When finalising statements from other distributors / DSPs, the first thing to check is the currency detailed on the statement matches the currency on your account. You should also check the Import Royalty amount in the system matches the value on the raw statement.
IMPORTANT - If you have NOT yet received payment for a statement then please do NOT finalise it. You should never payout for any sales that you have not received payment for.
To Finalise a Sales Import, select the following from the top menu: Royalty > Sales Imports.
You can then select your Sales Import from your list. Once the relevant import page has loaded, select the Finalise button from the Icon Menu. In the Amount Received field, you should specify the actual value (in your local currency) that you received in your bank account.
IMPORTANT - You may have a situation where the 3rd-party has included a deduction in your statement value. In this situation, you will need to work out the conversion rate so you can apply that to your statement in order to get the correct conversion across all sales. You would use the below formula to calculate:
Received In Bank / Amount Sent (which is Statement Value minus Deductions) = Conversion Rate
Statement Value * Conversion Rate = Amount Received
For example:
- Statement Value = $1000 with $200 Deduction for Promo Services
- Amount Sent USD = $800
- Amount Received GBP = £672.92
- 672.92/800 = 0.84115 (Received In Bank/Amount Sent = Conversion Rate)
- 1000*0.84115 = 841.15 (Statement Value*Conversion Rate = Amount Received)
If the "Amount Received" value differs from the "Statement Value" you will need to specify whether the statement values should be converted. Our advice here is to always select Convert To Invoice Value" That way all deductions are recouped.
When you enter an amount into the “Amount Received” field that differs from the “Statement Value”, you will be greeted with the above prompt. By default, it will select “Convert To Invoice Value”, which will apply the ratio to the value of each line of the statement.
IMPORTANT - Setting this to “No Conversion” will import the FULL “Amount Received” & will NOT apply the conversion ratio when the sales data is pulled through.
To learn how to import LabelWorx statements into RoyaltyWorx, read this article.