In this section, we will be looking through the RoyaltyWorx Settings Tab. You can get to this page when you’re logged into the LMS by clicking on Settings in the Top Menu.
This will take you to the overall settings page. Each section of the LMS has its own settings. Those settings can be accessed by clicking on the various tabs.
Clicking on the RoyaltyWorx Settings Tab will bring up all of the relevant settings for this service. Below is a detailed explanation of the different settings.
1 - Accounting From Period
Setting the Accounting From Period is a simple, yet vital part of your RoyaltyWorx setup and you will see that it is within the Action Required section of the Dashboard. It must be set in order for the software to function.
The Accounting From Period can be defined as the first accounting period that you are completing through the RoyaltyWorx system. This is NOT the date your company started, which is a common misunderstanding. This is purely the date on which you wish to start accounting using RoyaltyWorx.
Simply click on the drop-down menu for that option and select the relevant accounting period that you require.
2 - One Contract Per Release
The One Contract Per Release setting is used to set up multiple Contracts per track/release (our overview on Contract Ins can be found here).
If this is set to No, you will only be able to add a track or release to a single Contract In. The track will not show when searching in the release search.
If this is set to Yes, you will get the following warning when adding an existing track:
Press the tick box & then select Create, you will then have the second Contract In for the track.
3 - Default Contracts In Remix Calc. Mode
The Default Contracts In Remix Calc. Mode setting determines the default setting of new Remix Contracts. By standard, it is set to Based on Artist Share. This means that your remix contract % is taken from the artist share.
You can also set this to Based on Gross Sales, which means the remix contract % will be calculated from the gross sales received for the track, similar to a standard contract.
The main contract has a digital royalty rate of 50% for all options.
The remix contract has a digital royalty rate across all options of 50%, Based on Artist Share
The remix has gross sales of $1000
The label would receive 50% ($500)
The licensors would receive 50% ($500)
As the remix contract is based on Artist Share, this means that the licensor on the remix contract would receive 50% of the main licensors' 50%. In this case, 50% of 50% equals 25%.
The main contract licensor would receive 25% ($250)
The remix contract licensor would receive 25% ($250)
4 - Statement Filename Order
The Statement Filename Order setting allows you to adjust the naming method of the PDF statements that the system generates. By default, it will name the statement using the Contract Ins “Reference” field as the first part of the file name, then followed up by the Licensors name. Examples below:
5 - Hide Zero Value Item
the setting Hide Zero Value Items removes any "0" value statements from the Licensor Invoice Screen. This means that when licensors go to submit their invoice, they will only see positive statements (or negative ones if Positive & Negative invoice submission mode is selected).
6 - Hide Licensor Splits on Statements
Hide Licensor Splits on Statements allows you to remove other licensors' shares of royalties from the PDF statement. Examples of the two different settings are below.
As you can see, with the checkbox checked it only displays the licensor's own share of the licensor split. As standard, it will show any other licensors' percentages as well.
7 - Disable Online Invoice Submission
Disable Online Invoice Submission is an important setting when working on a statement batch, as it prevents licensors from being able to submit an invoice.
When this is set to Yes, licensors will not be able to view their invoice submission screen.
Once the statement batch is ready to be sent, make sure you set this back to No so that licensors can access the invoice submission screen again.
8 - Warn About Duplicate Sales
The Warn About Duplicate Sales setting simply gives you a warning when entering Simple Sales. Any details that have already been added will be met with a warning message. This is to reduce errors and duplications of sales.
If the setting is enabled, you will receive the below warning. You can bypass this message and still enter the sales by clicking Yes if you wish.
If the setting is disabled, this message will not be displayed and the sale automatically added.
9 - Show Payment Information On Invoices
If the Show Payment Information On Invoices setting is set to Yes, it will show the licensor's submitted bank details on the invoice they submit to you via RoyaltyWorx. This can be useful when paying the invoice as you have the information on the same document.
If this setting is set to No, it will not show the licensor's bank details on the invoice.
10 - Contract In Mode
Contract In Mode will set the default mode for New Contract Ins as either Simple or Advanced.
Setting this to Advanced gives you more flexibility when it comes to adjusting rates for different sales formats & expense types, as well as setting up more detailed deals such as territory deals.
11 - LW Statement Consolidation
The LW Statement Consolidation setting determines what data will be pulled through into RoyaltyWorx when you finalise a statement. As standard, store data will not be pulled through but you can enable this if you need to run a Sales Report containing store information within RoyaltyWorx, using LW statement data.
12 - Statement Summary Page
The Statement Summary Page is not currently available.
13 - Local Currency
The Local Currency setting is selected when you first set up RoyaltyWorx. Please ensure this is correctly set as it cannot be updated once data has been processed. If this needs to be changed, please contact support and we can look into it for you.
14 - Licensor Minimum Payout
Licensor Minimum Payout allows you to set a default minimum payout for new licensors created, as well as update existing licensors in bulk if needed.
Licensors will not be able to submit an invoice via RoyaltyWorx unless they meet the figure you enter here.
15 - Royalty Contact Email
Royalty Contact Email is the email address that will display on the top of the statements that licensors receive via RoyaltyWorx.
16 - Royalty Info Email
The Royalty Info Email is the email address that statements are sent from via RoyaltyWorx. In most cases, this can be the same as the Royalty Contact Email, but sometimes you may prefer to use a "no-reply" email address so that licensors direct their queries to a separate email.
17 - Auto Add Bundled Tracks
If you set the Auto Add Bundled Tracks setting to Yes, RoyaltyWorx will automatically pull through tracks linked through the bundle builder or copy tool (that use the same ISRC) & mark them as In House on the relevant Contract In. This is useful when creating In House compilations as it automates the additional work.
You can also Update All Contracts in bulk so that bundled tracks will be added to the relevant Contract In.
IMPORTANT - you should always check your Contract Ins to make sure all versions of the track are added & accounted for.
18 - Default Inv. Submission Mode
The Default Inv. Submission Mode allows you to set the invoice submission mode to either Positive Statements or Negative & Positive Statements for new licensors moving forward.
You can press Update All to update all existing licensors to the selected method as well.
19 - Payment Methods
Payment Methods are the options licensors will have available to them when it comes to them submitting an invoice. At least one Payment method needs to be selected before you can generate statements.
The Country field allows you to set payment method availability for a specific territory, so if you’d prefer a payment method only be available for licensors in certain countries, you can specify that here.
If Bank Transfer is selected, you will have a further option for Local Bank Mode. This allows you to select whether the fields shown include IBAN or Local bank transfer fields. If Country Dependant, is selected local bank fields will be shown to licensors in the same territory as you, otherwise IBAN fields will be shown.
20 - Default Expenses
Default Expenses allows you to add in standard costs for all new releases moving forward.
You can also Bulk Set Expenses on Releases to all existing releases if needed, just be careful when doing so as this cannot be undone & they would need to be manually removed.
You can specify what types of release these expenses apply to as well, along with the description, expense type, values & quantities.