Table of Contents

▶️How To Set Up & Process Royalties

Matt Staff Updated by Matt Staff

1. Click on Items List

In the inventory module, select "Items List"

2. Click on Pricing & Other Info

Select the item and click on the "Pricing & Other Info" tab

3. Enter Royalty Info

Select "Other Info" and enter royalty amount or percentage. Click Save.

💡 Tip!

Royalties are assessed on customer invoices. After the item is set-up with a royalty amount, then any SINV/DINV customer invoices will apply the royalty.

4. Click on Misc

In the main navigation menu, select the reports module and click on "Misc"

5. Enter Selection Criteria

Click on RR-200 Royalty Report and enter selection criteria and run report.

6. Download Spreadsheet

Click on the spreadsheet icon to download the report. This will serve as the documentation for the journal entry and A/P invoice.

7. Create Journal Entry

Create a journal entry to debit sales revenue and credit liability account to pass through royalties to customer.

8. Click on Enter Supplier Invoice

In the main navigation menu, select A/P module, and click on "Enter Supplier Invoice"

9. Process A/P Invoice

Process Non-PO A/P invoice and enter royalty information.

10. Verify Account Distribution

Verify account distribution, save A/P invoice and close purchase journal. Process payment to customer for royalties.

11. Click on 21700

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▶️How To Create A Reference Item

▶️How To Process A Return To Inventory

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