If you have paid an artist a recoupable advance on royalties for a release, then you will need to add this within RoyaltyWorx. An advance does not cross-recoup between multiple releases unless those multiple releases are added to the same contract, advances are specific to the royalties earned on the contract to which they are added.
To add an Advance to a contract follow these steps:
- Go to Royalty > Contract Ins
- Select the Contract In or create a new one as appropriate.
- Click on the Advance button from the Icon Menu
- Enter the Value of the Advance
- Enter the Date for the Advance
- Select the Licensor who received the advance
- If the Advance has been paid, check the Advance Paid button and enter the date that it was paid.
IMPORTANT - If you do not mark an advance as paid, the licensor can invoice you for the advance amount.