The Agents Accounts software caters for the receipt of payments, allocation of that money to clients, and production of payment advices to clients. It links into the Rights System and makes use of the existing Purchaser, Title, Author and Name & Address details. The Contract File will hold your commission percentage and the Sub-Agents commission percentage where relevant. A Client Ledger will be maintained showing in detail receipts for a client and payments made to that client. It caters for multi-currency accounting and will produce analysis of the relevant accounts. It will link with the Invoicing and Tax Exemptions software. A Royalty Ledger showing all transactions for a contract (advances and royalties) is maintained. The Analysis Ledger holds details of what is in the Clients' Bank Account, the Control Account, Commission, Commission VAT and Income Tax.
Payment Advices to clients are printed on plain stationery with your company name and address or onto your headed note paper.
Each cheque received will be treated as a batch by the System and allocated a batch number. All payments from a batch must be in the same currency. The details of each batch will be entered into the computer including Purchaser/Sub-Agent, currency and cheque amount, payment currency, date of receipt and royalty accounting period. The money received will be allocated over the clients and contracts to which it refers. You must allocate the entire amount received. If the payment currency is different from the receipt currency, the equivalent and any bank charges in the payment currency must be entered. The System pro-rates these amounts over the transactions for this batch.
For each allocation, if there is a discrepancy between the expected and actual amount or VAT, there are two purchaser deductions to explain the difference. On acceptance, a record will be written to the Batch File. VAT will be expected where the author is VAT registered and the Purchaser territory is UK or in the EU and is not registered for VAT.
For each allocation there are three possible ways of entering the information
The receipts cater for advances, royalties and other receipts such as permissions.
Once a batch has been entered it must be printed. If the batch is not fully posted or the payment currency equivalent has not been entered, the batch cannot be further processed. If the batch is amended, it must be reprinted before any updating can take place. Once the batch is correct is can be updated and the Accounts Ledgers will be updated with details of the receipt, if relevant, the advance and royalty accounting dates on the Contract File and the Invoice is marked paid. Disbursements can be entered against a client.
The System will produce payment advices to clients showing all receipts and disbursements due by a particular date. Copy payment advices can be produced.