Begin with the end in mind: Production Royalty Statements. During the entire migration process, our primary objective is to provide you with production-ready royalty statements as quickly as possible. By production ready, we mean statements that have passed your litmus tests for sharing with authors.
Typically this involves comparing Royalty Tracker’s statements to a “parallel run”: a prior set of statements that you have already distributed. That is the ultimate test, which drives everything we do. In most cases, once statements have passed this test, we are in a live state.
Contract data drives everything else – it defines all the rules for royalty calculations, adjustments, and timing. Therefore the first step in generating production royalty statements is to load in your contract data. MetaGoLive provides powerful tools for helping us with this step. There are many approaches one can take, so we work with you to determine the optimal methodology.
As you load in your contract data, we will simultaneously begin loading your sales data. You can upload pre-formatted sales files, or use our Sales Aggregator tool to automatically format the files for you.
After loading in your sales, Royalty Tracker provides you with a Sales Reconciliation report which shows any issues with your sales data, such as invalid ISBNs or missing contract terms. Because royalties can’t be processed on invalid sales, the Sales Recon report (as we often call it) provides a powerful tool for identifying contract or product issues. In fact, it takes much of the stress away from contract entry: you don’t need to worry too much about missing a contract. Usually the Sales Recon Report will catch it.
The last key component required to generate production royalty statements is historical information and prior balances. MetaGoLive makes it easy to enter or import ISBN level historical sales volumes (dollars and/or units) and prior balances (e.g. unearned advances, reserves withheld). This is typically the final step before generating test statements for the parallel run.
As you load data, Royalty Tracker immediately begins to create interim royalty statements behind the scenes. You can use these statements to monitor your progress. As you add a contract, you can validate that you have entered it correctly.
There is no “flipping the switch”: once your data is in and the results validated, you are live. Royalty Tracker is ready to begin generating final royalty statements and the all important Balances Report (aka Month-End Report). If you’ve imported test sales data for a parallel run, that is easily backed out.
The end result is production royalty statements ready for your author, that are clear and easy to read, and result in the fewest author inquiries and support calls.