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.
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.
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.