Setting the Opening Balance of Your Contract
When onboarding your data to Curve, it is very likely that you will have Contracts for which there are still royalties due to be paid, or for which there are unrecouped costs or advances in play. Via the Opening Balance, you can set a starting point for your Contract to start calculating royalties. This amount is stored in the Contract's Currency.
We have a designated field on the Contract to add an ongoing balance. When you populate the Opening Balance field, it will automatically be added as a starting point on your Contract's Transactions page, which will track all the royalty statements' output, Payments or Advances.
Please note, it's best practice to set the Opening Balance of your Contract when no statement has been created yet. As soon as you run your first statement for this Contract, updating the opening balance means you will need to rerun your statement(s) to reflect the update.