Royalty Accounting

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  1. Royalty Accounting
  2. Process
  3. Correction and reconciliation
Process · Correction and reconciliation

Correction and reconciliation

A correction starts by determining whether the selected document's scope is still unexecuted or has already produced accepted effects. The owner can correct eligible draft work; an executed effect calls for an independent review and a compensating journal that keeps the original source identity. Reconciliation checks what actually persisted before an uncertain action is retried.

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Step by step

  1. Read source and history Independent Reviewer

    Inspect the current revision, lines, decisions and operation receipts.

    • Establish current accepted scope
    • Updates Accounting documents, Document lines, Review decisions, Operation receipts

  2. Classify scope Ledger Controller

    Separate unexecuted draft work from accepted or posted effects.

    • Distinguish draft from executed value
    • Updates Accounting documents, Journal entries

  3. Authorize correction Independent Reviewer

    Independent Reviewer decides a compensating action for executed scope.

    • Record independent decision
    • Updates Review decisions, Journal entries
    ApprovalA person approves before the work moves on.

  4. Preserve original effect Ledger Controller

    Link the correcting journal to the original source rather than overwriting it.

    • Create linked compensating effect
    • Updates Journal entries, Journal lines, Accounting documents

  5. Verify completion Cash Reconciler

    Inspect pending, failed and needs-review receipts against source and effect identities.

    • Compare source and actual effects
    • Updates Operation receipts, Cash applications, Usage statements

Who does what

Roles and permissions
Independent Reviewer
Authorizes executed correction.
Ledger Controller
Handles journal effects.
Cash Reconciler
Investigates cash outcomes.
Accounting Preparer
Corrects eligible draft scope.

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How to get started