Payee Summaries vs. Statements

We break down royalty accounting periods for payees in two ways: Summaries and Statements. 

Summaries

The always-up-to-date breakdown of a payee's account during a period - the "live" statement. Payee Summaries are available to view and audit by the admin as soon as a period is created via the Period Dashboard. Changing something that occurred during or prior to the period will automatically update the Payee Summary along with any subsequent summaries. 

Like transactions, summaries are unpublished by default- when you're ready to publish and payout, generate a statement.

Statements

Statements are the never-changing, carbon copy of a summary as it appears when you're ready to publish and payout. 

The statement acts as the reference for the payout. If anything changes in a payee's account for the period after the fact, the affected payee summaries will automatically update, but the statement will stay the same, so there is never a question as to how a payout was determined. Use the Compare to Payee Summary button along the top bar of any statement to see changes between the Payee Summary and corresponding Statement after the fact.

Statements are published by default, and the transactions the statement references are published simultaneously. 

How to read a Payee Summary & Statement 

For more detail on how to read Payee Summaries and Statements within IC, please see our helpful documentation here.