Archives for February 2012

Royalty Accounting Book Review

Royalty Accounting; an Amazon Kindle publication, is a short guide to accounting for royalty expenses and income.

The first four chapters review accounting journal entries for the assets, liabilities, expenses, and income accounts.

This is followed by four chapters that cover how to report royalty expenses and income on financial statements, management reporting of royalty activity, tax reporting requirements and a review of key issues for auditors.

The book closes with an overview of best practices for royalty accounting and a chapter on royalty software selection.

The chapter on royalty software selection highlights the key criteria that many companies follow when selecting royalty software.  It closes with royalty software recommendations for various types of companies; small companies, mid-sized companies, large companies, music companies and companies that use Microsoft Dynamics financial management software.

The appendices include a listing of IRS tax forms for royalty reporting, a directory of royalty software vendors and instructions on how to configure QuickBooks for use with royalty software.