An Opening Balance is used to set the financial position of a contract you have with a Licensor. Typically you would add an "Opening Balance" to a contract within RoyaltyWorx if you have previously sent a statement and have a balance remaining, both positive or negative.
To get into the Contract In, follow these steps from the top menu -
- Select Royalty > Contracts In
- Select the Contract from the list to view the Contract Details screen
To add an Opening Balance to the Contract In complete these steps -
- Click the "Open Balance" button in the top right
- Enter the Value into the box (this can be a negative value as well), and the date of the previous statement or contract creation
- Select the Licensors name
- Select Save
NOTE : The system will only allow 1 Opening Balance per Licensor and once marked as paid, cannot be reversed.