Migration to eddy - THE Starting Point!

This article outlines 9 essential steps for creating royalty statements and sharing them with your payees using eddy.app.

The Migration Process

Follow these sequential steps to create your first statement efficiently and accurately. Each step builds upon the previous, guiding you smoothly through the process.

1. Set up your account & configure your Settings

Start by entering your company details, tax deductions, geozones, royalty sources, and more. The Settings section aggregates various parameters that affect your initial setup and ongoing use of eddy.app. You can adjust most settings later if needed.

2. Add Your Catalog

Importing your catalog, including digital, physical, YouTube content, and merch, is a crucial first step. It ensures your content metadata is correctly stored in your account for linking to contracts and matching with sales.

3. Configure Your Contracts

Properly setting up contracts in eddy.app is vital, as they determine how royalties are calculated. Ensure your contracts accurately reflect the deal terms for precise royalty computations.

4. Import Your Sales Reports

Upload your sales reports from various sources. eddy.app automatically processes this data, matching it with your catalog or importing missing digital repertoire.

eddy.app is designed to ingest sales reports from a multitude of sources out-of-the-box, without any manual input required. When you import a file, the system locates and extracts data from the report and matches it to the content available in your Catalog, or auto-imports missing digital repertoire.

5. Add Your Costs and Advances

Enter all recoupable costs and advances, linking them to contracts and/or payees. These will be recouped from imported sales based on the associated content and payee details.

When linking a cost to a contract, or an advance to a specific payee, eddy.app will recoup it from imported sales according to different recoupment behaviors (100% recoupable artist costs, shared costs, etc.) once you process a statement batch.

6. Generate Your Statements

Now, generate your first statement batch.

Successfully imported sales will be processed into statements only when they have been matched to a published contract and to the specified period upon creating the statement batch. Note that the period taken into account when processing statements is the reporting period.

Once your statements have been processed, publish them to make them available to your payees via their eddy.app Payee Portal, or send them the PDF link by email using the Notify payees button.

7. Invoicing and Payment

Automate invoicing and payments with our Self-billing and Payment Automation feature (available on specific plans). This feature allows for automatic invoice generation and bulk payouts, with manual management options as well.

Thanks to our Wise integration, you can trigger bulk payments without leaving the app, fully automating the billing and payment process.

8. Give Payees Access to Their Portal

Invite payees to their eddy.app Payee Portal for access to their data and analytics. Though optional, portal access greatly enhances the payee experience.

9. Insights

Utilize Global and Business Insights for a comprehensive overview of your revenue, offering detailed analytics filtered by various data points.