WHY CAN’T I ENTER BEGINNING BALANCES INTO THE COMPANY CHART OF ACCOUNTS FILE?
Because there should be a debit and credit for every entry. Enter balances into the Transaction file.
WHY DO I NEED TO USE THE GENERAL LEDGER IF I ONLY USE DEREK FOR JIB’S AND REVENUE DISTRIBUTION?
Both of those operations depend on the coding of GL numbers to determine what is revenue and what is an expense. You couldn’t disburse revenue and expenses and update Operating Statements without the General Ledger.
CAN I USE THE DEDUCTION FIELDS IN THE EMPLOYEE FILE FOR PRETAX DEDUCTIONS?
No, the deductions in the employee file are deductions taken out after taxes every pay period. You will need to go to File, Setup Options, and then Payroll Features and put a check mark in the ‘Use Pretax Deduction’ field. In the Employee File you can now use the Pretax Deduction field.
HOW OFTEN SHOULD I RE-INDEX FILES AND WHY?
You should re-index files every time you restore data, move data around, backup data, or copy data to put everything back in record order. Re-indexing arranges DBF files in record order and keeps CDX files indexed properly. You cannot re-index too often, in other words if in doubt it won't hurt to Index the files.
ADVANCED ACCOUNTING TIPS & TRICKS
For expert advice on accounting you should contact your accountant, not RSI. However, here are some suggestions and possible methods for handling more advanced situations. Consult your Accountant for definitive accounting advice.
Capitalize an Expense for a Company
Question: I have and expense that was billed out to my investors, however, when printing my Company P & L statement it shows my company's portion as an expense. This is an expense that we are to Capitalize. How can I use Derek to Capitalize company expenses? i.e. My company uses our equipment to drill the well.
Answer: Use your Operating Statements for the company to get your share of the expense. Next you will need to create a new Asset account in the Company Chart of Accounts. Now you can make the proper Journal Entry through the Add GL Transaction. C-Expense GL, D-New Asset GL for your share of expenses. Do not specify a Unit because this will make your Unit P & L wrong.
Cash Call for a Lease Acquisition
Question: My company collected money from our investors to pay for land acquired that will eventually be drilled. We have not yet started the drilling process by my investors want a receipt to show their CPA as Capitalization during tax time. How can I provide this information?
Answer: You will need to create a new Asset account in the Company Chart of Accounts for each investor. In the Transaction File you can D-Their New Asset Account, C-GL of your choice. When it is time to use the money for drilling expenses then create a Journal Entry in Transaction File to C-Their Asset Account and D-Billable Expense.
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