If you have Licensed music to a compilation released by another company and have now received a statement from them then this article will detail how to enter those sales into Royalty Worx.
Note - Only enter sales into Royalty Worx that you have been paid for. If you have not yet received payment you do not want to be paying these sales out to your Licensors just in case you never receive the money.
1. Select "Royalty->Simple Sales Entry" from the Top menu.
Default Simple Sales Entry Screen
2. Select the "Licensee" from the drop down field
Note - If you do not have any Licensees created then read this article - How do I create a New Licensee?.
3. Specify "Your Document Number" if applicable. This would typically be your invoice number to the Licensee.
4. Specify the "Sales Date" as the date of the actual sale (Please do not specify todays date)
5. The "Store" field should be left as "Please Select..."
6. Select "Compilations" from the "Sales Types"
7. Select the Format as "3rd Party License"
8. Choose the "Compilation" the sales relate to from the drop down list
Creating A New Compilation
a. If the "Compilation"is not listed click "Create New"
b. Enter the "Compilation Name"
c. Search for your track in the "Track" field
d. Click "Save"
9. Select the "Track" that this sale relates to from the drop down field
10. Enter 1 in the "Quantity" field
Note - When entering compilation sales it is recommended that you enter a single total royalty value per track. This is why we ask you to put "1" in the Quantity field. This may mean summing multiple lines presented on the statement you received from the Licensing company. The reason for this is purely for simplicity and keeping the statements you issue to your Licensors cleaner and easier to read.
10. Enter the total value of sales for the selected track in the "Total Sales Value" field
Note - You must enter the total value in your local currency depicted by the currency symbol next to the "Total Sales Value" field. If the statement that you receive is accounted in a different currency then the values entered but be converted. The following sum will help you get to the correct value -
a. total amount received in your bank account / total statement value = conversion rate
b. sales value from statement * conversion rate = amount to enter
11. The "Notes" field is optional
12. Click the "Save" button in the top right
This sales will now be entered into your Royalty database and will be available to view via "Royalty->Sales Reporting".