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REVENUE CORRECTIONS

 

This utility will enable you to quickly and easily identify the revenue entries that need to be "corrected."  It does this with a pair of wizard type screens that first allows you to narrow the search to the property and production dates or paid dates, and then limit the correction to specific entries.

 

 

There are two types of Revenue Corrections:

1.By Property

2.By Owner

 

The property level correction consists of two actions. The first action uses revenue check history to review the original distribution. This means the system is looking at the amount originally paid to the owner based on the DOI at the time the original cycle was run. (The system does not look at the current DOI at this point of the correction.)  Based on the revenue check history, the system then makes reversing suspense entries. So, the amount originally paid to the owners is placed into suspense until the next revenue cycle is run that includes the property being corrected. With the reversing suspense entries, the system also creates reversing 100% numbers that have paid dates. The next action performed is to create new 100% numbers that will be based on the criteria chosen during this correction. These new 100% entries will be disbursed on the next revenue cycle run that includes the property and will use the current DOI.

The owner level correction consists of two actions. The first action uses revenue check history to review the original distribution. This means the system is looking at the amount paid to the original owner(s) and makes reversing suspense entries for that owner(s). The next action will create suspense entries for the new owner(s) based on the selections chosen. The entries created during this correction will be held in suspense until the next revenue cycle is run that includes the owner(s).

 

 

Some of the reasons to use the Property level correction:

1.Check Stub posted to the wrong property.

2.DOI was set up with wrong Percentages and paid out one or more months.

3.Severance Tax was not withheld on Property.

4.Severance Tax Code was set up incorrectly.

 

Some of the reasons to use the Owner level correction:

1.An owner sold their share and the DOI was not changed before prior revenue cycles.

2.Wrong owners on the DOI's involve only some owners not all owners.