Closing a JIB Run

Closing a JIB Run is used to mark a clean cut-off for Joint Interest Billing expenses. When Close a JIB Run is chosen, the following things take place:

Expenses are totaled and allocated to each owner that has a JIB interest in a well that is in the well group being processed.
Joint Interest Billing Statements are created and placed in the invoice file using the JIB Receivable account specified in the Rev Dist/JIB Posting Preferences.

NOTE: If you find that you need to make some changes to the run that you just closed and you have not sent out the printed JIB statements, choose Open a Closed JIB 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.

To close a JIB run, choose Close JIB Run from the Tasks menu.

Run Year
Enter the run year that will be closed.

Run No.
This is the run number being closed. This is automatically generated and cannot be changed. This number is not tied to the month being processed.

Advanced Posting
This option allows the Invoice Date to be separate from the Posting Date.

Company Share Only
Check this option if the advanced posting function should be applied to the company's share only. When checked, the system will post your company share of expenses using the Posting Date, and all other owner activity will be posted with the Invoice 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.

Posting Date

Invoice /Posting Date
Enter the date that should appear on the joint interest billing statements. This date will also be used for tax reporting purposes.

Accounting Date To Use For Processing:
Only expenses in the currently open run (New Run) with an accounting date on or before this date will be processed during closing. When you run reports for an open run, you are asked for an accounting date. This is the cut-off date for the report, and the report will only pick up 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 expenses. If a JIB run is closed and appears to be missing some 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.

Well Group
Enter the group ID for the group you wish to process.

Processing Options

Next JIB Invoice Number
This is the next invoice number to be used when the invoices are created. The system automatically tracks the invoices created and increments this number.

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. If unchecked, the back up is skipped. Doing a backup each run is HIGHLY recommended for any needed disaster recovery.

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.

Cancel
Cancels the run closing function and closes the window.