Royalties

This feature calculates royalties for the sale of a product or the registration of a service.

The accounting department is able to run the royalty calculation for a specified time period. A product or service item is given a monetary value which is then used in the calculation of royalties. A report is created to display the amount (with calculated tax if applicable) for each individual who is to receive the royalties.

The accounting department then only has to write checks.

Before this solution was implemented, the accounting department would run reports and transfer the values to Excel and run additional calculations to determine the amount of money to be paid out.

Now, by selecting the time period and executing the royalty calculation, the solution examines the registering transactions for the given dates and updates the amount to be paid to each individual.

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