Close a Revenue Run

Close a Revenue Run is used to mark a clean cut-off for income and expenses. View the Closing a Revenue Run topic to see more information on what takes place when closing a revenue run.

NOTE: If you find that you need to make some changes to the run that you just closed, and you have not printed the owner checks, choose Open A Closed Revenue Run from the Utilities menu. This will let you reverse the close process for the given run. You can then make the changes needed and close the run again.

Run Year
Enter the run year that will be closed.

Run No.
This is the run that is currently being closed. The system will automatically generate this number for you. This number is not tied to the month in any way. You can close an unlimited number of runs each year.

Check/Posting Date
Enter the date that should appear on the checks and statements and will be used for tax reporting purposes. This is also the date that will be used for posting entries to QuickBooks.

Accounting Date to Use for Processing
Only revenue and expenses in the currently open run (New Run) with an accounting date on or before the given date will be processed during the run closing. When you run reports for a New Run, you are asked for an accounting date. This is the cut-off date for the report, and the report will only pick up revenue/expenses through that date. If you want your closing to match the reports you ran when the run was still open, make sure the date entered here is the same date that was entered when running reports. That way, both your preliminary reports and the closing will be sure to pick up the same range of revenue and expenses. If a revenue run is closed and appears to be missing some revenue or expenses, the first thing to check is to make sure the date on the entry was on or before the closing cut-off date specified here.

Group
Select the group of wells that you wish to close.

Processing Options

Backup Data Files Before Processing
If left chosen, your data files will be copied, in compressed format, to a sub-directory under the data file path with the name format of BkYYYYRR. Where YYYY is the run year and RR is the run number being closed. The automatic backups will be saved in the backup folder within the company's data folder. Revenue run backups will be named starting with "BKR." If unchecked, the back up is skipped. Doing a backup each run is HIGHLY recommended for any needed disaster recovery.

Process Flat-Rate Owners
Check this option if Flat-Rate Owners should be processed during this run closing. Flat-Rate Owners are specified in the Division of Interest screen.

Release All Minimums from Suspense
Check this option if you wish to release all suspense held due to being under check minimum amount. Generally minimums are released at the end of the year, so that the held minimum suspense is paid out instead of carried forward to the next year. Minimum suspense is money that is held because it does not reach the check minimum amount specified in the Check Printing Preferences or the Owner Information screen.

Process Quarterly Wells
This box will be automatically checked if a group is chosen that has quarterly wells. If you don't want to process quarterly wells, uncheck it.

Reporting Options

When you close a revenue run, you can select which reports you'd like to show up with the summary including: the Suspense Activity Detail Report, Check Register Report, Closing by Well Exception Report and Unallocated Rev/Exp Report. If you don't want certain reports to appear after the run closes you can unmark them here.

Process
Begins the process of closing the run. You will be asked to confirm your request to close the run. If you wish to continue, choose Yes. If you don't wish to continue, choose No and the closing process will be stopped.