Tracking Royalties

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Tourist
9 0 1

I need to find the best way to track royalties. The majority of product I sell require that I pay a royalty on each sale. I'm not sure the easiest way to track this both reporting to my accountant.

Any feedback would be appreciated.

 

Mike

We Make Custom Converse Chucks
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Shopify Partner
175 0 34

Hi Mike,

Good question. You would need an accounting app like QuickBooks Online or Xero to record an expense like royalty. Can you share the type of business you have and when a roylaty is applied. Will share your question in accounting forums. 

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Tourist
9 0 1

thanks for the reply.

 

I sell licensed t-shirts. Each item sold will require a royalty paid to the licensor. Each licensor, although in the same niche, charges a slightly different percentage.

I was hoping that there was a tag or a varient in shopify that could track it for me and I could run a simple report.

I must pay royalties quarterly.

 

thanks again,

Mike

We Make Custom Converse Chucks
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New Member
1 0 0

Try this: https://apps.shopify.com/vendor-payout

I have not used it yet, but I plan on it as we have the same exact needs. Our normal method is to use QuickBooks to export sales on specific items/dates and then calculate the royalties on a spreadsheet template we've created internally. However, I look forward to using this app to help save time as soon as we move our store to Shopify.

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