Using Aptify for Accrual Basis Accounting

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) May 1 $1,200				(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) May 15 $1,200			(Debit) May 1 $1,200	(Credit) May 15 $1,200

Deferred Revenues			Membership Revenues
(Debit) 05/15/06 $100.00 06/01/06 $10.00 07/01/06 $100.00 08/01/06 $100.00 09/01/06 $100.00 10/01/06 $100.00 11/01/06 $100.00 12/01/06 $100.00 01/01/07 $100.00 02/01/07 $100.00 03/01/07 $100.00 04/01/07 $100.00 05/01/07 $100.00	(Credit) 05/20/06 $1,200.00			(Credit) 05/15/06 $100.00 06/01/06 $100.00 07/01/06 $100.00 08/01/06 $100.00 09/01/06 $100.00 10/01/06 $100.00 11/01/06 $100.00 12/01/06 $100.00 01/01/07 $100.00 02/01/07 $100.00 03/01/07 $100.00 04/01/07 $100.00 05/01/07 $100.00

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Using Aptify for Accrual Basis Accounting