By default, Aptify incorporates accrual basis accounting methods for sales. Note that setup for deferred income accounts is required in order to facilitate accrual basis accounting for subscription products.
An example of Journal Entries using accrual basis accounting follows:
Transaction 1: On June 1, using the Aptify Order Entry system, the National Headquarters organization sells an annual membership to the World Crocheting Organization for $1,200.00 on Credit.
Accounts Receivable |
|
| Sales | ||||||
(Debit) |
|
| (Credit) May 1 $1,200 | ||||||
Transaction 2: On June 15, using the Aptify Payments service, the National Headquarters organization receives payment for the annual membership that was sold to the World Crocheting Organization for $1,200.00.
Cash |
| Accounts Receivable | ||||||||
(Debit) |
| (Debit) | (Credit) | |||||||
Deferred Revenues |
| Membership Revenues | ||||||||
(Debit) 05/15/06 $100.00 | (Credit)
| (Debit) | (Credit) | |||||||