Contracts are the hub of all royalty processes – they are used to store down contract terms, match the catalogue to, & track payments & transactions. They can range from being super simple Profit Share style deals, to the most complicated Royalty deals, & everything inbetween.
To access contracts, head back to the side bar, & under the Contracts sub menu, select Contracts.
Much like our Payee, let’s create one by clicking on the Create button in the top right of the screen.
Editing a Contract
The Contract page looks a little different to the Payee page; we now have some tabs across the top! We’ll go through each in detail, but the key ones to look at now are Overview & Terms.
The Overview tab contains all the key information about a contract. On the left there is the topline information such as a name, matching to a Payee etc. On the right is the financial information for the contract.
The key things to think about when setting up a Contract are: the Accounting Period – when this contract should be reported to; & the Contract Type – is this a Royalty style deal, or a Profit Share? Knowing these key pieces of information will help to configure a contract correctly first time around.
Now onto our Catalogue.