Revenue and JIB Runs

The system breaks the processing for revenue and expenses into runs. A run is a combination of data that is processed together for a specific group. As you enter revenue and expenses, you are working in a New Run, and New Run is what will appear on reports, owner statements, etc. Once you close a run, it is no longer new, and is assigned a run number by the system. Once a run is closed, anything that you enter from that point on will be considered to be in the New Run, and will remain there until another closing has occurred. The run number is set automatically for you by the system, and cannot be changed. If you want to see any past data for a closed run, you can choose that run from the dropdown list on many report screens to show what happened during that run. Data for all past runs is always stored, and can be reviewed at any time.

A common mistake is to get used to running statements for the New Run, and then wondering where the data went after closing. Since it has been closed, it is no longer new, and is in whatever run number the system assigned it. There is no limit to how many runs you can close during a given year. A run is usually closed once a month for each group, but can be closed more often if desired. If all or some of your owners have their revenue and expenses netted together, you will be closing a Revenue Run to process those owners. If you have any Joint Interest Billed owners, meaning that you send them a check for all their revenue and an invoice for all their expenses, those owners will get processed when you close a JIB Run. See the section about the Division of Interests for more information about how to mark an owner as a JIB owner.

Once a run is closed, the data gets stored in the history files for later use. Once closed, the data for a run cannot be changed, unless you re-open that run. A run closing is when all history relating to 1099s gets created, and when owner checks get created (for a revenue closing), or invoices get created (for a JIB closing). When closing, you are given an accounting date to process revenue and/or expenses through. Anything that is in the system with an accounting date on or before that date will get picked up and processed during the closing. Because of this, if you are finding that some items are not getting picked up by a closing, first check the date to make sure it falls on or before the date that was used when closing the run.