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- Royalty Accounting
- Process
- Document approval
Document approval
The accounting document is the financial source for lines, review and later posting. The Accounting Preparer prepares the document and the Independent Reviewer authorizes the exact submitted revision. A decision belongs to that version, not to a document whose amount can drift later.
Step by step
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Prepare document Accounting Preparer
Choose an eligible partner, organization and document type.
- Establish owner and counterparty
- Updates Accounting documents, Business partners
-
Price lines Accounting Preparer
Record quantity, unit price, tax and ledger account; check line net and parent gross amounts.
- Establish amount and account allocation
- Updates Document lines, Ledger accounts, Accounting documents
-
Submit revision Accounting Preparer
Increase the revision and move the document from Draft to Review.
- Freeze source and support
- Updates Accounting documents, Record attachments
-
Independent review Independent Reviewer
Decide the frozen revision and record the reason.
- Approve or reject the revision
- Updates Review decisions, Accounting documents
ApprovalA person approves before the work moves on. -
Hand off approved work Ledger Controller
The approved document enters the period and journal posting path.
- Put approved source into posting queue
- Updates Accounting documents, Accounting periods
Who does what
Roles and permissions- Accounting Preparer
- Owns entry and correction.
- Independent Reviewer
- Decides.
- Ledger Controller
- Accepts approved work for posting.
Set up Royalty Accounting your way.
Start free, then use Proto to change fields, steps and approvals before your team goes live.