Release Fixed Expenses

Fixed Expenses represent amounts charged to a well every month. When the expense and amounts are the same, this allows you to easily allocate a large amount of expenses in one step.

Fixed Expenses will first need to be setup on the Fixed Expenses window. Once setup, they can be released with this "Release Fixed Expenses" window.

You can release Fixed Expenses multiple times as long as a different production period is selected. If you release for selected wells, you may need to release multiple times since you will be choosing different wells for each release. You do not want to release multiple times for any well using the same production period. A warning message will appear if you do this.

When released, the expenses are placed on the Well Expenses by Well window and will appear with red text. These are then stored the same as if they were entered directly on that window. You can edit them further on the Well Expenses by Well window after they are released if a one-time adjustment is needed. If a permanent adjustment is needed, it is best to edit the expense on the setup window.

When released, the amounts will debit the Expense Clearing account, and credit the Fixed/Well Exp by Well Payable account as chosen in the QuickBooks Posting preferences.

If needed, you can "Backout Fixed Expenses" from the utilities menu. This will remove all fixed expenses that have been released onto the New Run. If Fixed Expenses were released multiple times for multiple periods, this will remove all occurrences.

Group
Choose the group of wells to release for the fixed expenses.
"All Groups" will release for all wells without a filter. Selecting a group will filter the processing so that only the fixed expenses for the selected group will release.

Period/Year
The production period and year to which the fixed expenses should be allocated.
If you want to release for multiple periods, you will need to repeat this process for each period.

Acct Date
The date to associate with the expenses.
- This will be used for the journal entry that is created.
- This will appear by the expense on owner statements (If you are including the date on the statement).
- This is the date date referenced when applying a cut off date to reports or the run closing.

Process
Choose to release the expenses for All Wells in the group or you can filter to just release for "Selected Wells" by marking that option.

Select Wells To Process
When processing Selected Wells, a new window will appear after you click on the Process button. This will display all of your wells. You will need to choose which wells to release the fixed expenses for by moving them into the right column.

NOTE:
Any wells with a status of Inactive, Sold, and Plugged will not have any fixed expenses released for them regardless of what is setup or selected.