Creating a Payment Template

Purpose/Overview

A Payment Template is used to define how payments are calculated and distributed to payees within the system. Payment templates help standardize payment processing by providing a reusable framework for common payment types, such as leases, royalties, and one-time payments.

This feature reduces manual configuration, ensures consistency across projects, and simplifies payment administration.

Navigation Path:

To access this feature: Project > Project Pay Templates or Global Templates 

Things to Know:

• The Display Name must be unique to ensure the template can be easily identified.
• The Distribution Method determines how the calculated payment amount is allocated among payees.
• Payment distribution is typically based on ownership percentages defined within the associated agreement.
• Providing a detailed Description is optional but recommended to help users understand the purpose of the template.

Key Benefits/Use Cases:

• Standardized Payment Configuration

  Create reusable templates for common payment scenarios, reducing repetitive setup tasks and ensuring consistency.

• Flexible Payment Processing

  Support different payment types such as lease payments, royalty payments, and one-time payments through configurable templates.

• Automated Payment Distribution

  Use predefined distribution methods to automatically allocate payment amounts among payees based on agreement ownership percentages.

How It Works:

Follow these steps to create a payment template:

Step 1: Navigate to Payment Templates

Navigate to: Project > Project Pay Templates or Global Templates

Step 2: Create a New Template

Click Add New Template.

Step 3: Enter Template Details

Complete the required fields:

• Display Name – A unique identifier for the template.
• Type of Payment – Select the applicable payment type (for example, Lease, Royalty, or One-Time).
• Distribution Method – Select how payment amounts will be distributed among payees.
• Description – Optional field used to provide additional details about the template.

Step 4: Save the Template

Click Save to create the payment template.

Related Features/Next Steps:

• Configuring Payment Dates
• Payment Template Management
• Payment Overview

FAQ/Troubleshooting:

Q: What is the purpose of the Distribution Method? 

A: The Distribution Method defines how calculated payment amounts are divided among payees, typically according to ownership percentages specified in the agreement. 

Q: Can I create multiple payment templates for different payment types? 

A: Yes. Separate templates can be created for different payment types, such as lease, royalty, or one-time payments. 

Q: Is the Description field required? 

A: No. The Description field is optional, but it is recommended to provide meaningful information about the template's purpose for future reference. 

Questions?  Contact us!