Royalty Software Payments Export

Our royalty software can export a file with the amounts owed to each royalty recipient. Importing this file into your accounting software eliminates the need to manually enter the amounts into your accounts payable system. A task that could take an accountant several hours to perform is reduced to just a few minutes.

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1. ENTER GENERAL LEDGER ACCOUNTS

Before generating royalty statements enter your general ledger accounts into the royalty software. Mark each entry as the default for auto-generated payments. After this is done the general ledger accounts will be automatically assigned to each newly created payment record for royalty statements or royalty advances.

This is done from the Lists Menu > Category: Authors/Contributors > GL accounts

royalty software general ledger accounts

2. AUTHOR ACCOUNTING SYSTEM ID FIELD

The royalty recipient’s Author record’s Accounting or external system ID field for this author must be populated with your Vendor ID code. This allows your accounts payable to match the information exported from the royalty software to the corresponding vendor.

Tip: For the author record list settings button you can add a column for Accounting system ID. You can sort this column to group all records without an accounting system ID.

Vendor ID field for royalty payments

3. PAYMENT RECORD SELECTION
When you are ready to export payments go to the Data & Functions > Royalty payments record list. Select the Filters & tags button above the record list. When the filters window appears enter the appropriate criteria to select the records that you want to export. To select only unpaid royalty statements records:

1) ‘Payment for’ description containing: Statement
2) Where payments are: Unpaid or scheduled

Tip: Create a saved filter with these settings

Payment record filter criteria

4. EXPORT THE FILTERED PAYMENT RECORDS

From the royalty software tool bar select the export button. Then select the fields to export. Press the OK button to export the selected fields to a Microsoft Excel file.

  • Payment number is the ID number for the payment record. Usually imported as vendor invoice number.
  • Author/Contributor foreign system ID is the vendor ID for this vendor.
  • Payment for is a description of what the payment is for.
  • GL Acct… refers to the general ledger account number for the specified account.
  • Date scheduled is the payment due date.

Royalty software payments ecxport field list

5 – IMPORT INTO ACCOUNTING SOFTWARE

You can import the payments file into most accounting applications. This import will create a vendor invoice for each payment record.

QuickBooks requires the use of a third party tool; such as Bay State Consulting’s Transaction Pro Importer application, to import accounts payable records. Furthermore, the QuickBooks vendor invoice import only supports two general ledger account numbers per invoice.

6 QUESTIONS

If you have any questions about how to generate a payments file from our royalty software email us at info@kensai.net.