Close a Revenue Run

Close a Revenue Run is used to mark a clean cut-off for income and expenses. View the Closing a Revenue Run topic to see more information on what takes place when closing a revenue run.

NOTE: If you find that you need to make some changes to the run that you just closed, and you have not printed the owner checks, choose Open A Closed Revenue Run from the Utilities menu. This will let you reverse the close process for the given run. You can then make the changes needed and close the run again.

You will not be able to close the run if the classes being used in this run don't total 100 percent in the Division of Interest for the wells.

Run Year
Enter the run year that will be closed.

Run No.
This is the run that is currently being closed. The system will automatically generate this number for you, and it cannot be changed manually. This number is not tied to the month being processed.

Advanced Posting
Allows a posting date to be specified that is different from the check date. The checks will be dated with the Check Date and the G/L entries will be posted with the post date.

Company Share Only
Modifies the behavior of the Advanced Posting option. When checked, only the company's share of revenue and expenses will be posted using the Posting Date. All other G/L entries will be posted with the Check Date. This option will affect only entries posted for your company if your owner information record is marked to post directly to the G/L.

Check/Posting Date
Enter the date that should appear on the checks and statements and will be used for tax reporting purposes. This is also the date that will be used for posting entries to the general ledger.

Accounting Date to Use for Processing
Only revenue and expenses in the currently open run (New Run) with an accounting date on or before the given date will be processed during the run closing. When you run reports for a New Run, you are asked for an accounting date. This is the cut-off date for the report, and the report will only pick up revenue/expenses through that date. If you want your closing to match the reports you ran when the run was still open, make sure the date entered here is the same date that was entered when running reports. That way, both your preliminary reports and the closing will be sure to pick up the same range of revenue and expenses. If a revenue run is closed and appears to be missing some revenue or expenses, the first thing to check is to make sure the date on the entry was on or before the closing cut-off date specified here. You may specify a different date for revenue than for expenses. All revenue in the New Run will be processed if it is dated prior to the date specified here. All expense in the New Run will be processed if it is dated prior to the date specified here. Expenses will only be processed for those working interest owners whose expenses are being netted from their revenue.

Well Group
Select the group of wells that you wish to close.

Processing Options

Backup Data Files Before Processing
If left chosen, your data files will be copied, in compressed format, to a sub-directory under the data file path with the name format of BkYYYYRR. Where YYYY is the run year and RR is the run number being closed. You can find these automatic backups in the backup folder within your data folder for SherWare. Revenue run backups will be named starting with "BKR." If unchecked, the backup is skipped. Doing a backup each run is HIGHLY recommended for any needed disaster recovery.

Process Flat-Rate Owners
Check this option if Flat-Rate Owners should be processed during this run closing. Flat-Rate Owners are specified in the Division of Interest .

Release All Minimums from Suspense
Check this option if you wish to release all suspense held due to being under check minimum amount. Generally minimums are released at the end of the year, so that the held minimum suspense is paid out instead of carried forward to the next year. Minimum suspense is money that is held because it does not reach the check minimum amount specified in the Check Printing Preferences or the Owner Information .

Process Quarterly Wells
This box will be automatically checked if a group is chosen that has quarterly wells in it. If you don't want to process quarterly wells, uncheck the box.

Reporting Options

When you close a revenue run, you can select which reports you'd like to show up with the summary including: the Suspense Activity Detail Report, Check Register Report, Closing by Well Exception Report and Unallocated Rev/Exp Report.

Process
Begins the process of closing the run. You will be asked to confirm your request to close the run. If you wish to continue, choose Yes. If you don't wish to continue, choose No and the closing process will be stopped.