The Data & functions > Royalty payments view is a record list of payment records created for royalty statements, royalty advances and foreign component purchases.
Unpaid royalty statement payments are included in the Royalty balance sheet’s royalties payable balance.
Payment records specify the amount owed, to whom the amount is owed, the payment due date, the date paid and the general ledger accounts impacted by the payment transaction.
The royalty software’s payment records can be exported to a file for importing into your accounts payable system. Most accounts payable systems can export a file with payment information; date paid and payment method, for updating the payment records via a file import.
The Microsoft Dynamics line of ERP solutions, NetSuite, Sage Accounting solutions and SAP can import an EasyRoyalties payments file without a 3rd party interface. QuickBooks Desktop and QuickBooks Online requires the appropriate version of TransactionPro Importer (the desktop or the online version) to import payment transactions into QuickBooks.
Our royalty software assumes that all royalty statement payable balances are paid in full. Therefore unpaid balances are not carried forward to the next statement.
To carry forward an unpaid balance to the next royalty statement:
- On the royalty statement record’s Balance tab select the Withholdings and deductions button.
- In the Payment adjustments window enter the amount to be carried forward and select the Carry forward to next statement check box. Press enter or tab. The balance now shows in the Total withholdings carried forward to next statement field.
- Press OK to close the Payment adjustments window.