Add G/L Recurrent Transaction

Add General Ledger Recurrent Transaction

This routine is used for Transactions (Journal Entries) that Repeat every month. An example is a company charge that is to be billed to Investors every month for something like Administrative Costs of Wells. If they are not Recurrent Each Month use the normal Add G/L Transaction routine - the process is the same.

Recurrent Transactions are stored separately from the regular Transaction Listing, where all other entries appear as they are entered. Recurrent Transactions need to be Appended each month to the Transaction File (prior to Operating Statement run) which then adds them to Operating Statements.

TUTORIAL SCENARIO

Let's assume that every month, we charge our Investors $100 for Administrative Charges for some Well #1. This charge arises every month. To keep from having to enter it every month, we will enter it once in this routine. Then, when we are ready to run Operating Statements each month,we will Append All of the Recurrent Transactions into the Transaction File. This procedure lets us enter charges like this, and then only once a month, we Append all these charges in order to have them billed out on Operating Statements.

We will add a $100 monthly recurrent charge for Well 10000. This charge will then be appended each month, and billed to the Investors when Operating Statements are printed.

We will Debit Administrative Charges to Wells (GL Number 74175)

We will Credit Administrative Income (GL Number 40010)

Note: These charges are expenses to the Investors but are Income to your company.

ADD G/L RECURRENT TRANSACTIONS FOR A COMPANY CHARGE TO BE BILLED TO INVESTORS:

From the Quick Menu, select Transactions, then Add G/L Recurrent Transaction

Enter the Debit then click "Add Item" button. Complete the entry for the Credit to Sales then click "Add Item" button. Click "Save & Close".

*You are finished entering a Company Charge for Investors into the Recurrent Transaction file*

Note on Source Type and Number: If the Source Type is "V" for Vendor and you enter a Vendor Number, the Vendors Name is printed on the Operating Statements.

Note: Some operators like to have their Company Name printed as additional description for the transaction to the Investors. For example, if you entered your Company name in the Vendor file for Vendor Number "99999" you could have your company name printed automatically on the Operating Statements by entering "V" for Source Type and "99999" for Source Number.

Recurrent Transactions are stored separately from the daily transaction listing. To add them to the Transaction File, and thus have them billed out on Operating Statements, you must Append Recurrent Transactions. Help with Appending Recurrent Transactions is located under the Transactions section.

To see a listing of Recurrent Transactions:

Select Transactions - Edit/Append G/L Recurrent Transactions - Enter in your Company number and select the Get Data button. Once the entries pull up you can click on your Print or View button to see your report.