Month End

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1 Check out our Thirty-Minute Thursdays Qbyte Financial Month End Video.
2 Overhead and Allocations
3 Month End Gross to Net cutback cycle
4 Month End Step by Step Procedures

Check out our Thirty-Minute Thursdays Qbyte Financial Month End Video.

VIDEO	DESCRIPTION	PRESENTATION

VIDEO	DESCRIPTION	PRESENTATION
Thirty-Minute Thursdays - Qbyte Financial Month End	A discussion of month end processes and how to resolve some common month end issues.	Download the Presentation

Overhead and Allocations

The joint interest billing process takes the overhead calculation and allocations percentages and uses this information to bill partners their share. The overhead and allocation controls must be set up at the beginning of the period.

Month End Gross to Net cutback cycle

The Month End Procedures Summary page provides the order in which processes are run to complete a month end cycle for Joint Interest billing.

Month End Step by Step Procedures

When running month end, begin by rolling forward the default accounting month.
Query for any unposted vouchers remaining for the month in Qbyte Financial. Ensure all vouchers are posted.
Run the Month End Analysis report in Qbyte Optix

Run the Generate Allocation JIBU087 process if Allocation Controls have been set up. Post the allocation voucher.
Validate DOI Distributions JIBU050 and Distribute to DOI Partners JIBU018. This is run before Overheads to pick up DB/NB entries.
Review overhead and run the Generate Overhead JIBU077 process for both capital overhead and operating overhead. Post the overhead vouchers.

Validate DOI Distributions JIBU050 and Distribute to DOI Partners JIBU018 after Overhead is run.
Generate JIB vouchers JIBU024 and post the entry created.
When entries are posted run a Trial Balance to confirm all gross accounts have been cleared to $0.00.

If GST is set up Generate GST Recovery JIBU066.
Generate JIB Invoices JIBU026and post the JIBU026 voucher. It is recommended that companies run the Generate JIB Invoices process only once per month for each organization.

Final step in the billing cycle is to upload statements to JIBLink (if you are registered to use JIBLink) or print and mail statements.

Before closing the month restate the balance sheet, close the accounting period and update the reporting hierarchies.
Confirm the subledger to general ledger balances.

At year end, after month end processes completed, the net operating accounts can be cleared to zero.

It is recommended that the Fixed Asset processes (Work in Progress Transfer, Depletion and Depreciation) be run monthly after month-end. This lessens any work to be done at year end and also allows companies to determine assets’ Net Book Value (NBV) readily for any divestitures and acquisitions.