QuickBooks Posting

This tab is one of the main locations that determines where the activity processed in SherWare will post to in QuickBooks. When SherWare needs to post activity to a bank, receivable, withholding or clearing account it will post according to what is specified in these preferences

Selecting an account - Click on the drop down arrow beside each field to see a complete list of accounts that are currently setup in QuickBooks.
Sort Order - The list that appears is sorted by account type, then alphabetically by account name.
Refresh the account list - The lists are populated based on the QuickBooks chart of accounts at the time the window was opened. If you create a new account in QuickBooks you will have to close and reopen the preferences window in order to refresh the list.
Creating a new account - Additional information on creating and managing the chart of accounts can be seen in the QuickBooks Help Tools or in this SherWare Help File under QuckBooks Integration, Account Setup, on the "QuickBooks Integration" topic.
Account Types - The type of account will display to the right of the account when looking at the list of accounts for each field. Make sure that the account type for the account you select is the same type as suggested for this field. The proper account type is listed both in the Getting Started Guide and on this help topic below.

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: Bank

Deficit Account
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: Other Asset

Legal 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: Other 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: Other 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: Other 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: Other 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: Other 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: Accounts Receivable

Backup 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.
The selected account should have an account type of: Other Current Liability

Tax Withholding
Choose an account to be used for posting any state tax withholding amounts. 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: Other 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 Expense Account
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

Revenue Clearing
Choose an account to be used for revenue clearing. This account is used to post all revenue entered into the system regardless of entry method. Positive revenue is credited to this account when it is entered, then will be debited by owner when the revenue run is posted to QuickBooks. Negative revenue, such as taxes withheld by the purchaser, will be debited to Revenue Clearing when entered, and then credited when the revenue run is posted to QuickBooks.
The selected account should have an account type of: Other Current Liability

Expense Clearing
Choose an account to be used for expense clearing. This account will be debited when all well-related expense are entered into the system regardless of entry method. It will then be credited when the revenue run is posted for netted owners, or when the JIB run is closed for JIB owners.
The selected account should have an account type of: Other Current Asset

Catch-All
Choose an account for the software to use as a replacement account if it doesn' t know where to post something. This account should never be used, but will be if another account was left blank or was setup incorrectly and something needs to post to that account.
The selected account should have an account type of: Other Expense

Periodically check the balance of the catch-all account to verify that nothing is posting to it. If something has posted you will need to journal them to the correct account, and make sure the account that was not setup gets setup correctly.

Accounts Payable
Choose the account that will be credited when a bill is entered on the Enter Bills window.
The selected account should have an account type of: Accounts Payable

Summarize JIB Posting to QuickBooks
This option will summarize the detail for JIB invoices that are posted to the JIB Receivable account. With this option marked you will not be able to see any detail on the Item level in QuickBooks. This is designed for larger companies who want to limit what posts to QuickBooks in order to maintain a smaller QuickBooks file size. By default this option is not marked which means the full expense detail will be posted for each JIB invoice.
If you are unsure on whether you want to mark this or not then we suggest leaving it unmarked. If you don't like all the detail after the first run closing then you can come back in and mark it for the second. You will then be able to see how each posts.