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[AdamEliot]

I have been tasked with shifting my school's finances to a cloud based application. We sell educational packages that span a period of time.

For example a student may purchase a $10 package that allows them to study ten classes between now and next month. Here's where things get tricky.

When a student pays we become liable for the value of $10 of classes until either a. the student takes all ten of their classes or b. the month ends and the student can no longer take classes. So for each day of that month our "earned income" is roughly $0.33 or $10 divided by the number of days in the month.

We've been using Xero for recording invoices and reconciling them with our bank statements but there seems to be no way to track the value of that $10 over time as what we call "earned income." Ideally we would like to know out of X number of packages which all have different prices how much "earned income" did the school take in for a given time period, not just how much did we invoice for in a given time period.

Any help would be greatly appreciated, even if it's just the confirmation that there isn't a cloud based app out there that will accomplish what we need. I have to bring something to my boss.

 

[Samir]

Xero has significant limitations once the books start even getting slightly complicated. I'd look at other packages.

 

[AdamEliot]

Xero has significant limitations once the books start even getting slightly complicated. I'd look at other packages.

Point taken Samir, do you have any recommendations for other packages to look at? As stated previously we're interested in cloud based options.

 

[Samir]

I started looking at them once and the sheer number of them was dizzying to the point that I stopped looking and stuck with our current in-house solution.

My advice would be to do a search for 'cloud accounting packages' and explore all the links until you find the package right for you.