In this section, you will update your KWRI Invoice for Royalty and Profit Share
Print the Profit Share Calculation Report.
- Make sure that the total Royalty Base used to calculate the Franchise Royalty Fee agrees with your EOM Closed Production Report, Royalty Base column total.
- Determine the Franchise Royalty and Profit Share amounts to enter on your KWRI Invoice
NOTE: The method you use to enter these fees is determined by your accounting software:
- For Accountedge you will update the existing KWRI invoice
- For Lonewolf you will will create a second invoice for KWRI
- Click Purchases.
- Click Enter Purchases.
- Edit the invoice to KWRI you created in the previous steps.
- Add Royalty and Profit Share to the KWRI invoice based on the Profit Share Calculation report. Franchise Royalty is the amount in the line “Less Royalty.” Profit Share is the amount in the line “Agt. Prof. Share.”
In the example, Royalty is 8,995.14 and Profit Share is 11,175.
- Confirm the total amount of the invoice equals the Remit to KW total.
- Select Recurring A/P 5.3
- Select the Monthly Royalty invoice, and tick the box in the post column and select the edit button to post the current month royalty and HST/GST.
- Verify the number matches the amount posted to 9004 on the financials as well as the Less Royalty amount on the Profit Share Calculation report
Note: There is no HST/GST charged on Profit Share.