Adding Advances, Payments or Adjustments as a Transaction
Via the Transactions tab of a Contract, you can keep track of the current outstanding balance with your artist. Transactions are added in chronological order from top to bottom & the current balance is displayed at the bottom right.
Transactions Created by Curve
There are a number of transactions that will automatically be added to a contract as you create royalty statements for your artists.
Opening Balance – This is taken from the opening balance you enter on the Contract Overview page..
Royalties – Royalties are added to the Contract's balance as you create royalty statements.
Reserves – Reserves taken and released are logged as a separate Transaction on the Contract.
Auto Payments – If Auto-Payments are enabled, any balance hitting the Minimum Payout will automatically be reset to zero.
Cross Contracts – Any transfers between contracts using Cross-Contracts will be displayed in the transactions.
Adding Advances, Payments or Adjustments
When you pay your artist and Advance, or make a royalty Payment, it is important that this is reflected on the Transactions tab of your artist's Contract. This to make sure these Advances and Payments are recouped from your artist's balance. Transactions can be entered manually by hitting the +Create button at the top right of this page. This will take you to a page where you can set the name and amount of your Transaction. Please note, When you make a payment, pay an advance or take a reserve, make sure to enter a negative amount. This will decrease the outstanding balance of your artist. A positive amount will increase the balance of the contract. Plus, always make sure the amount is in the Contract’s currency.
Furthermore, you will be able to categorise your Transaction. There are five Transaction categories to choose from.
Advances – To be used when an upfront amount is paid to the artist. An advance should be entered as a negative amount.
Payment – To be used when you make a royalty payment to your artist. Payments should be entered as a negative amount.
Royalties – To be used when you manually add a Royalty amount to the Contract. Helpful in case you need to make an adjustment to the royalty amount, for example.
Reserves – When reserves are correctly configured they will log automatically when a statement is created. But it is possible to also manually add reserves taken or released.
Other – In case there is any other transaction type that needs to be accounted but is not captured by one of the previous categories.
If you need to delete a manually created Transaction, you can either do this from within the Transaction itself by using the Delete button, or delete them in Bulk. You can bulk delete Transactions by using the Delete > Transactions button on the Contracts page. You will need to input the Transaction ID, which you can find by Exporting the Transactions first. Please note you can't delete Transactions created by Curve as a result of Statement generation (all Transactions listed under Transactions Created by Curve at the top of this article)/