|
katl said:
“
FAKS said:
“
Hello,
Have you received advice on your Royalties query.
”
Unfotunately not
thank you
”
I take it that the company has a contract for the royalties.
A royalty payment is made when the sale of the licensed item is made. In the books you will by way of journal put an accrual where the royalty account is debited and accruals credited.
Depending on the settlement agreement you will then credit bank and debit accruals when payment is made.
i would advice to keep a very simple spreadsheet to reconcile the royalties.
hope I answer your query, please do not hesitate to contact me I’d you want too discuss.
|
