Program/Partnership Information

Programs are entities, such as partnerships, joint ventures, etc. that are set up to invest in wells. Programs can be set up using this . A Program can also be created for a project that you wish to have subtotaled together on the Owner Distribution Statement.

The 1065 & K-1 Module is an optional module which can be added to your software program. This module uses the Well Program/Partnership to determine the preferences for the individual partnership being disbursed. If you do not have this module, it is not necessary to enter the "Partnership" information, only create a Program to use for grouping interests within various wells. If you are interested in purchasing this optional module, please contact SherWare, Inc.

Program Code
The 1-10 digit code that was assigned to this program.

Program Name
The name of the program. The name can be up to 40 characters in length.

Program Members Receive 1099s
Check this box if the owners of this program should receive 1099s for the income that comes from this program.

Net Deficits With Income Outside of Program
Check this box if the program's deficits should be able to net against an owner's income outside of the program. If the program should stand on its own, leave this box unchecked. If unchecked, any deficits from this program can only be covered from income from a well within this same program.

Address
The address for the program entity.

City, State, Zip
The city, state and ZIP code for the program entity.

Program Structure
The type of entity the program consists of. This is for your reference only.

Tax ID
Enter the tax identification for the entity. This is used for the Form 1065 and K1 option.

Accounting Method
Choose the type of accounting method the entity uses. This is used for the Form 1065 and K1 option. This option will not affect the way anything posts to the G/L.

Start Date
Enter the entity starting date. This is used for the Form 1065 and K1 option.

Expense Account
Enter the Expense Account to use for Partnership Distributions. If an Expense account is specified here it will override the Expense account specified in the Program/partnership options for this program.

Notes
Free form notes relating to the program.

Partners Tab

If you do not have the 1065/K-1 optional module, it is not necessary to enter partners within this tab. This tab is only used for Partnership Distributions, which is available only with the 1065/K-1 optional module. For more information on this module, click here.

Add an Owner to the Program
Click on this button to add an owner to this program. You can then enter and modify any information for this owner in the grid below.

Delete Owner
Removes the selected owner from the program.

Pct Totals
The total Percentage held by all of the owners in the Program that have already been set up. This is automatically calculated and should equal 100% once all of your owners are added to the Program.