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- Royalty Accounting
- Process
- Statement review
Statement review
A statement represents a claim for a specific contract and period. The Accounting Preparer brings the usage basis and parent accounting document together; the Independent Reviewer decides the frozen revision. The release is recorded before the statement is completed.
Step by step
-
Prepare usage Accounting Preparer
The preparer records contract, period end, eligible units and rate for the parent document.
- Connect contract and period to the financial source
- Updates Usage statements, Accounting documents
-
Check evidence Accounting Preparer
The preparer links the support needed to explain the claim and its cumulative contract basis.
- Preserve the basis used in review
- Updates Record attachments, Usage statements
-
Submit revision Accounting Preparer
The statement moves from Draft to Submitted with a fixed revision for review.
- Freeze the Submitted revision
- Updates Usage statements
-
Independent review Independent Reviewer
The reviewer checks the basis and records a decision with a reason.
- Record decision and reason
- Updates Review decisions, Usage statements
ApprovalA person approves before the work moves on. -
Release scope Independent Reviewer
The approved scope receives an operation receipt, then the statement reaches Completed.
- Link released effect before completion
- Updates Operation receipts, Usage statements
Who does what
Roles and permissions- Accounting Preparer
- Prepares and submits.
- Independent Reviewer
- Decides.
- Ledger Controller
- Follows the resulting document.
Set up Royalty Accounting your way.
Start free, then use Proto to change fields, steps and approvals before your team goes live.