Setup your Master Files
Follow these steps to set up your own master files under File Maintenance:
1. Change Company 01 & 00 to your Own Company Name
Use Edit the Company Headings File and Change Company 01 to your Own Company. Enter your Own Company Name, Address, and other values. Use
Company 00 is the Consolidated Company. You need to change it to your company’s name and address. You will need to know your Company’s address, Federal ID & the Fiscal Year End date.
2. Add your Owners and Customers
Use Edit the Owner/Customer File and Add your Own Owners, address, NetOuts, minimum check amounts and tax withholdings. (Owners can be alpha or numeric)
3. Add your Vendors
Use Edit the Vendor File and Add your Own Vendor numbers, address, tax withholding and federal backup withholding. (Vendor numbers can be alpha or numeric). Put the vendors accumulated 1099 values for the current year in the corresponding boxes under the 'View/Adjust 1099 Value' button. These boxes are named: YTD 1099 Amounts for Service and Rental.
4. Add your Units/Wells
Use Edit the Unit/Well File and Add your own unit numbers, names, locations, states, budgeted amounts, and Working Interest percents. (Unit, Master, Lease and Prospect numbers can be alpha or numeric).
Setup your master unit, lease and prospect numbers if applicable.
5. Add your Division of Interest for each Well
Use Edit the Division of Interest File and Add each owner on each unit. Specify their company interest, suspense, NetOuts, owner type and share of ownership per unit.
Setup status percentages for each owner on each unit.
Setup multiple statuses for different percents of ownership on oil, gas etc.
Each status line used must add up to 100%. You may print a DOI report to verify.
Put the owners accumulated 1099 values for the current year under the 'View/Adjust 1099 values' in the corresponding boxes.
6. Perfect the Sample Data Company Chart of Accounts for Your Own Company
Print the Chart of Accounts from the Sample Data that was copied into your Data Directory. Use that as a guide and perfect the Chart of Accounts for your own company. Pay special attention to G/L #'s 3xxxx, 5xxxx, 71xxx-75xxx as these G/L numbers will be copied from the Company to each Well Chart of accounts, in the next step. Use the Edit Company Chart of Accounts and Add and Edit G/L numbers to perfect for your own company. Change descriptions on any existing G/L numbers, etc...
Note: By editing the Company Chart of Accounts description boxes for G/L #'s 3xxxx, 5xxxx, 71xxx-75xxx, Derek will prompt you (after you hit save) to also make the change effective in the Unit Chart of Accounts. At that point it is a good idea to say 'Yes', even though you don't have a Unit Chart of Accounts yet - normally you would.
7. Copy Company Chart of Accounts to your Units Chart of Accounts
Above we made a good Company Chart of Accounts. Copy that to each Unit, using the Quick Copy Tool to Copy the Company Chart of Accounts to each Unit for your Unit Chart of Accounts on each well.
8. Add your Employees
Edit the Employee File and Assign employee numbers and setup personal information including deductions, salary and pay periods. (Employee numbers can be alpha or numeric.) You have the option under Setup Option, Payroll Features to show payroll transactions on Financial reports.
Finished with Master Files!
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