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Transfer Unpaid Revenue to New Owner(s) when Making Assignments
July 15, 2022
Have it your way. You know that SSI has a plethora of options to allow you to customize your SSI product.
To transfer or not to transfer ‐ that is the question. Under the heading of…did you know? This has been around for a while but worth honorable mention. SSI has an option in WM02 ‐ Company Maintenance|Revenue ‐ Post Assignments to Unpaid Revenue Y/N (middle right side of screen) to transfer revenue to another owner when assignments are made.
Explain please.
When an assignment is made from one owner to another/others ‐ is there any revenue in RP06, like maybe sitting in suspense or waiting to be paid, that needs to be transferred to the new owner/owners?
SSI has a plan for that.
Most assignments/transfers of ownership are based on an effective date for the ownership change ‐ like a sale. The question is ‐ when the assignment is made, do you want SSI to auto-transfer to the new owners any pending revenue that falls equal to or since that assignment effective date? Revenue Payables transactions for production months equal to or after the sale should generally be paid to the new ownership.
This SSI option takes care of transferring the pending revenue that needs to go to the new owners. All so that you don't have to remember to do something in 2 places.
Now, there are those who prefer the revenue department be in charge of their own destiny. And that's ok. As long as the division orders department makes the assignment and tells the revenue department what and when to transfer the revenue, all is well. But! If you want to cut that step out of the mix, or don't want to take a chance on forgetting the revenue part, set your revenue to auto-transfer when the assignment is made.
It is go-forward. If you elect to implement and flip the flag today, then make an assignment tomorrow ‐ any applicable revenue entries in RP06 will follow the assignment protocol, and will assign revenue transactions to the new owner(s) based on the effective date of the assignment.
WM03 ‐ Assignments - Dead guy option? Works for that too. In that instance, ALL revenue in RP06 will transfer to the new ownership.
Oh! And here's something else really cool!
What about the unique scenario where you do not want the revenue to transfer? We have a plan for that as well. In WM03 ‐ Assignments - when you're making your assignment, there's a box waaaay down in the lower left corner of the dialog screen ‐ Do Not Assign Revenue Payables. Guess what that's for? Yep…the exception to the rule.
The default is unselected ‐ so click it only for the exceptions to the Transfer Revenue rule.
Wow! Talk about having it your way? SSI Oil and Gas Accounting Software has everything you need to make your job easier, faster and without boo-boos.
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