Advances
What is an Advance?
An "Advance", also known as an "Advance on Royalties", is an expense incurred by an Organization to a Rights-Holder, such as an artist, songwriter, or producer, to finance a new project or encourage the signing of a Contract.
Advances are not included in periodic Royalty Statement payments and may or may not be recouped by offsetting them against the Rights-Holder's earnings from digital, physical, performance, mechanical, live music, tours, merchandising, etc.
Until the amounts have been recouped, no additional royalties will be paid to the Rights-Holder. For more information, click the link to learn more about Royalty Recoupments.
Where can find the Advances List?
To display the Advances In list, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Transactions" section, and click on the "Expenses" list.
Adding an Advance
To add an Advance, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Transactions" section, and click on the "Expenses" list.
At the top right of the list, click the orange "New Expense" button and select "New Advance".
A pop-up window will open to enter the necessary data for the new Advance:
Details Tab
| Field | Instructions |
|---|---|
| Name * | Enter the Advance's Name (Mandatory) |
| Contract — Money Out * | Select the Advance's Label Contract Money Out (Mandatory) |
| Expense Date * | Enter the Advance's Expense Date (Mandatory) |
| Amount * | Enter the Advance's Amount (Mandatory) |
| Recoupable Amount | Enter the Advance's Recoupable Amount |
| Notes | Enter Notes for the Advance |
Tags Tab
| Fields | Instructions |
|---|---|
| Custom Tags | Enter Custom Tags for the Income |
Once filled in, click the orange "Save" button at the bottom right of the pop-up window to save the new Advance. The new Income will be opened in a new panel and displayed in the "Expenses" list.
Click the grey "Cancel" button to cancel the action.
Adding a new Advance updates the Operations list and the Rights-Holder Balance list in real-time.
Editing an Advance
To edit an Advance, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Transactions" section, and click on the "Expenses" list.
Find the Advance to edit in the list and click on its name. This will open the Advance.
Click on the "Edit" button at the top right of the list. This will open a pop-up window at the right of the Workspace to edit the Advance metadata.
To save, click the orange "Save" button at the bottom right of the pop-up window.
Click the grey "Cancel" button to cancel the action.
Only Name, Expense Date, and Notes can be edited on Advance. At this stage, if an error is detected, the Income must be deleted or reprocessed, depending on the use case.
Editing Advances in bulk
To edit Advances in bulk, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Transactions" section, and click on the "Expenses" list.
Select one or more Advances in the list, right-click (or, when hovering over the Advances, click on the three dots on the right side), and then click on the "Edit" action in the opened contextual menu.
This will open a pop-up window at the right of the Workspace to mass edit the selected Advances' metadata. Please visit the Mass Edit article to learn more about this feature.
To save, click the orange "Save" button at the bottom right of the pop-up window.
Click the grey "Cancel" button to cancel the action.
Only Name, Expense Date, and Notes can be edited on Advances. At this stage, if an error is detected, the Income must be deleted or reprocessed, depending on the use case.
Deleting an Advance
To delete an Advance, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Transactions" section, and click on the "Expenses" list.
Find the Advance to delete from the list and click on its name. This will open the Advance.
Click on the arrow icon behind the "Edit" button at the top right of the list and click on "Delete".
This will open a pop-up browser alert at the top of the Workspace.
To stop the action, click the "Cancel" button.
Click on the "OK" button to confirm the deletion.
Deleting Advances in bulk
To delete Advances in bulk, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Transactions" section, and click on the "Expenses" list.
Select one or more Advances in the list, right-click (or, when hovering over the Advances, click on the three dots on the right side), and then click on the "Delete" action in the opened contextual menu.
This will open a pop-up browser alert at the top of the Workspace.
To stop the action, click the "Cancel" button.
Click on the "OK" button to confirm the deletion.
Updated over 1 year ago