Basic Accounting Software

Bookkeeping for online subscription income?

My boyfriend is starting an online business wherby users pay a fee to become a member. This payment will be made online via credit card or paypal and the fee can be paid monthly or one annual payment. Income will also come in the form of commission. I have some basic accounts experience in the traditional sense. ie sell goods, raise invoice and receive payment 30 days later but I am a little unsure as to how I should go about accounting for these online payments. Do I need sales ledgers for all of the customer as there could potentially be thousands? Or do I just treat them as cash ie credit sales, debit bank? It may be neccessary to pay refunds also. For the annual fee, should I account for this on an accruals basis? Also, does anyone know of any accounting software that would be suitable for this kind of business? I just don't know how to keep track of these payments? Thanks in advance : )

Public Comments

1. YOU MAY CONTACT A COMPANY WHO HAVE SOME MODUKLES MADE FOR ACCOUNTING AND SET THEM IN YOUR COMPUTER FOR AUTOMATIC ACCOUNTING YOU KEEP ON GETTING THE ACCOUNTS AND THESE PROGRAMS DO THE THINGS FOR YOU I AM SME EXPERT ONLY CAN ADVISE I HAVE LAST WEEK PROMOTED SUCH A PROGRAM FOR THE BENEFIT OF SME AND MAY BE I MAY GO AND GET THIS WHOLE PROGRAM TO SEND YOU OR TELL YOU THE WEBSITE WHEREFROM YOU CAN GET IT FREE IF WANT THIS PLEASE ADVISE REGARDS RJ
2. MYOB - That's the name of the program. It's the industry standard in accounting software and should make your life a lot easier instead of keeping journals and manual accounting for everything. Perhaps try the latest version of MYOB Accounting, Accounting Plus, or Premier, depending on where you are and what your needs are. For more info go to www.myob.com