We have a question concerning our Revenue Clearing Acct. When we were looking in the QuickBooks Chart of Accounts, the Revenue Clearing Account shows a balance of all revenue received this year and is categorized as a Current Liability. That doesn't sound like it should be a liability. Do I have this set up correctly? (DMIE)

Yes, this is set up correctly. The Revenue Clearing account should be an other current liability account because it represents the revenue that has not been paid out on a run closing to the investors within the wells. After all revenue has been processed and paid out on a disbursement check, or placed in suspense for that owner, the balance of the revenue clearing account should be zero. The overall balance of the account represents the amount still owed to well investors that has not been processed yet on a revenue run closing.

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How do I add categories to the chart of accounts in SherWare? (DMIE)

You can add expense categories under Maintain > AFE/Expense Categories. Note that expense categories are not a chart of accounts. They are just a detail listing of expenses. You can add an account to your QuickBooks chart of accounts in QuickBooks.

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