Rev Dist/JIB Posting

This window is where you will choose the accounts to be used for posting within the software.

Checking Account
Choose the checking account you wish to have disbursement checks created from. When the Revenue Run is posted, all disbursement checks will be posted to the register of the checking account selected.
The selected account should have an account type of: Current Asset

Owner Deficit Receivable
Choose the account to be used for posting any deficits for royalty, override and net working interest owners. Deficits are balances the owner owes you because they had more expenses than revenue during a run closing and you have the owner's interest setup to net the revenue and expenses togethor.
The selected account should have an account type of: Current Asset

Legal/Min Suspense Account
Choose the account to be used for posting any suspense entries that were created from a check minimum, owner hold, interest hold, voided check, or owner that is paid with a frequency other than monthly.
The selected account should have an account type of: Current Liability

Product Tax 1 Payable
Select the accounts to be used for posting the tax liability for taxes that are calculated by the software based on a tax table when the revenue run is processed. All three taxes (oil, gas, and other) associated with Tax Calculation 1 will post to this account.
The selected account should have an account type of: Current Liability

Product Tax 2 Payable
Select the accounts to be used for posting the tax liability for taxes that are calculated by the software based on a tax table when the revenue run is processed. All three taxes (oil, gas, and other) associated with Tax Calculation 2 will post to this account.
The selected account should have an account type of: Current Liability

Product Tax 3 Payable
Select the accounts to be used for posting the tax liability for taxes that are calculated by the software based on a tax table when the revenue run is processed. All three taxes (oil, gas, and other) associated with Tax Calculation 3 will post to this account.
The selected account should have an account type of: Current Liability

Product Tax 4 Payable
Select the accounts to be used for posting the tax liability for taxes that are calculated by the software based on a tax table when the revenue run is processed. All three taxes (oil, gas, and other) associated with Tax Calculation 4 will post to this account.
The selected account should have an account type of: Current Liability

JIB Receivable Account
Choose an account to be used for the JIB invoices created during a JIB run closing. This will only be used if you have some interests setup that are not netting the revenue and expenses togethor. If you do not have any JIB interests it is not necessary to select this account. For more information on JIB vs. Net, please see the related topic in the Help by Subject area.
The selected account should have an account type of: Current Asset

Backup & Tax Withholding
Choose an account to be used for posting any federal backup withholding amounts. Backup withholding is setup on the options tab of the owner information window. This is an additional tax charged to all interests that this owner holds. Any state tax withholding amounts will also post to this account. Tax Withholding is specified on the division of interest window. It is an additional tax charged to a specific interest.
The selected account should have an account type of: Current Liability

Comp & Gathering Acct
Choose an account to be used for posting any compression and gathering income that the operator is withholding. The amounts deducted can be setup on the options tab of the well information window.
The selected account should have an account type of: Income

Fixed/Well Exp by Well Payable
Choose an account to be used for posting fixed expenses. This account will be credited when you enter expense on the Well Expenses by Well (8/8ths) and release fixed expeses. This account holds the balance due to the vendor until the run is closed. When the run is closed it will create a check to pay the vendor automatically and will debit this account for the check amount. This is a clearing account.
The selected account should have an account type of: Other Current Liability

Well Revenue by Well Default
This field does not have to be filled out.
Entries created on the Well Revenue by Well window will credit this account instead of the revenue clearing account if an account is specified here. You will then need to manually create a journal entry to Debit this account and credit revenue clearing before the run is processed if this account is specified. Consult with SherWare support before specifying an account here to verify that this is what you want to do.
If this account is left blank then entries created on the Well Revenue by Well window will credit the account specified as the Revenue Clearing account.
If you specify an account here the selected account should be a Liability type of account. We suggest: Current Liability or Other Liability

Post Summary Entries to the G/L
Summarizes the posting entries made at closing to clear out the expense clearing account. These entries will be summarized by account instead of by owner. This will create one posting to each account instead of several. If this option is checked, the system will automatically create a new expense code with a code of EXPS. This is used for creating the summary entry in the G/L. If the operator is posting their share of expenses directly to the G/L, then they need to specify what expense account they want to use for the summary entry.

Expense Code Requirement
This option requires an expense category with a code of "EXPS". If you do not already have an expense category setup like this, it will be created for you automatically when you mark this option. A message will appear when you mark this option explaining this.
If your company is setup to post to the G/L then you will need to edit the EXPS category to specify the expense account that should be used for posting.

Post Summary Entries to G/L by Well
Only appears when the option to Post Summary Entries to G/L is marked.
This option will also summarize the posting entries created when the run is closed by account but will make a separate entry for each well instead of merging them all on one. This is still less detail than posting by owner but is more than summarizing by account as the first option did.