Some of my books have multiple authors, so I need to make dollar payments to my co-authors for royalties received. This requires me to convert all currencies in the royalty reports to dollars and finagle the conversion rates to make amounts track to actual deposits. Since Amazon has to calculate dollar equivalent amounts for each royalty category in order to make payments, why couldn't these dollar amounts appear in the royalty statement?
I spend half a day each quarter trying to figure out dollar equivalent amounts on three books for three months times five currencies. As the number of currencies increases, this task can only get harder.
Please give some thought to redesigning the monthly royalty reports to make them more user-friendly.
We are in the same boat. The Monthly Royalty Reports do provide a list of itemized books sold into foreign markets but in that country's currency. And then that has to be compared to the Remittance Advice Report that provides payment info in US dollar amounts but fails to list the the individual books. It's really difficult to compare reports (apples to oranges) and use a currency converter to arrive at your best guess as to which book should get which amount; seems unfair to the vendors and their authors! And I am doubly surprised by this turn of events given that most, if not all, publishers would be in dire need of this info to satisfy their royalty payments to authors, as well as the fact that Amazon has shown themselves quite capable of providing more than adequate reporting elsewhere (e.g., in their Advantage program). Please step up Kindle/Amazon!
The monthly report lists each sale in the appropriate currency.
Simply use a currency converter to get the Euro to Dollar (or whatever) and let your worksheet do the work.
It's very simple to do. Amount per title times conversion factor = your currency per title.
If the currency rate didn't fluctuate, it would be a lot easier to determine which amount reported in GBP, for example, on the Monthly Report matches the Remittance Advice Report's amount in USD, and then deduce which book the payment is for!!
No. It is virtually impossible to reconcile the payments with the reports if you have multiple titles. Conversion rates change daily. Google Books, on the other hand, reports the conversion rate used to calculate royalties for each title. They list the rate of conversion in their monthly reports. Amazon needs to list this information, especially for publishers who base their royalty payments on net sales.
Monthly statements include unit sales but are totaled in foreign currency. Remittance statements include totals in U.S. currency but do not include unit sales. How are we supposed to determine the net for each individual title? We have 100+ titles in print.