Expenses are costs associated with a particular release and typically cover things like mastering fees, remix fees, promotional or admin costs etc.
Within Royalty Worx, these expenses are added to the related Single, EP or Album in our system and the expenses are then deducted from the sales. The percentage of the expenses (or costs) that will be removed from the sales total will be set when you create the Contract In for the release.
For information on setting up expenses specific to a release please see the below article:
Expenses - How to add expenses to my release?
To save you time setting these manually for each release, you are able to set up default expenses which will automatically be added to releases when they are created.
HOW TO SET DEFAULT EXPENSES IN ROYALTY WORX
From the Label Worx Dashboard, go to Settings located within the top menu. Then, select the Royalty Worx Settings tab. In the section at the bottom, select the Default Expenses tab.
Click the Add Default Expense button and you should see the pop-up window appear. Here, you can enter the relevant information for your default expense.
You can give the Expense a Description, select an Expense Type, the Item Value along with the Quantity. The Expense Total will then be automatically created using that information.
The final step is to select which Release Type this expense applies to, Single, EP, Album or Bundle (compilation) before clicking Save.
Repeat this process for all the default expenses you need to add.
Any new releases you create from this point on will contain these expenses automatically.
If you want to apply default expenses to all existing releases, you just need to click the button on the "Default Expenses" tab called "Bulk Set Expenses On Releases"