Since most of us will use Quick Start, let’s touch base on a couple of company settings. On the Check Stub Company Maintenance > General tab, identify the default Journals and Clearing Account that will be used.

General Tab
Property Sub-Table for Rev/Bill	The Sub-Table used to define all of the properties (leases) in the G/L. Defaults to Sub-Table 50 in a newly created company.
Property Sub-Table for Company	The Sub-Table used to define our properties (leases) in the G/L. Defaults to Sub-Table 50. Normally the same Sub-Table as defined above (Rev/Bill). It is typically the same Sub-Table in the G/L for the properties you operate (disburse and bill) and the properties your company has a share in.
Default Deposit Journal	The deposit journal number assigned when making deposits through Check Stub entry. (The system defaults to Journal 11).
Clearing Account	Defines the Account and Sub-Account for Purchaser Clearing or Cash when adding a deposit. It can be overridden at the data entry point. *Pak Accounting’s recommended option is to use a “Purchaser Clearing Account.”**
General Tab - Property Master Options
Sub-Table for Operators	Adds the ability to summarize certain financial reports (Income Statements & Trend Reports) for your Properties by Operator. Each Operator is then added to the Sub-Account Maintenance screen. You then assign an Operator to each Property in the Property Master.
Sub-Table for Acquisition #	Adds the ability to summarize certain financial reports (Income Statements & Trend Reports) for your Properties by Acquisition group. Each Acquisition is then added to the Sub-Account Maintenance screen. You then assign an Acquisition number to each Property in the Property Master.
Show Wells Tab	Designed for Well Inventory. Check to see the Wells Tab on the Property Master. This tab is informational only.

Send to G/L Tab The Check Stub module has the option to create entries via cash or accrual basis (based on production date). This option is set here on the “Send to GL” tab.
Cash or Accrual Basis	If the company is on an accrual basis, the income will be recorded in the production month and the cash deposit will be recorded in the month you receive it. The cash basis option records the revenue on the same date as the deposit. This option only applies to entries recorded directly to the General Ledger as defined in the Division Order Maintenance screens. If the entries are sent to the Revenue Disbursement System you must define the Cash or Accrual Option in the Investor Entry Maintenance option, Revenue Tab. Also see: Accounting Concepts - Accruals vs Cash Basis.
Purchaser Receivable Acct/Sub-Acct	A necessary field only if you are on an accrual basis. This is normally a Purchaser Receivable account located in the current asset section of your balance sheet. The entries will wash through this account over time. When entering the Sub-Account, We recommend using “*PURCH” for the Sub-Account so that the offset entries created are by purchaser (Sub-Accounts).
100% Cost Journal	Rarely Used, Journal used for 100% costs.

Send to G/L Tab
The Check Stub module has the option to create entries via cash or accrual basis (based on production date). This option is set here on the “Send to GL” tab.

Cash or Accrual Basis

If the company is on an accrual basis, the income will be recorded in the production month and the cash deposit will be recorded in the month you receive it. The cash basis option records the revenue on the same date as the deposit. This option only applies to entries recorded directly to the General Ledger as defined in the Division Order Maintenance screens. If the entries are sent to the Revenue Disbursement System you must define the Cash or Accrual Option in the Investor Entry Maintenance option, Revenue Tab.

Also see: Accounting Concepts - Accruals vs Cash Basis.

Purchaser Receivable Acct/Sub-Acct

A necessary field only if you are on an accrual basis. This is normally a Purchaser Receivable account located in the current asset section of your balance sheet. The entries will wash through this account over time. When entering the Sub-Account, We recommend using “*PURCH” for the Sub-Account so that the offset entries created are by purchaser (Sub-Accounts).

100% Cost Journal

Rarely Used, Journal used for 100% costs.

Send to Revenue/Billing Tab

The accounts set up here will help the system with entries that must go into the Rev/Bill module. These accounts are typically already set if using the QuickStart feature.

Revenue Interface
Rev Deleted Interest Clearing Acct	Account which represents revenue paid by outside entities. Used by check stub to account for difference between 100% and actual received. Your Property (Lease) Sub-Table must be defined for this account in your Chart of Accounts (F11). A recommended account description would be “Revenue Paid By Others”.
Allow Additional Company Costs	Set to “Yes” by a check mark if one or both of the following situations apply: a)You will need to manually add additional costs to the revenue disbursed. An example would be adding company compression costs to a gas distribution (i.e. it is not on the purchaser check received by you). b)You have outside operated properties and you require those costs to be billed via Joint Interest Billing because you have partners in those properties. Quite often these costs are netted against the income received.
Hundred Percent Options [ Required if (a) you are disbursing your entries in the Revenue system or (b) you are sending entries to the General Ledger and desire 8/8ths information recorded in your books. ]
100% Revenue Offset Account & Sub-Account	Account and Sub-Account where the offsetting entry for the 8/8ths amounts is recorded. Typically the last General Ledger account in your 100% Revenue account range. We recommend using “*LEASE” for the Sub-Account so that the offset entries created are by property (Sub-Accounts).
100% Royalty Cutback Offset Account & Sub-Account	Account and Sub-Account where the offsetting entry for the Royalty Cutback amounts is recorded. We recommend using “*LEASE” for the Sub-Account so that the offset entries created are by property (Sub-Accounts).
100% Journal	If you are sending entries to the General Ledger and desire 8/8ths information recorded in your books, system will use this Journal number for the 8/8ths entries.

Also See:

Electronic Import (CDEX) and Advanced Tabs

Check Stub for setup steps.