Post Revenue Run to QuickBooks

Posting the revenue run to QuickBooks is the last step in the distribution process. This takes all of the information that processed in SherWare and adds it to QuickBooks. If you have multiple runs that have not posted then you will need to post the oldest run first.

Before Posting:
All owner and vendor checks must be printed before you will be able to post the run to QuickBooks. It is also a good idea to have completed any post closing audits that you may do internally to validate the data entry prior to closing.

What is Posting:
Revenue/Expense Clearing accounts - The clearing accounts store the balance of all unprocessed revenue and expenses that have been entered. The run closing is allocating these amounts out to the owners on checks therefore will be clearing these accounts out. The balance of both clearing accounts should be zero after the run is posted as long as all revenue and expenses were processed on the run closing. If some amounts are left in the allocation file or fell after the cutoff date then those amounts would still be left in the clearing accounts.
Checks - Any owner that earned a check will have a check created when the run is closed. Each check will have a check number since they have already been printed. The posting will add the check and check number to QuickBooks so that it will also have record of what was paid.
Suspense - If an owner did not receive a check then the amount allocated to them will be posted to either the legal or deficit suspense account.
Owner Posting - If an owner represents the operating company and is setup as a posted owner on the owner information window then any amounts allocated to this owner will post to either an income or expense account.
Vendor Posting - If a vendor represents the operating ncompany, is setup with the "POST" terms in QuickBooks and had expenses entered on the Well Expenses By Well, Fixed Expenses, or Allocate Operator Charged Expenses Evenly windows then the income for this vendor will post to an income account.
Other calculations - Any other calculations like taxes or compression and gathering that are calculated when the run is closed will also post when the run is posted.

Warning Message:
"The owner/vendor checks from this run have not all been printed. The run cannot be posted to QB." - If you receive this message it means that you have some checks that were created during the run closing that have not been printed yet. You will have to print the checks before you will be able to post it to QuickBooks. Go to the tasks menu and select Check Processing then Print Checks. Print any checks created from the run you are trying to post. If you do not initially see any checks to print then try looking under each bank account. Click on the vendor checks option for each account as well as any other options it gives you until you find the check that needs printed.

Remove a Revenue Run:
You can remove the posting from QuickBooks if needed. The utility to do this is found under the utilities menu. The run can be posted and then removed as many times as you need without hurting anything. When the run is removed it will remove everything from QuickBooks except the checks that were posted. These checks will be zeroed out, but you will see them. The more times you remove the revenue run the more voided checks will be sitting in your check register.