Well Revenue by Well (8/8ths)

Well revenue can be entered on a well-by-well basis by choosing Well Revenue by Well (8/8ths) from the Tasks menu. This assumes that you are entering gross amounts for the well's revenue. The gross amounts represent the entire production for the well. The net amounts will be the amounts you receive from the purchaser if you are not disbursing the full gross production of the well. The Well Revenue by Well (8/8ths) will create a deposit for each revenue entry for the individual well, as opposed to the total check amount received from the purchaser paying multiple wells on one check. This is used primarily for entering corrections to the well's total revenue, OR for viewing the total revenue entered for the well during the run. For more information on entering a correction using this , see the Corrections subject from the Help by Subject menu.

Any detail line can be edited or deleted by clicking on the entry, then clicking on the Edit Detail Line button or the Delete Detail Line button at the bottom of the . If you delete an item that was originally entered as a Production Revenue Receipt or as a Meter Allocation entry, it will ask you if you want to return the entry to the Allocation File to be allocated at a later period. Choosing "No" will not affect the original entry.

Detail lines that appear in blue represent revenue that was entered as a Production Receipt or through the Gas Meter Reconciliation . Detail lines that appear in black represent items that were added or modified on this . If you edit a blue detail line on this it will turn black.

Well ID
The well ID of the well for which the income will be entered.

Well Name
Displays the well name of the well ID entered.

Group
Displays the well group this well is assigned to.

Run No.
Enter the run number which you want to view. Revenue can be entered only on a New Run. If there is already revenue entered for the run that you choose, they will be displayed on the bottom of the . Entries cannot be made for a past run, only viewed.

Account:
Choose the account to be debited for the positive revenue entered directly in this . The account credited will be the Revenue Clearing account as chosen in the Rev Dist/JIB Posting preferences. The pull-down list will automatically display the first account in the Chart of Accounts, however you may choose a different account if you do not wish to credit the account displayed.

Type
Enter the source of the income. Valid choices are BBL, MCF, OTH, MISC1, MISC2, TRANS, GTAX1-GTAX4, OTAX1-OTAX4, PTAX1-PTAX4. If you are entering taxes, you can pick the appropriate type of tax and then make the total positive. The system will recognize any positive tax as needing to be deducted from the well's revenue total. The tax amount displayed in the grid will be purposely shown as negative to indicate it is being deducted from the total revenue for each well. If a negative tax is entered, the system will recognize this as a tax to be credited to the owners within the well. Negative taxes will display as positive amounts in the grid detail.

Received From
Enter the revenue source name from which the income was received. If a default purchaser was entered into the well information for this well, it will appear here after the type has been entered. The revenue source must first be defined in the Purchaser Information before being able to select it in this .

Acct Date
Enter the accounting date the income was received. This date is very important. When you run reports for the current run or you close the run, you are asked for an accounting date. That date marks the cut-off point for entries that will be processed during that run. Only items on or before that accounting date will be processed.

Units
Enter the number of units.

Price
Enter the price per unit received.

Total
The total is automatically calculated based upon the units and price entered. If the total is not the correct total, perhaps because of rounding, you can overtype the total to match the amount received.

Production Year/Period
The production year and period for which this revenue is being received.

Period Range
Enter the range for this production period. For example; if period 02 does not start on the first day of the month and end on the last, enter the range. 02/14 - 03/13. This information will print beside each revenue entry on the owner's statement. The range format is MM/DD. This information is not critical to processing the revenue.

Days On
The number of days the well produced during the period. If the Miscellaneous Preference "Calculate Days On From Period Range Entered" is chosen, the number of days will automatically fill in for you, after the Period Range has been entered. This information is not critical to processing the revenue.

Ref ID
Enter the Check No. or other reference identification.

Notes
Enter any notes about this entry. These notes will not appear on the owner's statements, and will remain with this individual entry in this .

Allocate All To
If this income entry should be allocated 100 percent to one owner in the well, enter that owner's ID code here. The income in this detail line will then be allocated 100 percent to the given owner.