To prepare your royalty software for the year end calculations check the data for accuracy and completeness. Failure to do so may result in royalty expenses that are too low or too high.
1. Is all sales revenue accounted for?
At year end you need to confirm that all sales and rights revenue is accounted for in your royalty software. In Easy Royalties you can view the sales revenue from Reports: Sales Summary or Reports: Sales Detail. You can view rights income from Reports: Royalties-in tracking.
If revenue is too low, all sales have not been accounted for. If revenue is too high, a sales import may have been duplicated.
2. Have royalty contracts been created for all titles (properties)?
From the Titles record list you can add a column to view the number of royalty contracts linked to a title.
To add a column for royalty contracts go to Data & functions > Titles. Select the blue gears button and select the Columns… button. Then add the No. royalty contracts field to the field list on the right side of the screen.
In the record list select the column header to sort the records by the number of contracts. If the number of royalty contracts for a title is zero, no royalty contracts were created for that title.
3. Were all royalty advances paid during the period accounted for?
The total amount of royalty advances in your accounting software should equal the payments recorded in Easy Royalties.
From your financial accounting software you print a list of all transactions for the royalty advance asset account. The debit balance for this account shows the royalty advance payments.
From the Data & functions > Royalties payments screen filter the list to show all only royalty advance payments for the period using Type of payment: Fee or advance. Print a report or export the selected records to excel.
4. Were newly entered contracts created correctly?
We recommend that users review all contracts that were entered during the current royalty period.
To do this, go to the Data & functions > Royalty contracts menu and select the contracts to review. From the documents button print the Royalty contract summary reports for the selected contracts. For each contract the report summarizes all the royalty terms, conditions and rules.
5. Are their sales for which no royalty rule is applied?
After royalties are calculated, from the royalty run record print the Unresolved royalty activities report. This report lists sales for which no applicable royalty rule was applied.
For example, if you sell an eBook and the only royalty rules entered apply to paperback or hardcover books the eBook sales will be listed on the Unresolved royalty activities report. After updating the royalty contract refresh the statement or recalculate the royalty run. Then rerun the Unresolved royalty activities report to confirm that the issue has been resolved.
If you have any questions about the information in this article please email firstname.lastname@example.org.