Licensors and Licensing Agents often specify different payment instructions or bank accounts for different types of payment. For example, royalties may be paid to one account, marketing contribution fees to another, and advance payments to yet another.
RoyaltyZone royalty software now offers a solution to this problem. We added another new feature today: configurable payment instructions, which allows you to:
- Create different payment instructions for each invoice type (royalty, advance, guarantee, and fee).
- Create multiple verbiage options for each invoice type.
- Assign instructions to an Agreement on its details page.
- Edit payment instructions on each individual invoice before sending.
To use the new feature:
- Go to Setup > Invoices
- We created a default entry using your existing payment instructions for each invoice type
- Click “edit” to make changes
- Click “Create New” to add a new instruction
- All existing agreements are set to use the default entries
- To change the instructions used for an agreement, visit the agreement, then click “Edit”
- New agreements: set on the description page
- Published agreements: set on the edit details page
More cool new royalty management features coming soon!