Royalty contract records specify how royalties for a title and its products are calculated for sales activity. With the optional rights module you can specify royalty rates for license and permissions income. Royalty contract records also determine when royalties are due and the statement format used when statements are printed.
There are three ways to create royalty contracts;
- Manually create each contract
- Excel file import that references template contracts
- Excel file import that specifies royalty rules.
Manually create each contract
You can create royalty contracts manually. When creating a royalty contract manually you can copy the royalty rules from an existing contract. Often it is faster to copy an existing contract and modify it than creating a contract from scratch.
Import Method 1: References template contracts
If your organization’s royalty contracts are standardized creating contracts via a file import is easy. For each contract/author/title combination the import will reference a royalty contract to copy the royalty rules from.
- Create template contracts for each contract variation. Assign each of these contracts a unique reference number. Example: T010, T025.
- Create a Microsoft Excel contract file that includes: TitleCode, AuthorCode, author share (if several recipients share royalties), royalty schedule, reference for the applicable template contract and the reference (unique identifier) for the new royalty contract.
- Importing the contract file will create new contracts using the royalty terms specified in the reference template contract for each title and author combination.
Most users use this method to create royalty contracts. EasyRoyalties clients can send a copy of their royalty contract import file to their customer support representative for review.
Import Method 2: Specify royalty rules
If your royalty contract terms vary widely, contracts can be created from a Microsoft Excel import file that specifies the royalty terms for each royalty rule associated with a royalty contract. The import file will contain a row for each rule in the royalty contract.