Should revenue and expense for Dummy interest holders be posting to my QuickBooks accounts? And should revenue and expenses for owners "on hold" be posting to my QuickBooks accounts? (DMIE)

Any owner with the word 'dummy' in the owner name should be recognized as a place holder the system will not post that portion to QuickBooks. Only net figures are posted to QuickBooks, not gross.

If an owner is on hold, then their activity will be posted to QuickBooks. It will be cleared from Revenue Clearing and/or Expense Clearing like a normal distribution, but will post as a credit to the Owner Legal Suspense account instead of your bank account since they are not receiving a check.

*In Version 3, you can simply check the Dummy Owner box in the Owner Information screen if this owner is to be a Dummy Owner.*

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I can't for the life of me figure out how to make the total working interest = 100. I'm in "well owners" division of interests and the total working interest is 0 and I think it should be 100. I read in the user's guide that you need to enter a "dummy" working interest. Is this what I need to do or do I need to find out from someone at my company if the well is being disbursed fully or not?

The records that you enter on the Division of Interest screen should add up to 100%. Enter the first owner's interest, then press the new button, then enter the next owner's interest. Continue on until the interest adds up to 100%.

You only need to set up a dummy owner if you are not operating the full 100% of the well. If you are only responsible for operating a portion of the well then you will use a dummy owner for the percentage that you are not responsible for.

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I have noticed that the Revenue (production receipts) I entered is being grossed up. Is there a way to stop that? I don't want more money distributed than I actually receive.

The system will gross up the revenue if there is a direct paid owner within the well's Division of Interest, or if there is a Dummy owner within the well's DOI. (A Dummy owner serves as a placeholder in the DOI for an owner whom you do not disburse to, and is unknown). The system gross up the revenue by their (direct paid or dummy interest) percentage in order to show you the gross production on the well. However, only the net amount (revenue that you actually received) is paid out during the run closing. You can verify this with the Well Revenue by Well report for the New Run. The amount shown in the Net column is the amount that will be processed and paid out when the run is closed.

Also, be sure that when you enter your Production Receipts that you are entering the amount you actually received from the purchaser, not the gross revenue for the well.

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