This feature saves time and streamlines your workflow by automatically generating income payment records whenever you add sales in your publisher’s home currency.
Context #
Royalties HQ depends on the reconciliation (linking) of sales data (sales batches) with publisher income (the payments you receive in your bank). This reconciliation is essential for accurate royalty calculations, as the system needs to know which sales have been paid for by distributors before it can calculate royalties owed to authors.
How It Works #
When this setting is enabled, and you add sales in your publisher company’s home currency (the currency in which you receive payments), Royalties HQ automatically creates corresponding income payment records. This means these sales are immediately ready for royalty calculations without requiring additional manual steps.
Example Scenario #
Imagine your publishing company operates with US dollars as your home currency. When you record a sale of 1,000 copies at USD $15 each, the system automatically generates an income payment record of USD $15,000. This sales batch is then immediately available for royalty calculations without any further action required from you.
Key Benefits #
- Time Saving: No need to manually create income payment records for sales made in your publisher (home) currency.
- Streamlined Royalty Processing: Sales in your publisher (home) currency are immediately eligible for royalty calculations as soon as they’re entered.
When You Still Need Manual Income Payments #
You still need to manually add publisher income when sales are made in currencies different from your publisher company’s default currency (for example, if your publisher currency is US dollars but you make sales in euros).
Enabling and disabling this feature #
This feature is enabled by default but can be disabled in the Settings page if needed.