Enter Beginning Balances

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Enter Beginning Balances

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Enter Beginning Balances

1.  Enter Balance Forward from Previous Accounting System for Assets, Liabilities and Retained Earnings.

Normally this only consists of entering a balance forward debit or credit for Assets, Liabilities and Retained Earnings.  Check with your accountant to verify. Enter these values using the Enter a Journal Entry.  After all entries to cash, A/R,A/P, etc.  the Credit would be to 25300 Retained Earnings.

For example:

       Debit A/R balance forward      for 50,000

       Credit A/P balance forward     for 25,000

         Debit Cash balance forward    for 100,000

         Credit 25300 balance forward  for 125,000  (Retained Earnings)


Your transaction dates for the beginning balances can be put in your current year or a prior year.  All journal entries must balance to zero. Print the Trial Balance or Transaction Listing to verify accuracy and that the total is zero.



2.  Add Accounts Receivable Outstanding Invoices

Go to Accounts Receivable and Add all outstanding A/R invoices.

 Put your corresponding company number, owner number, and unit number.

  Invoice Number: Can be anything you choose.  Note: A "C" at the end of the invoice number will make it a credit invoice.

  Invoice Date: Should be the date the invoice was originally generated.

  Transaction Date: Can be a date within the current year you are setting up unless you want to setup beginning balances with the prior year.

  G/L Number: Should be 11300 (Accounts Receivable).  This is the only time you will post it against this account, because you don't want this amount to  

 double in your Trial Balance.

  DOI Status: This should be a DOI status level where everyone has 0% in the DOI File so the invoices will not be distributed to other owners.

  Amount: The remaining balance due of the invoice.  These balances will not show as individual line items on your operating statements.  They will only

 show in the summary block on the operating statements as 1 line item of "Prior Balances".


NOTE: Do not enter minimum check, suspense or prepay balances here.



3.  Add Accounts Payable Outstanding Invoices

Go to Accounts Payable and Add all outstanding A/P invoices.  

Put in your corresponding company number and vendor number.

Single, Master or All: Determines how the invoice will be divided among wells.

Invoice Type: Service, Rental or Blank. Only the Service or Rental invoices will be tracked for 1099 purposes. If you are going to print 1099’s for this vendor make sure to code the invoices correctly or their 1099’s will be incorrect at the end of the year.

Invoice Number: Can be anything you want. NOTE: a  "C" at the end will make it a credit invoice.

Invoice Date: Should be the date the invoice was originally generated.

Transaction Date: Can be a date within the current year you are setting up unless you want to setup beginning balances with the prior year.

G/L Number: Should be 21000 (Accounts Payable). This is the only time you will post it against this account, because you don't want this amount to double in your Trial Balance.

Unit Number: Put in the unit number that the bill was originally charged to.

DOI Status: This should be a DOI status level that everyone has 0% in the DOI File so the invoices will not be billed again on the next operating statement.

Amount: The remaining balance due of the invoice.


To see transactions you have just entered into the steps above you can print a Transaction Listing and the A/R and A/P listings.  The Transaction Listing can be printed by selecting from your Quick Menu Transactions - Transaction Listing - enter in your Filter then click on Get Data.  Once your information is on your screen you can then click on the Print button.  The A/R listings are in Accounts Receivable Posting Register. The A/P listings can be found in Accounts Payable Posting Register.


Finished. You are ready to begin current month processing for Normal accounting cycle. 


You can now enter your transactions for the current period and begin normal monthly processing.

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