Royalties
These modules will help you effectively manage the flow of goods to satifsy customer demands at multiple operating locations. This suite lets you take control of your business - and profit from all your hard work.
The Online Advantage Royalties module covers the requirements of manufacturers and distributors who pay a royalty to a third party based on the movement of stock lines under contract.
The Royalties module also caters for non product-related royalties. For example, an advance paid to an artist prior to a contract attracting a royalty.
Features
- Royalty Contract Maintenance — catering for the establishment of an unlimited number of Royalty Contracts with one or more product lines on each.
- Royalty Recipients – allows you to record who the Contract is with per Creditor and to have optional Royalty Recipients on file to split out a contract into individual recipient sections.
- Other transactions – is a facility to include other “financial” transactions onto a Royalty Statement list advances or agreement product claims.
- Accounts Payable Interface – sees the Royalty system automatically create invoices on the nominated contract creditor for the value of the royalty statement so these can be paid in due course without additional processing
A variety of royalty calculation methods to be used per contract per product - Royalty Statement Generation including optional faxing/emailing of statements and remittance
Functions
- Royalty Contracts Maintenance covers the entrance of the following main details:
- Entry of the Creditor/Payee for use in Accounts Payable
- Optional Recipient Entry
- General Ledger account to be used to take up the Royalty Expense
- Contract Start and End Dates
- Payment/Royalty Reporting frequency in months
- Next Payment Date
- Freeform Text/Contract Comments of unlimited length
- Unlimited Product Entry with individual Royalty calculation method per product
- The following methods of Royalty Calculation area available:
- Percentage of a Nominated Nett Price
- A Fixed Value per Quantity Sold
- A Percentage of a Nominated Price List Value
- The Royalty Calculation Method can be applied to three types of sales as follows:
- Normal Sales
- Special Sales
- Nominated Buying Group Sales
- Creditor and Recipient Reporting – this module comes with a series of standard reports by contract creditor and contract recipient. A selection of the reports available is listed below:
- Royalty ledger
- Royalties due for payment
- Royalty transactions
- Royalty details
- Interim transactions
- Interim details
Benefits
- Time Savings – once setup, the Royalties system never misses a transaction as it generates your contractual liabilities without any additional human intervention
- Audit – the royalties module provides a central place for performance or contract review plus for historical audits
- Control – having an online and integrated royalties system keeps you in control of your financial commitments as you go rather than having the expense suddenly hit your P&L in an ad-hoc way as time permits to manually calculate your contractual exposure
