When managing your business finances, tracking payments, expenses, and revenue promptly is essential for maintaining accurate financial records. Let's explore how Royalti.io makes this process intuitive through their transaction management system.
Getting Started
Before you can add any financial transactions, you'll need to:
Sign in to your Royalti.io account with your credentials
Select your appropriate workspace
Look for the Accounting dropdown in the side navigation bar
Click on "Overview" to access your financial dashboard
Once you're on the Overview page, you'll notice a "Quick Add" button positioned in the top right corner of the interface. This button serves as your gateway to recording any type of financial transaction. When clicked, it reveals three distinct options that correspond to different types of financial activities: New Payment, New Expense, and New Revenue.
Adding a New Payment
When you select "New Payment," a form appears that allows you to document money coming into your business. This could represent client payments, customer purchases, or other incoming funds.
The form contains several important fields:
User field: This required dropdown lets you associate the payment with a specific client or customer, creating clear financial relationships in your records.
Payment Title: This required field needs a descriptive name that will help you quickly identify this transaction later (for example, "Music Royalti Payment - Johnson Ezege").
Transaction Date: Automatically set to today's date (2025/03/03), but you can adjust it if you're recording a payment from a different date.
Amount: Here you'll enter the payment value, with USD as the default currency. The system clarifies the conversion rate (1 USD = USD) to ensure accuracy.
The form also includes supplementary features that enhance your record-keeping:
Attachments section: This allows you to upload supporting documentation like invoices or receipts, accepting common image formats (SVG, PNG, JPG, or GIF) with size constraints (maximum 800x400px).
Memo field: This provides space for additional context or notes about the transaction that might be important for future reference.
Once all information is entered, clicking the "Save" button will record this payment in your financial system.
Adding a New Expenses
The "New Expense" option helps you track money flowing out of your business.
The form includes:
Expense Title: A required descriptive name for the expenditure.
Expense Type: This required dropdown helps categorize spending (such as "Office Supplies," "Marketing," or "Travel").
Transaction Date: Pre-filled with today's date but adjustable as needed.
Amount: Where you record how much was spent, in USD.
Linked to: This required field helps associate the expense with a specific project, department, or account for better financial organization.
What makes the expense form particularly powerful is the "Split Shares" functionality. This allows you to distribute a single expense across multiple categories or projects.
Like the payment form, you can attach documentation and add memos before saving the expense.
Adding A New Revenue
The "New Revenue" form focuses on tracking income streams for your business.
While similar to the payment form, it has some distinct characteristics:
Revenue Title: A required field for naming your income source.
Revenue Type: This required dropdown helps categorize different types of income (such as "Service Revenue," "Product Sales," or "Consulting Fees").
Transaction Date: Automatically set to today but adjustable.
Amount: Where you enter the revenue amount in USD. Note that the system highlights this field with a "Please fill out this field" prompt, emphasizing its importance.
Similar to the expense form, the revenue form includes a "Split(s)" feature that lets you allocate revenue across different departments, projects, or accounting categories.
The form maintains consistency with the other transaction types by including attachment capabilities and a memo field.