License Track Incomes
What is a License Track Income?
A Track License Income is a Revenue perceived by an Organization from a third party, such as a record label, for the right to use a Track (also known as sound recording or master) in a compilation - and for which the third party does not provide a detailed Royalty Statements.
If your Licensee provides a Royalty Statement in Spreadsheet format, please refer to the Royalty Statement Income article.
Where can find the License Track Incomes List?
The Incomes from Tracks Licenses are displayed in the Income List. To display them, 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.
License Track Income Step by Step
Follow the step-by-step process below to add and calculate a License Track:
- Adding the License Track Income
- Adding a Track to the License Track Income
- Processing the License Track Income
◼ 1. Adding the License Track Income
To add a License Track 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, clic the orange "New Income" button and select "New License (Tracks)".
A pop-up window will open to enter the necessary data for the new License Track Income:
Details Tab
| Field | Instructions |
|---|---|
| Name * | Enter the Income's Name (Mandatory) |
| Label Contract — Money In * | Select the Income's Label 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 Statement is in another currency |
| Foreign Gross Amount | Select the Income's Foreign Gross Amount — Only fill in if the Statement is in another currency |
| 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 License Track Income. 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.
◼ 2. Adding a Track to the License Track Income
At this step, Tracks on which the Royalties will be calculated must be added to the Income.
To add a Track, go to the License Track Income panel and select a Track from the "Add Tracks" button at the top right of the list.
Alternatively, it is possible to drag and drop or copy a Track from another List.
When finished, click the orange "Divide" button at the page's top right to go to the next step.
◼ 3. Processing the License Track Income
To divide a License Track Income (in other words, to calculate Royalties), click the orange "Divide" button at the page's top right.
This will open a pop-up window at the right of the Workspace to verify the License Track Income details.
To launch the calculation, click the orange "Save" button at the bottom right of the pop-up window.
Click the grey "Cancel" button to cancel the action.
During the process, the status of the income "Processing"
The Income status is momentarily on "Processing" during the calculation process. When completed, the Income status is "Processed".
Please follow this link to learn more about Incomes Statuses.
Editing a License Track Income
To edit a License Track 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 License Track Income to edit in the list and click on its name. This will open the License Track 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 License Track Incomes. At this stage, if an error is detected, the Income must be deleted or reprocessed, depending on the use case.
Editing License Track Incomes in bulk
To edit 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 License 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 License Tracks' 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 License Track Incomes. At this stage, if an error is detected, the Income must be deleted or reprocessed, depending on the use case.
Deleting a License Track Income
To delete a License Track 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 License Track Income to delete from the list and click on its name. This will open the License Track 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 License Tracks, 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