Contracts Money Out
What is Contracts Money Out?
A Contract (also known as "Agreement") is a physical or electronic document entered between an Organization and a third party, such as a Customer, a Supplier, a Partner, or a Rights-Holder.
In Reprtoir, a "Contracts Money Out" is used when the Organization pays Royalties to their "Rights-Holders" (also known as "Suppliers", "Beneficiaries", or "Payees") such as Artists, Co-Producers, Songwriters, Co-Publishers, Sub-Publishers, etc.
Contracts List
Where can find the Contracts Money Out List?
To display the Contracts Money In list, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Legal" section, and click on the "Contracts" list.
The Contracts List displays several columns by default, including:
| Column Name | Instructions |
|---|---|
| Name | The Name of the Contract |
| Type | The Type of the Contract |
| Money Flow | The Money Flow of the Contract |
| Payer | The Payer the Contract |
| Payees | The Payees of the Contract |
| Start Date | The Start Date of the Contract |
| End Date | The End Date of the Contract |
| Creation Date | The Creation Date of the Contract |
You can add or remove additional columns using the optional Custom Columns feature.
Adding Contracts Money Out Step by Step
There are three steps to adding a Contract with Royalty Splits and associating Assets with it:
- Adding a Contract Money Out
- Adding Royalty Splits to the Money Out Contract
- Associating Contracts with Assets
◼ 1. Adding a Contract Money Out
To add a Contract Money Out, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Legal" section, and click on the "Contracts" list.
At the top right of the list, click on the orange "New Contract" button and select:
| Name | Definition |
|---|---|
| Label Contract - Money Out | For a Contract that covers Audio/Videos Assets (Labels) |
| Publisher Contract - Money Out | For a Contract that covers Works Assets (Publishers) |
| Other Contract - Money Out | For a Contract that does not cover any Assets |
A pop-up window will open to enter the necessary data for the new Contract Money Out:
Details Tab
This tab is for adding or removing information to the selected Contracts.
| Field | Instruction |
|---|---|
| Name * | Enter the Contract's Name (Mandatory) |
| Organization * | Select the Contract's Organization (Mandatory) |
| Checkbox | My Organization is the sole party (No Payees) - Check the box if your Organization collects 100% of the Royalties from this Contract. |
| Payer (Contact/Company) * | Select the Contract's Payer (Contact/Company) (Mandatory) |
| Contributors | Select the Contract's Contributors |
| Territories * | Define the Contract's Territories (Mandatory) |
| Exclusivity * | Select the Contract's Exclusivity (Mandatory) |
| Start Date | Enter the Contract's Start Date |
| End Date | Enter the Contract's End Date |
| Resignation Notice | Define the Contract's Resignation Notice Duration in months or years |
| Auto-Renewal * | Select the Contract's Auto-Renewal (Mandatory) |
| Renewal Duration | Define the Contract's Renewal Duration in months or years |
| Balance Closing Frequency | Define the Contract's Balance Closing Frequency |
| Minimum Payout | Enter the Contract's Minimum Payout |
| Reference | Enter the Contract's Reference |
| Notes | Enter Notes for the Contract |
Tags Tab
| Field | Instruction |
|---|---|
| Custom Tags | Enter Custom Tags for the Contract |
Once filled in, click the orange "Save" button at the bottom right of the pop-up window to save the new Contract Money Out. The new Contract Money Out will be opened in a new panel and displayed in the "Contracts" list.
Click the grey "Cancel" button to cancel the action.
◼ 2. Adding Royalty Splits to the Money Out Contract
To add Royalty Splits to the Money Out Contract, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Legal" section, and click on the "Contracts" list.
Find the Contract Money Out to edit in the list and click on its name. This will open the Contract Money Out panel.
Under the Money Out Contract title, click the "Details" tab and then the "Terms" tab.
For each Royalty Split Type, define a Royalty Calculation Base and the Royalty Percentage Rate Base granted to the Payer by the Organization.
