Contracts – Transactions

Contracts – Transactions

The Transaction tab displays historical transactions logged against a contract & provides an up to date closing balance. Transactions are added in chronological order from top to bottom & the current balance is displayed at the bottom right.

There are a number of transactions that will automatically be added to a contract as the software is used.

Opening Balance – This is taken from the opening balance you enter when creating a contract.
Royalties – When you run a period, any balances will be added as a single line.
Reserves – Reserves taken and released will be logged as separate lines
Auto Payments – If Auto-Payments is checkmarked on the overview, any balance hitting the payment threshold will automatically be deducted resetting the balance to zero
Cross Contracts – Any transfers between contracts using Cross Contracts will show up in the transactions

 

ADD PAYMENTS, ADVANCES OR TRANSACTIONS

Transactions can also be entered manually by hitting the +Create button at the top right of this page. This will take you to another page where you can categorise these transactions as you wish. You can also add a name and description for your and your artists their reference.

When you make a payment, pay an advance or take a reserve, make sure to enter a negative amount. This will decrease the outstanding balance of your artist. A positive amount will increase the balance of the contract. Plus, always make sure the amount is in the Contract’s currency.

Advances – An advance is the equivalent of a payment & therefore should be a negative amount
Payment – If the Auto Payment checkbox is not flagged you will need to enter a Payment when you payout on a contract
Royalties – Ideally you will always create royalties by uploading a sales file & running a period. But know that it is an option to manually add them here too
Reserves – When reserves are correctly configured they will log automatically when a period is run. But it is possible to also manually add any adjustments. Be sure to check whether the reserve Released or Taken
Other – In case there is any other transaction that needs to be accounted but is not captured by one of the previous categories