The Historical balances tab records the account balances that exist prior to beginning royalty calculations with our royalty software.
WARNING: These historical balances are used for single author/contributor contracts. For multi-author/contributor contracts enter the Unearned advance, Unearned royalties and Outstanding payments due balances in the Beneficiary details: Historical balances tab.
Unearned advance – is the outstanding unearned royalty advance balance.
If an author was paid a $2,000 advance and has a $500 advance remaining, enter the $500 in this field.
Unearned royalties – is the outstanding unearned royalty balance for this contract.
Unearned royalties are created when returns exceed sales during a royalty period.
Lifetime (cumulative royalties earned) – stores the prior system’s lifetime sales. This number is added to the EasyRoyalties life to date royalty earnings amount to determine the lifetime royalty earnings.
Outstanding payment due – are payments that are due to the royalty recipient.
If the prior system royalty payable amount; $2.00, was below the payment minimum; $20.00, these royalties was not paid out. This balance; $2.00, is carried forward to the next royalty statement for payment.
Lifetime (cumulative) royalties earned
For a multi-author contract the historical royalty earnings must be entered separately for each author (royalty beneficiary).
- Create a new royalty statement from Data & functions > Contracts > Contract record > Royalty statements tab > New statement button.
- Select the beneficiary from the drop down list.
- For the royalty statement period enter the day prior to the first royalty statement for this author. Example: 12/31/2010 to 12/31/2010.
- Enter an adjustment labeled “Historical Royalties”. The amount is the amount of the historical royalties.
- Enter a deduction in Deductions/Withholdings for the amount of the historical royalties.
- The gross amount payable for this statement is zero.
- On the Status tab, update status to issued.
- When you calculate (or recalculate) statements for a future royalty run the lifetime royalties earned balance will include the adjustment amount (if the statement status is issued at the time of recalculation).
Unearned Advance, Unearned royalties and Outstanding payment due
For a multi-author contract the starting balance for unearned royalty advances should be entered separately for each beneficiary (author) in the Beneficiary details menu item.
WARNING: If you enter a balance for unearned advance, unearned royalties or outstanding payments due in the beneficiary details Historical balances “TAB” DO NOT duplicate these balances by also entering them in the royalty contract record’s Historical balances “MENU” item.