Well Program/Partnership

Programs are entities, such as partnerships, joint ventures, etc. that are set up to invest in wells. Programs can be set up using this screen. A Program can also be created for a project that you wish to have subtotaled together on the Owner Distribution Statement.

The 1065 & K-1 Module is an optional module which can be added to your software program. This module uses the Well Program/Partnership screen to determine the preferences for the individual partnership being disbursed. If you do not have this module, it is not necessary to enter the "Partnership" information, only create a Program to use for grouping interests within various wells. If you are interested in purchasing this optional module, please contact SherWare, Inc.

Program Code
The 1-10 digit code that was assigned to this program.

Program Name
The name of the program. The name can be up to 40 characters in length.

Address
The address for the program entity.

City, State, Zip
The city, state and zip code for the program entity.

Program Structure
The type of entity the program consists of. This is for your reference.

Tax ID
Enter the tax identification for the entity. This is used for the Form 1065 and K1 option.

Accounting Method
Choose the type of accounting method the entity uses. This is used for the Form 1065 and K1 option. This option will not affect the way anything posts to the G/L.

Start Date
Enter the entity starting date. This is used for the Form 1065 and K1 option.

Expense Account
Enter the Expense Account to use for Partnership Distributions.

Program Members Receive 1099s
Check this box if the owners of this program should receive 1099s for the income that comes from this program.

Net Deficits With Income Outside of Program
Check this box if deficits from wells within this program should be able to net against an owner's income from wells outside of the program. Keep in mind that a similar option is located on the well group definitions window. The setting on the program window will override the setting for the group.
Deficits for wells within a program will only net with income from other wells within the same program if the option is not marked.
Option Marked - Any balances from wells within this program will net with an owner's income from wells outside of the program.
Option UnMarked - The balances within the program will stand on their own. Any deficits from the program will only be able to be covered by income within the same program or if a payment is received.

Notes
Free form notes relating to the program.

Partners Tab

Add an Owner to the Program
Click on this button to add an owner to this program. You can then enter and modify any information for this owner in the grid below.

Delete Owner
Removes the selected owner from the program.

Pct Totals
The total Percentage held by all of the owners in the Program that have already been set up. This is automatically calculated and should equal 100% once all of your owners are added to the Program.

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