Rights Accounting Manager
Get full control of sub right claims, incoming payments and generating shares
This cloud-based app supports all processes from managing sub right claims to handling incoming rights payments and generating the payment share for the authors. Sales and royalty information provided in the licensee’s statement can be stored for the regular invoice.
From the landing page of Rights Accounting Manager, you can access these central functions via icons:
- Contract Library
- Invoice Library
- Payment Library
- Royalty Statements
Recent activities which have been done using the app are stored, and the documents you’re working on most of the time can be bookmarked.
This app runs on STREAM, Klopotek’s cloud-based platform for optimized user interaction on computers and mobile devices. It provides direct and smooth connections to other STREAM apps (such as Contract Manager) for handling specific tasks.
Sales Contracts from many angles
In Rights Accounting Manager, you can search for sales contracts. In addition to the basic contract data such as the contract status, in the results the app displays the rights that were sold and the installments agreed in the contract.
When viewing invoices and payments related to a sales contract, the information in the ‘Invoices’ data area includes the claim and invoice status, the event that triggers payment of the sub rights claim, the due date, and the dunning level. In the ‘Payments’ data area, information includes the posting date, a checkmark for a regular or irregular payment, the gross and net revenue, and a checkmark that indicated if the payment has been reversed.
The amounts and due dates for sales contracts are the basis for generating the associated invoices / claims for installments (advances) and royalty statements.
Creating and editing sales contracts is done in the Rights Sales Manager STREAM app as part of the rights sales process.
Linked acquisition contracts
Viewing the data for an acquisition contract that is linked to the sales contract is, for example, necessary to get a detailed overview of the subsidiary rights terms of the acquisition contract.
The ‘Contract Details’ form displays all the acquisition contracts associated with a sales contract and you also have the option of viewing the contract data in the Contract Manager STREAM app (opens with information for the selected contract in a separate tab of your browser – no new login required).
Regular and irregular invoices
Searching for regular invoices for which no payments have been received is relevant to check whether you want to send a payment reminder. Depending on the context in which you want to view the invoice data, you open the ‘Invoice Details’ form of Royalty Accounting Manager from either the results list for an invoice search, a contract, or a payment that is assigned to the invoice. The invoice header is linked to the licensee; each invoice line is linked to a sales contract or product.
In the app, you can create an irregular invoice for an installment, if a specific due date has been defined or an event that triggers a payment has occurred. The invoices are sent to the licensee, who makes payment on this basis, and they are also sent to your financial accounting system, which takes over the dunning process for open invoices.
Included: calculation of sales tax
When you create an irregular invoice, you specify the right for which the invoice should be created and the sales tax case. The app determines the sales tax rate applicable to the invoice based on your system settings and the combination of sales tax case, service type linked to the right type from the sales contract, and company issuing the invoice.
Payments from many angles
Searching for payments in the app is supported in an intelligent way to help you save time and limit the number of results. If, for example, you want to generate revenue shares for payment lines, simply limit the search to payments for which revenues shares have not been fully generated. Having viewed and checked payment information, it is also possible to edit payments.
On receiving an irregular payment, you can enter the payment in Rights Accounting Manager for the associated invoice. In addition to the basic information for the payment, you record information regarding any fees incurred, for example, bank fees or the agency commission.
Tracking royalty statements
With this app you can get an overview of licensees’ royalty statements in order to drill down into invoice or contract data and, if necessary, to send reminders regarding outstanding statements.
Managing and editing authors’ shares
Revenue shares are the shares of rights revenues that have to be paid to the parties to the acquisition contract(s) (author’s share) and the share that your publishing house receives (publisher’s share).
In the app, the revenue shares that have already been generated for a payment are displayed for each party of the acquisition contract. There are two ways of generating these shares: for a selected line in a payment of the sales contract or at payment level. In both cases, Rights Accounting Manager automatically creates the corresponding accrual postings so that they are available to your financial accounting system. The revenue shares are calculated based on the subsidiary rights rules that are defined in the acquisition contract(s).
To make changes to one or more revenue shares relating to a payment, you have the option of modifying the royalty rate and royalty amount for a revenue share. You can also change the product that the revenue share is allocated to, so that the royalties can be assigned to the correct cost unit in the financial accounting system.
KEY FEATURES AND BENEFITS
- Covers all processes from managing sub right claims to handling incoming rights payments and generating the payment share for the authors
- Sales and royalty information provided in the licensee’s statement can be stored for the regular invoice
- Runs on the cloud-based STREAM platform; smooth integration with other STREAM apps for handling further tasks
- Recent activities are stored; bookmarks#+
- Libraries for contracts, invoices, payments, and royalty statements
- Viewing sales contracts information includes the rights that were sold and the installments agreed in the contract
- Possibility to see all the acquisition contracts associated with a sales contract (option of viewing the contract data in the Contract Manager app)
- You can create an irregular invoice for an installment; invoices are sent to licensee and financial accounting system
- The app determines the sales tax rate applicable to the invoice
- Searching for payments has been optimized in several ways to limit the number of results
- Provides an overview of licensees’ royalty statements in order to drill down into invoice or contract data and to send reminders regarding outstanding statements
- Authors’ shares can be generated for a selected line in a payment of the sales contract or at payment level; the corresponding accrual postings are created
- Revenue shares relating to a payment can be changed: option of modifying the royalty rate, the royalty amount, and the product that the revenue share is allocated to