Help CenterWhen creating Royalty Invoices, you want to first create a service item and link it with an income account in Quickbooks. The service can be named after the royalty source for easy reference.
For this example I will be using 'Book Sales' for the item, and the royalties are 10% of the sales.
Once you have created the item in Quickbooks, remember to sync with Recur360.
In Recur360, you can now create a new invoice/recurring invoice/recurring invoice template with the item.
For this example there was $100.00 sales for April, and sales are invoiced on the 5th of the month and due 15th of each month with a automatic payment to be processed to the card on file on the due date.
From the customer click Options- New recurring invoice
When creating the invoice make sure to check the date it starts. For our example being for April sales we will back date the start before the 1st of May since we are already in May.
If we do not back date it will not run until the 5th of the next month which for this example would be June 5th and for May sales not April.
When adding the item choose the correct item from the drop down. In this case it will be 'Book Sales'. In the 'quantity' field, put the total sales for the billing period. For our example it is $100.00.
This is also where our variables for the description can come in handy. For this example I am choosing 1st of the month, 1 month before the invoice date, to the last day of the month, 1 month before the invoice date.
Save the invoice and select 'Process transactions' in the top right.
Now when you open the newly created invoice the line item will look like:
Moving forward you will only need to adjust the sales for the month on the recurring invoice. Open the recurring invoice and select the line item. This would need to be done before the 5th in this example to run for the proper amount.
For this example May sales were $250.00.
Once you save the invoice you will see amount for the recurring invoice updated.
A quicker way to edit the amount is in the recurring invoice section on the left of the screen.
The click the 'Quick Edit' Mode
No you can adjust the amount right here. This comes in handy if there is multiple invoices that need to be updated. After clicking the lightning bolt click the customer to update.
Click 'Save' and you can move on to the next task.