Revenue is realized at the time of delivery in order to account for changes that may be made to a member’s subscription between the time that they place the original order and the time that they receive their order.
Read on to learn more. (Also, check out Part II & Part III)
How Revenue is Recorded
How Payments are Recorded
If you generate the Payments report with the default settings where Payment Status = Received and Payment Type = All (Credit Card, Electronic Check, PayPal, Check, Cash, Terminal, Internal, Complementary, and Fees), the resulting report will show:
- Positive amounts for payments received from members and complimentary payments added to member accounts. These amounts are listed as Credits under the History tab of the member file.
- Negative amounts for fees and refunds added to member accounts. These amounts are listed as Debits under the History tab of the member file.
- The Total listed at the top of the PDF output summarizes both the positive and negative amounts.