RoyaltyWorx is equipped with sales reporting tools that allow you to generate reports on sales entered into the system. This report has multiple use cases including checking and amending simple sales entries, checking the total royalty amounts imported for a specific period and even running reports on specific tracks to audit raw sales data.
BEFORE YOU START
To get started with Sales Reporting, you would first need to have imported and finalised either LabelWorx or 3rd Party, or have already added Simple Sales. In order to report on your sale, you would first need those sales imported into the LMS.
SALES REPORT SETTINGS
Once you have data in the system, you can get to the Sales Reporting section by heading to the top menu and selecting: Royalty > Sales Reporting
You will be presented with a host of different options you can filter your report before generating it.
1 - Range
The Range dropdown menu allows you to quickly apply a date range preset instead of manually entering the dates in the Date From fields.
IMPORTANT - If no date is set, the system will not display any sales data.
2 - Date From
In the Date From option, you can manually set a time frame for your report. This allows you the freedom to specify exactly which dates to include.
3 - Report Using
The Report Using option requires you can choose how to use the dates you have selected above. You can choose between either the Sales Date or the Imported Date.
Sales date refers to the date listed on your statement (some DSPs report this with the exact date the sale was made, whilst some list this as the end or start of the period that is being reported).
You can find out the sales dates of an import by cross-referencing this against the Sales Import. To do this, head to Royalty > Sales Imports, click Show Complete, then click into a period. You can then hover over a specific line Sales Info and it will detail the reported sales date of that line.
Imported date will use the date in which the LabelWorx statement, Simple Sale Entry or DSP import was finalised within the LMS
4 - Release
The Release field allows you to search for a specific release on the account. It can be used to run a sales report on all sales a release has made, including full product sales.
5 - Track
The track field is Similar to the Release option above and this allows you to search for a specific track instead of a full release, allowing you to run a report on a single track's imported sales data.
6 - Licensee
The Licensee field can be used to search for 3rd party sales from a specific Licensee.
7 - Label
By default, the sales report will include sales data for all labels on the account. If you just want to run one for a specific record label, you can specify that here in the Label field.
8 - Store
Using the Store filter allows you to run a report on a specific store's revenue (if it was detailed on the DSPs statement).
To run these reports, you need ensure the right levels of data consolidation is enabled. To set this go to Settings > RoyaltyWorx Settings and update the LW Statement Consolidation setting to include Store data.
9 - Format
The Format drop-down correlates to the formats of the different sales added through simple sales, or the basic types of sales that can be imported into the system (such as Streams, Downloads, 3rd Party sales).
10 - Physical Product
The Physical Product setting allows you to search for the sales data for a specific Physical Product you have created in the system using the Simple Sales Entry tool.
11 - Contract Out
The Contract Out reporting allows you to run reports for a specific Contract Out setup in the system, whether this is a 3rd party compilation or a licensed track, any Contract Out setup will display here and you can run a report on it to view the revenue imported.
SALES REPORT USES
The sales reporting tool can be used to remove incorrect Simple Sales entries. For example, if you incorrectly enter a Physical sale and need to update it.
You can do this by simply searching the time period it was added and pressing the delete button on the specific line (please note this only works if the sales data isn’t included on a statement).
You can then add the sale back with the correct details through Simple Sales Entry.
Another use for Sales Reporting is that it allows you to export all imported sales data under the selected filters.
To do this, simply set the parameters you need on the Report Range screen, then press either Export XLS or Export CSV buttons on the icon menu in the top right corner.
REPORT TYPES
There are a few different report types available in RoyaltyWorx that will calculate either the profit earned or it will display the amounts outstanding to be paid to your licensors.
The first types of report are the Profit By report.
These report on the same fields but can be used to figure out how much either a specific Contract In or how much each licensor has generated in profit within a specific statement batch or time frame. It takes into account the total sales value, total expenses, advances and the value of the licensors statements.
IMPORTANT - Profit contracts work through the Statement date. This is not the same as the sales date that is reported on the imports, but when the Statement Batch was generated.
Outstanding Balances report shows any balances for licensors who have had a statement generated. If the Minimum Payout threshold has been reached, it will display in the Payable column.