.

Note: It is possible to create 16 Private Time Machine allocations only, this is due to a limitation of the Time Machine discovery protocol. It uses DNS-SD, which has a TXT record limit of 65535 bytes.