--- title: "Statements - Starting Guide" slug: "statements-starting-guide" description: "This is the sixth step of the onboarding journey. So far, you've configured your settings, imported your catalog, configured your contracts, imported your sales reports, and created your costs and advances. Now you are finally ready to process your first statement batch!" updated: 2023-06-01T09:26:31Z published: 2023-06-01T09:26:31Z canonical: "help.eddy.app/statements-starting-guide" --- > ## Documentation Index > Fetch the complete documentation index at: https://help.eddy.app/llms.txt > Use this file to discover all available pages before exploring further. # Statements - Starting Guide This is the sixth step of the onboarding journey. So far, you've configured your settings, imported your catalog, configured your contracts, imported your sales reports, and created your costs and advances. Now you are finally ready to **process your first statement batch**! --- ## Statement Processing: How Does it Work? When generating a statement batch, eddy.app **processes** successfully imported sales (i.e. sales that are not in error) that could be **linked** to published contracts and were reported within the specified statement processing period. Costs and/or advances linked to contracts to which income could be matched for the specified period will be **recouped** against processed sales. This detailed guide will lead you through the process to create your statement batch: **1.** Prepare for statement processing **2.** Process statements **3.** Share statements with payees **4.** Invoicing and payment --- ## 1. Prepare for Statement Processing We strongly recommend double checking the following parameters to ensure that statements are processed accurately. ### Close DRAFT statements Make sure you have closed any draft statements from the previous period before running a new period. ### Check Catalog All relevant content (digital, physical, YouTube, merch) must be imported into your Catalog and **linked** to the relevant **contract**. Note that sales associated with content that isn't linked to a contract won't be included in statements. Use the **Linked to Contract** filter to spot releases not linked to a contract. ![release without contract.gif](https://cdn.document360.io/a34ddd2c-ef7e-4e2d-a4ae-c659757a204e/Images/Documentation/release%20without%20contract.gif) ### Check Contracts Contracts are the most critical parameter for statement processing, as statements are computed based on contract configuration. The following parameters have a direct impact on statement calculations: - **Contract period**: the start date is **early enough** to include relevant sales. The end date is left empty. - **Content**: all relevant content is linked to the contract. - **Sales channels**: contracts must have at least **Digital (global)** configured, and if relevant, **Physical (global)**. Relevant sales channel(s) must be configured in contracts for the corresponding sales to be included in statements. For example, if there are CD sales but no Physical (global) sales channel set up in the contract, these sales **won't be accounted for**. Ensure you've added the artist's rate in the **Royalty Rate** field. ### Check Sales Next, check that you've imported all the relevant sales reports, that they are in **Done** status, and that all errors have been **resolved**. **Ignore errors** In some cases, certain sales lines don't need to be included in statements (e.g. the track was taken down, is not part of your catalog anymore, etc.). In these cases, you can **ignore** these errors and move forward. You can access the dedicated view to quickly check if sales are **missing** for a specific month or period. ![Screenshot 2023-04-03 at 15.59.59.png](https://cdn.document360.io/a34ddd2c-ef7e-4e2d-a4ae-c659757a204e/Images/Documentation/Screenshot%202023-04-03%20at%2015.59.59.png) ### Check Costs and Advances Make sure that costs have been configured with the relevant **recoupment base** (shared cost vs. artist cost) and linked to the appropriate contract. Check that advances have been linked to the relevant payee. ### Check Tax Deductions (Optional) If applicable, tax deductions have been created in Settings. If you created **country-based** tax rules, make sure that the relevant payees have their **address** filled in their **Payee Profile** for the tax deduction to be applied to their statement. --- ## 2. Process Statements Now that you've made sure that everything is configured properly, it's time to process statements. Head to **Statements** > click the **Process** button. ![Screenshot 2023-04-03 at 16.21.19.png](https://cdn.document360.io/a34ddd2c-ef7e-4e2d-a4ae-c659757a204e/Images/Documentation/Screenshot%202023-04-03%20at%2016.21.19.png) ### Statement Reporting Period Here, specify for which **reporting period** you wish to process statements. Sales **reported** within the statement reporting period will be included in the statements. When a sales imports period lasts for several months, e.g. from January to April, only the start date is considered for the scoping. ### Contract Scoping By default, statements will be processed for **all published contracts**. However, you can choose to process statements for **specific contracts** or for contracts under a specific contract **periodicity**. ![process startements.gif](https://cdn.document360.io/a34ddd2c-ef7e-4e2d-a4ae-c659757a204e/Images/Documentation/process%20startements.gif) #### Scope by Contract Name Simply search contracts by name. Statements will be processed for these contracts only. Linked contracts When using the [Cross-contract deductions feature](/v1/docs/featuring-producer-contract-configuration-cross-contract-deductions), statements will be automatically processed for both **target** and **recipient** contracts. #### Scope by Contract Periodicity You can choose to scope statement processing based on the **statement periodicity** that you specified when configuring contracts (i.e. monthly, quarterly, bi-annually, annually). Select the relevant periodicity from the dropdown bar to process statements for **published** contracts set to that periodicity. #### Click Confirm Once you've entered all the statement processing parameters, click **Confirm** and let eddy.app work its magic! To ensure data integrity, you won't be able to delete sales or edit contracts while statements are processing. --- ### Statement Statuses During their **lifecycle**, statements go through several statuses. Each status comes with its own specificities. The following section gives an overview of each statement status. #### Draft Once your batch is done processing, statements will appear in the **Draft** section of the Statements page. Draft statements are not yet in their final state. You'll notice that the **statement period** does not yet appear, as drafts can be updated to include additional sales that were not included in the first batch in order to cover a broader period. To include additional income in draft statements, simply re-process a new batch and your drafts will be updated. You can view statements by clicking on the small **eye symbol.