Close a JIB Run

Closing a JIB run is used to mark a clean cut-off for joint interest billing expenses. When Close a JIB Run is chosen, the following things take place:

Expenses are totaled and allocated to each owner that has a JIB interest in a well that is in the well group being processed.
Joint interest billing statements are created and posted to the JIB Receivable account in QuickBooks.

NOTE: If you find that you need to make some changes to the run that you just closed, and you have not printed the JIB statements, choose Open a Closed JIB 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.

No JIB Interests?:
If you do not have any JIB Interests then you do not need to close a JIB run. A JIB Interest is a record on the division of interest window with the "JIB Int" option marked. If you try to close a JIB Run and do not have any JIB Interests setup a message will appear saying that you can't close because you don't have any JIB Interests.
If you are using the "JIB Only" option for an expense code then you may need to close a JIB Run even though you don't have any JIB Interests. In order to do this you will have to create a JIB Interest in at least one well in order to bypass the message that says you don't have any JIB Interests. If you don't want a JIB Interest then you can create a dummy owner and assign an interest to him with zero percent and the JIB Int option marked. That will not affect the processing but will allow you to bypass the message.

Run Year
Enter the run year that will be closed.

Run No.
This is the run number being closed. This is automatically generated and cannot be changed. This number is not tied to the month in any way. You can close an unlimited number of runs each year.

Invoice /Posting Date
Enter the date that should appear on the joint interest billing statements. This date will also be used for tax reporting purposes.

Accounting Date To Use For Processing
Only expenses in the currently open run (New Run) with an accounting date on or before this date will be processed during closing. When you run reports for an open run, you are asked for an accounting date. This is the cut-off date for the report, and the report will only pick up 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 expenses. If a JIB run is closed, and appears to be missing some 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.

Well Group
Enter the group ID for the group you wish to process.

Next JIB Invoice Number
This is the next invoice number to be used when the invoices are created. The system automatically tracks the invoices created and increments this number.

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 "BKJ." If unchecked, the back up is skipped. Doing a backup each run is HIGHLY recommended for any needed disaster recovery.

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.