Setting up Royalty

Setting up Royalty

If you own more than one location in franpos, the system can calculate royalties for you.

In order to use the royalty feature, you will need to define one location as the corporate/parent account (You will not be able to collect royalties from that account).

 

Set royalties

In order to use royalty feature, you’ll need to set it up first.

  1. Log in to your back office corporate/parent account at https://my.franpos.com/
  2. Select Settings and then Royalty setup
  3. Click on the + button to add new type of royalty.

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    4. On the Add/View Royalty type popup, you can see and add new royalty types. In order to              add a new royalty type, simply enter your preferred name for the royalty.

 

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  5. Choose the calculation type Weighted or Fixed amount and click on Save.

 

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   6. After you completed the previous step, you can close the popup and click on the newly created royalty type

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  7. On the Add Royalty Setup page, you will be able to define the amount/percentage you              want to collect, the payment types you would like to include/exclude. Please make sure to        set up a frequency, set a start date and check the location(s) this applies to.

 

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To view how much royalties you collect, please go to: ReportsRoyalty report or Royalty charges report

 

 

 

How are royalties calculated? 

Royalty Total = (Payment Total) – (Adjusted Excluded Payments) – (Other Exclusions)

Where Payment Total = Total revenue, sum of all payment methods,


- Adjusted Excluded Payments = Excluded Payment Methods – (Excluded Payment Methods * Tax %)

- Other Exclusions = Total Tax, Total Tips, etc.

 

The royalty report and royalty charges report should always match if you have the same frequency and dates selected. Both reports will not show any information if the frequency does not match what has been set up in the royalty program setup 

The royalty report is for viewing royalties only. The royalty charges report is for approving and charging the same royalties through ACH.

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