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Finance
The RightsLogic® Finance modules allow users to effectively manage the entire financial lifecycle of a licensing deal including invoice processing, royalty statement upload and validation, cash application and revenue recognition. The finance module integrates seamlessly, via elegant interfaces, with reporting tools and third-party financial systems (ERP).
Key Benefits:
Multi-Party Payment Scheduling:
- Calculate license fees, advances against royalties, bonuses, and guarantee overage or shortage in any currency for any party of a deal.
- Process date or event driven payments by using customizable templates to create payment and statement schedules that extend through the life of the license period.
Royalty and Backend Participation Management:
- Import royalty statements and sales data in any statement format using RightsLogic’s® mapping tool.
- Validate statements for contract inconsistencies and identify revenue generated for unapproved products, where necessary.
- Generate summary and detail participation or customer statements for each period.
Adjustments:
- Process financial adjustments such as royalty statement reversal, invoice reversal and bad debt.
- Automatically calculate interest based on configurable values.
Guarantee Analysis:
- Perform guarantee analysis on any licensed product to automatically determine overages or shortfalls based on advances, royalties, or product returns.
Revenue Recognition:
- Define revenue recognition terms based on either cash or accrual accounting methods or automatically recognize revenues at specified points throughout the license period.
- Determine how revenue is recognized for each division or business unit within your enterprise.
- Utilize the royalty estimation tool to estimate missing or late royalty statements.
Cash Application:
- Enter cash receipts to enable reporting on unidentified cash by division, territory or contract.
- Calculate exchange rates for foreign currency.
- Apply cash receipts to outstanding invoices and capture fees such as agent fees, commissions, withholding taxes and interest.
Financial System Integration:
- Integrate seamlessly with a third party financial system’s General Ledger, A/R and/or A/P modules to adhere to Sarbanes Oxley and internally defined financial procedures.
- Define a transaction dictionary for your specific accounting rules by division.