Why would our company's portion of Accounting and Overhead credits go through to QuickBooks but not our portion of Drilling & Labor Credits?

Open the Expense Codes screen. Make sure that for all of your Drilling and Labor Credits the "Accounts to use for posting operator owner expense" is specified. If this is not specified then it will not post. Also, make sure there's an income account chosen for the "Accounts for Posting Operator Vendor Revenue." This will be the account where the system posts your revenue for being the vendor of Drilling and Labor expenses.

Top

After I enter the Code a warning appears: The expense clearing account must be chosen in G/L Preferences before allocating expenses to wells. The book says to tab to the Code field, I don't see that field in this window? How do I choose an expense clearing account? (AM)

When you choose a well and an expense code, the Account field will fill in automatically. The message is appearing because it does not know what account to fill in. You can go to the Edit menu and choose Preferences. You will have to choose an account for your expense clearing account. It will then know which account to fill in.

You will also need to fill in the revenue clearing account if it is blank.

The "Expense Code field" is the field titled "Code." That is the field that you choose with Expense Code to use for the expense. It is shortened so that it fits.

Top

Return to Expense Codes

Return to Everything About Expenses