** ![Screenshot 2023-04-03 at 17.07.32.png](https://cdn.document360.io/a34ddd2c-ef7e-4e2d-a4ae-c659757a204e/Images/Documentation/Screenshot%202023-04-03%20at%2017.07.32.png) Something's looking fishy? If your draft statements seem incorrect (e.g. these is revenue missing), we recommend checking our dedicated [troubleshooting article](/v1/docs/revenue-missing-from-statement). All good? Then it's time to move on to the **second phase** of your statement's lifecycle. To do so, simply click on the **Close all** button (or select specific statements and click **Close**) and specify the relevant **statement period**. Note that this period will be displayed on your statements. ![Screenshot 2023-04-03 at 17.16.14.png](https://cdn.document360.io/a34ddd2c-ef7e-4e2d-a4ae-c659757a204e/Images/Documentation/Screenshot%202023-04-03%20at%2017.16.14.png) #### Closed Once closed, statements are in their final state but are **not yet accessible** by payees. This **intermediary** status allows you to make sure that statements won't be updated anymore, but gives you the flexibility to choose when to share them with your payees. Linked statements When using the [Cross-contract deductions](/v1/docs/featuring-producer-contract-configuration-cross-contract-deductions) feature, statements for both **target** and **recipient** contracts must be closed **simultaneously**. Once it's time to **send statements** to your payees, you can go ahead and publish them by clicking the **Publish all** button from the Closed statements section (or select specific statements and click **Publish**). ![Screenshot 2023-04-03 at 17.26.28.png](https://cdn.document360.io/a34ddd2c-ef7e-4e2d-a4ae-c659757a204e/Images/Documentation/Screenshot%202023-04-03%20at%2017.26.28.png) #### Published Once published, statements can be **shared with payees** by sending a link to the statement PDF by email, or accessed directly via the **Payee Portal**. You can find more information in [this section](/v1/docs/statements-starting-guide#3-share-statements-with-payees) of the article. The Published status is the **final stage** in a statement's lifecycle. This section acts as a dashboard where you can access all the statements you've processed, view and update [invoicing and payment statuses](/v1/docs/statements-starting-guide#4-invoicing-and-payment), and [export statements](/v1/docs/statement-export) in different formats. #### Archived In specific cases, statements need to be archived. When archived, statements are **no longer accessible** by payees on their portal. Archiving allows you to set aside statements that may be **incorrect**, for instance, without having to delete them, allowing you to keep a trail. Note that the Archived status is **not the final statement status**. Statements should only be archived in specific cases. --- ### 3. Share Statements with Payees Now that you've published your statements, it's time to share them with your payees. #### Notify Payees To send statements to payees, simply click the **Notify Payees** button in the Published section of the Statements page. An email with a link to the statement PDF will be emailed directly to all payees. If you do not wish to notify all payees simultaneously, you can do so gradually by clicking on the small **envelope symbol** displayed next to each statement. ![Screenshot 2023-04-04 at 10.45.56.png](https://cdn.document360.io/a34ddd2c-ef7e-4e2d-a4ae-c659757a204e/Images/Documentation/Screenshot%202023-04-04%20at%2010.45.56.png) The **Notify Payees** button only triggers emails for published statements that **haven't been notified** to payees yet. If you wish to **re-send** a notification, click on the small envelope symbol. #### Give Access to the Payee Portal To allow your payees to access their data, download their statements (PDF, XLS and CSV) and follow payment statuses, give them access to the **Payee Portal**. For more information about the Payee Portal, refer to [this article](/v1/docs/payee-portal-explained). --- ### 4. Invoicing and Payment Now that statements have been shared with payees, the next logical step is for them to send you an invoice, and for you to pay them. This process differs depending on whether you are using our Self-billing and Payment Automation feature. #### Manage Invoicing and Payments in eddy.app Our Self-billing and Payment Automation feature allows you to **fully automate** the invoicing and payment process. Our system automatically generates invoices on behalf of your payees, and payments are initiated in bulk thanks to our **Wise** integration. Invoice and payment statuses are updated **automatically** as soon as payments have been processed. For more information on the feature, refer to this [detailed guide.](https://eddy.document360.io/v1/docs/invoicing-and-payment) #### Manage Invoicing and Payments Outside of eddy.app If you are not using Self-billing and Payment Automation, invoicing and payment should be handled outside of the app. You can, however, easily manage **payment statuses** by setting statements as paid. Simply select the statements that you've paid and click the **Set as paid** button. Specify the payment date and confirm. ![Screenshot 2023-04-04 at 11.13.18.png](https://cdn.document360.io/a34ddd2c-ef7e-4e2d-a4ae-c659757a204e/Images/Documentation/Screenshot%202023-04-04%20at%2011.13.18.png) Statement payment statuses are also reflected on the Payee Portal. --- ## Advanced Features You will find relevant documentation on the following topics in the [Advanced Features - Statements folder](https://eddy.document360.io/v1/docs/advanced-features-statements) - Personalize PDF statements - Breakdown of a statement - Deleting a statement - Statement export --- You're all set! 🎉 Now, on to the next step: [Invoicing and Payment](https://eddy.document360.io/v1/docs/invoicing-and-payment). This will help you set up self-billing to automate the invoicing and payment process. The reporting period is the specific timeframe in which a record label receives sales reports. This period details sales activities including revenue generated, number of units sold, and other relevant data.