When setting up a Contract In with RoyaltyWorx, you can set any amount to be added or recouped according to the deal.
You can find these settings on the toolbar at the top right of the screen when you click on a Contract In.
1 - Opening Balances
These are amounts that will be brought forward to the next statement.
Adding an unpaid opening balance to a Contract In will mean the licensor is able to invoice for the amount (assuming it’s positive, if a negative amount is added & the Licensor Invoice Submission mode is set to Positive & Negative, the amount will be cross-recouped against other positive statements).
When adding in an Opening Balance, it is important to ensure it is not marked as “Opening Balance Paid”, otherwise the amount will not be accounted for. Make sure you also select the correct Licensor to allocate the balance to as well.
If the value is not cross recouped, the balance will be carried on to the next statement when it is generated & will display as a “Balance Brought Forward” on the statement totals section.
If a Contract In has statements already generated, you will not be able to add an Opening Balance.
2 - Advances
Advances are added to replicate an advance on royalties that you have paid or will pay, to your licensor.
Advances do not cross recoup against other statements that the artist may have, it only recoups against the royalties from theContract In that the advance is assigned to.
When adding an Advance, it is important to mark it as “Advance Paid” if you have already paid the Advance out to your licensor, otherwise they will be able to invoice you for the specified amount before it starts recouping.
To delete/amend an advance that hasn’t been included on a statement yet, head to the “Statements” tab, click on the “Date Paid” for the Advance.
This allows you to mark the Advance as Unpaid & delete it.
3 - Adjustments
IMPORTANT - If you do not see the “Adjust” button, please contact support & we can activate this expert feature for you.
Adjustments allow you to add/remove an amount from a specific statement or create an Unallocated Adjustment, which will be pulled through onto the next statement generated.
You can add in a custom note which will also display next to the amount at the bottom of the statement next to the adjustment value. This can be used in instances where you need to make a correction to a locked Contract In.
When you add an adjustment to an existing statement, it will automatically update the PDF in the system to include the adjustment.