Royalty Splits view on a Track Details Pane
The royalty Percentage Rate Base is always based on 100% of the amount to earn or to pay. Therefore, when a Percentage Rate Base is applied to a Payer or a Payee, the remaining percentage is automatically applied to the Organization.
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.
About Deduction Rules
Under the Royalty Splits view, you will find a tool to add Deductions. If your Contract Money Out is subject to Deduction Rules, read this article.
◼ 3. Associating Contracts with Assets
To associate a Contract (or several at a time) to Assets (Tracks, Videos, or Works), go to the navigation menu located at the left of the Workspace, click on the "Catalog Management" icon, browse to the "Assets" section, and click on the list ("Tracks", "Videos", or "Works") must be associated. For the following guide, we will use "Tracks".
Select one or more Tracks in the list, right-click (or, when hovering over the Tracks, 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 Tracks' metadata. Please go to the Mass Edit article to learn more about this feature.
Go to the "Royalties" tab and add one or more "Money Out Label Contracts". This action will create the final Royalty Splits for the selected Tracks.
Use the "Percentage Adjustment Rate" feature to add or remove percentages to the "Percentage Rate Base". For example, indicating 50% will halve the Percentage Rate Base. You can view the result in real-time in the preview.
Once filled in, 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.
Adding Contracts Money Out in bulk with Spreadsheets
To add Contracts Money Out in bulk, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Legal" section, and click on the "Contracts" list.
Click on the orange button "New Contract" and then hit "Import from a Spreadsheet" in the select list.
A pop-up window will open to enter the necessary data for the new Spreadsheet:
Details Tab
This tab is for adding or removing information to the selected Contracts.
| Field | Definition |
|---|---|
| Name * | Enter the Contract's Name (Mandatory) |
| Template * | Select a Contracts Money Out Template (Mandatory) |
About Contracts Money Types
- Select "Label Contract - Money Out" for a Contract that covers Recording Assets (Audio/Videos)
- Select "Publisher Contract - Money Out" for a Contract that covers Publishing Assets (Works)
- Select "Other Contract - Money Out" for a Contract that does not cover any Assets
Tags Tab
| Field | Instruction |
|---|---|
| Custom Tags | Enter Custom Tags for the Contract |
Once filled in, click the orange "Save" button at the bottom right of the pop-up window to save the new Contract Money Out. The new Contract Money Out will be opened in a new panel and displayed in the "Contracts" list.
Click the grey "Cancel" button to cancel the action.
To continue, follow the instructions on the Spreadsheets Importer page.
Editing a Contract Money Out
To edit a Contract Money Out, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Legal" section, and click on the "Contracts" list.
Find the Contract Money Out to edit in the list and click on its name. This will open the Contract Money Out panel.
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 Contract Money Out 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.
Editing Contracts Money Out in bulk
To edit Contracts Money Out in bulk, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Legal" section, and click on the "Contracts" list.
Select one or more Contracts Money Out in the list, right-click (or, when hovering over the Contracts Money Out, 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 Contracts Money Out metadata. Please go to 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.
Deleting a Contract Money Out
To delete a Contract Money Out, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Legal" section, and click on the "Contracts" list.
Find the Contract Money Out to edit in the list and click on its name. This will open the Contract Money Out panel.
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 Contracts Money Out in bulk
To delete Contracts Money Out in bulk, go to the navigation menu at the left of the Workspace, click on the "Royalty Accounting" icon, browse to the "Legal" section, and click on the "Contracts" list.
Select one or more Contracts Money Out in the list, right-click (or, when hovering over the Contracts Money Out, 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.
FAQ
Why I cannot delete Contracts Money Out?
If a Contract Money Out is not deletable, it is probably due to one of the following reasons:
- there is associated with an Asset
- there is used in an Income
- there is used in an Expense
You must remove these relationships before deleting the Contract Money Out.
Be careful, this can generate complex deletion chains, mainly when royalty calculations have already been processed.
Updated about 1 year ago