Following is a summary of new features in our February 2023 release:
Kits (aka bundles) and Nested Kits:
We first made our kits available in the early fall and finished development of our nested kits by the end of 2022. These enable products to be sold under a parent ID, with rules to allocate the sales to various component products. Nested kits enable the products of a kit to be other kits. Royalty Tracker is smart enough to do multiple levels of revenue allocation.
Prevailing Rate Terms:
Under some situations, such as for deeply discounted sales, a royalty is calculated as a percentage of its normal (aka “Prevailing”) rate. This feature enables more complex royalty payout rules based on discount rates and other criteria.
Statement Payments Report:
In 2022 we researched, developed and enhanced a new report for statement payments. It delivers deeper insights into payment details and values for each royalty recipient or project over a statement period.
Global Currency Conversion:
Currencies can now be converted to or from any active currency listed in ISO 4217, the leading global standard for the representation of currencies. It makes imports via our Sales Aggregator tool—especially from overseas sales—even more flexible and robust.
Royalty Portal Messaging:
We recently added the ability to include messaging or external links for licensors in their Royalty Portal. This increases the connectivity between our applications and our shared customers.
Increased Statement Flexibility:
Statement groupings are now more flexible after the addition of new behaviors. Groupings are optional but if enabled will group any statements with the same licensor, frequency, period end date, payment window and business unit. You can customize grouped statements further by using business unit specific logos or statement templates.
We’re working to make the creation of agreements and royalty terms for projects with multiple licensors much simpler and faster. Agreements can now specify split percentages to represent the distribution within the project between multiple agreements, and in the coming months we will enable the use of this value to split royalty term rates.
In the coming months we will implement date-based royalties. This will allow for control of royalty rates based on the transaction date of sales.
Over the next quarter we will be implementing the ability to sign into multiple accounts or companies using just one user login. This will make it even easier to connect with our customers and give our shared customers a simpler way to navigate and access the various applications of the system.