Direct Incomes
What is a Direct Income?
A Direct Income is Revenue perceived by an Organization from a third party that is not an Asset such as, for example, fees for concerts or the appearance of an Artist in an advertisement.
Adding a Direct Income
To add a Direct Income, 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 "Incomes" list.
At the top right of the list, click the orange "New Income" button and select "New Direct Income".
A pop-up window will open to enter the necessary data for the new Direct Income:
Details Tab
| Field | Instructions |
|---|---|
| Name * | Enter the Income's Name (Mandatory) |
| Contract — Money In * | Select the Income's Contract Money In (Mandatory) |
| Sale Date * | Enter the Income's Sale Date (Mandatory) |
| Payment Date * | Enter the Income's Payment Date (Mandatory) — The date the Organization received the amount in their bank account |
| Source Currency * | Select the Income's Source Currency (Mandatory) |
| Net Amount * | Select the Income's Net Amount (Mandatory) — The amount that the Organization received in their bank account |
| Foreign Net Amount * | Select the Income's Foreign Net Amount — Only fill in if the Income is in another currency |
| Gross Amount | Select the Income's Gross Amount |
| Foreign Gross Amount | Select the Income's Foreign Gross Amount — Only fill in if the Income is in another currency |
| Contract — Money Out * | Select the Income's Contract Money Out (Mandatory) |
| Notes | Enter Notes for the Income |
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 Direct Income and launch the calculation process. The new Income will be opened in a new panel and displayed in the "Incomes" list.
Click the grey "Cancel" button to cancel the action.
When the calculation process is done, the Income Status is indicated as"Processed" in the Incomes List.
Editing a Direct Income
To edit a Direct Income, 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 "Incomes" list.
Find the Direct Income to edit in the list and click on its name. This will open the Direct Income 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 License Track Income 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, Payment Date, and Notes can be edited on Direct Incomes. At this stage, if an error is detected, the Income must be deleted or reprocessed, depending on the use case.
Editing Direct Incomes in bulk
To edit Direct Incomes 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 "Incomes" list.
Select one or more Direct Incomes in the list, right-click (or, when hovering over the Direct Incomes, 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 Direct Incomes' 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, Payment Date, and Notes can be edited on Direct Incomes. At this stage, if an error is detected, the Income must be deleted or reprocessed, depending on the use case.
Deleting a Direct Income
To delete a Direct Income, 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 "Incomes" list.
Find the Direct Income to delete from the list and click on its name. This will open the Direct Income 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 License Track Incomes in bulk
To delete License Track Incomes 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 "Incomes" list.
Select one or more License Track Incomes in the list, right-click (or, when hovering over the Direct Incomes, 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 almost 2 years ago