Royalty Accounting Software

Royalty accounting software core functionality requirements are;

  1. Imports vendor information from your accounting software
  2. Calculates royalties according to your contractual terms
  3. Imports sales
  4. Generate statements and maintain a historical record of generated statements
  5. Export payments owed for importing into your accounting software

Royalty software also needs to track the balances for royalty related assets and liability general ledger accounts.

Assets

  • Royalty Advances
  • Unearned Royalties

Liabilities

  • Royalties payable
  • Reserve for returns

Public companies need royalty accounting oftware that is compliant with the Sarbanes Oxley. This means that the software has built-in internal controls to protect against fraud and provide assurance that calculated royalties are accurate.