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Accounting & Revenue Recognition

Accurately Capture and Report Transaction Details
Think Enterprise's powerful accounting functionality uses generally accepted accounting principles, T-accounts and reconciliation processes to accurately track subscription-based deferred and earned revenue. Easy-to-use screens and reports help you manage payments and credit orders while sophisticated processes, complete with checks and balances, summarize accounting information for your general ledger systems. Think Enterprise innately manages the sensitive issue of revenue recognition as well as other accounting issues such as: payments and cash management, accounts receivable, and account reconciliation, profit centers, and accounting periods.

Track Revenue the Right Way
With Think Enterprise, you can track revenue by product, group of products, subscription, group of subscriptions, marketing source, subscriber or group of subscribers for a specified time period. You can also track revenue from physical or digital products, as well as issue-based, time-based, and unit-based subscriptions. Accounting for subscription-based products require different revenue recognition methods than those for single purchases. Think Enterprise automatically tracks the deferred and earned revenue associated with each order and incrementally adjusts the recognized revenue over time as the products are delivered. Additionally, the Think Enterprise reconciliation process runs on regular intervals and updates the deferred and earned revenue amounts for each accounting period.

Manage Different Currencies and Payment Types
Think Enterprise captures and tracks all associated payments. Think Enterprise supports multiple currencies, user-definable payment types, payment plans, refunds, taxes, VAT, customer deposit accounts, shipping and handling charges, payment transfers, cancels, reversals, and payment thresholds. Through integrations with credit card gateway companies like Digital River World Payments and CyberSource, Think Enterprise supports the processing of credit cards in a secure real-time environment.

Run Accounting Reports
In addition to handling each individual payment, Think Enterprise helps you manage your cash and payments using standard financial reports including: Daily Credit Card Report, Daily Cash Reports, New Sales Report, Refund Management Report, Refunds Processed Report, and Tax Liability Reports. You can select from a set of standard financial and accounting reports, customize existing reports, or you can create unique reports that fit your processes.

Accounts Receivable
Accounts receivable functionality in Think Enterprise tracks and ages credit orders placed on the system. You can also manage credit orders within the system. For example, Think Enterprise allows orders to be placed and processed before payment is received. Or you can configure the system to force pre-payments for all or just specific orders.

Run Accounting Reports
You can use Profit Centers and accounting periods to organize and report your revenue. Profit centers define accounting entities while accounting periods segment the revenue into time periods - days, months, quarters, etc. After you close an accounting period, you can run the reconciliation process that pulls new orders, payments received, cancelled orders, refunds, and exchange gains and losses for the period. Then the system creates a reconciliation summary that you can use to prepare entries for a general ledger system.

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