Revenue Payables. Production-Date-Sensitive Distribution of Revenue. Easier processing of Revenue Adjustments using previous DOI s.

Transcription

1 Revenue Payables Revenue Payables Mdule Seamlessly Interfaces With: General Ledger Prductin Reprting Mdule (Optinal) T Prvide: Real-Time Prfitability Analysis by aligning Run-Mnth Revenues with Run-Mnth Expenses. Verifies Grss Prductin Vlumes and Sales frm Revenue Payables/Receipts against Grss Prductin frm Prductin Reprting (frm Purchaser Run Statements) Chain Of Title System (Standard Functin) That Allws: Prductin-Date-Sensitive Distributin f Revenue. Easier prcessing f Revenue Adjustments using previus DOI s. Gas Market Grups Mdule (Optinal Mdule) t Facilitate: Revenue Distributin based n Nn-Dedicated, Multiple Cntracts. Revenue Distributin t accmmdate Split Stream Cnnectins. Revenue Entry at Cntract Level prvides Price Audit. Autmatic Inflatin f Net Revenue Wrking Interests, based n cntributin t Gas Cntract. Validatin f Ttal Wrking Interest Burden against all Ryalty and Override Interests t assure Disbursement Accuracy Gas Sales Balancing Mdule (Optinal Mdule). Land Management Mdule (Optinal Mdule) (fr Ryal Owner DOI s). Revenue Audit Mdule (Optinal Mdule) T Prvide: Audit f Cmpany s Net Revenue Receipts against Cmpany s Mnth Divisin f Interest (stred mnthly) times Grss Prductin Numbers frm Prductin Reprting t detect variance and pssible underpayment. 45

2 Accunts Receivable System (Terms/Addresses/Netting). Oil and Gas File and Standards Maintenance System. Cmplete Reprting System Accmmdates: Histrical Retentin f Grss Receipts Data and Disbursements Date (by C-Owner/Well) fr Inquiries and Audits. Many reprts which can be subttaled by Purchaser Check and ttaled by Purchaser t Validate and audit Purchaser Year-End Infrmatin. Autmatic Inter-cmpany Psting f Revenue (and JIB) Transactins t Subsidiary Cmpanies r Financial Entities (General Ledger). Fiscal Perid Adjustment which allws different Fiscal Year Perids. Multi-Tiered Distributin f Well Incmes and Expenses frm ne entity t anther which saves thusands f Annual Accunting Entries while permitting Autmatic Pay-Out Tracking (t the penny) as well as All Well Operating Reprts t Functin fr Subsidiary Entities. Revenue Accrual Utilities t allw Uplad f Accrual Transactins frm ASCII File (e.g. spreadsheet wrk-up) and Psting/Aut Reversal. Oil and Gas C-Owner Maintenance System That Can Be Accessed Via The Revenue Payables Mdule Facilitates: Alpha, Numeric r Alphanumeric C-Owner Numbers. Ecnmy f disk space and prcessing efficiency by interfacing t Accunts Receivable fr access t mailing and credit infrmatin. AFE Depsit, Inviced Amunt and remaining AFE Balance Maintenance by C-Owner/by Well and Prductin Tax Exemptin Status by C-Owner/by-Well. Other Deductins Exemptin Status by C-Owner/by-Well which allws Selective Applicatin f Deductins such as Cmpressin Charges. Optinal Classificatin t Net Revenue Payables against Accunts Receivable by C-Owner/by- Well r by C-Owner/fr All Wells. Fur Unique Net Revenue Percentages fr Oil Revenue Payable by C-Owner/by-Well fr WI, Ry, ORRI and Prductin Payment. Perusal by Well, Listing n Screen all C-Owners in Well with Expense and Revenue Percentages. Perusal by C-Owner listing n screen all Wells fr C-Owner in summary r detail. Unique User-Defined Cdes fr the Permanent Suspense f any f the Eight Net Revenue Interest Percentages. Gas Deducts cntrlling hw gas deducts are allcated based n NRI, exempt, allcated, based n JIB, calculated and withheld based n Sale Value, MCF Vlume r MMBTU Vlume. Gas Seller Grup facilitating Gas Balancing Reprts t be cnslidated by Seller Grup Net Revenue by Well r Accunt Indicatr. Prductin Tax Exemptin Status. Other Revenue Deducts Exemptin Status. Nn-Cnsent Indicatr allwing fr Nn-Cnsent Tracking by investr. Utility t assign Distributin Status, Netting Status, Suspense Status glbally by Well, glbally by C-Owner r by Well/C-Owner. Utility t assign ne wnership up t ten new wnerships (ten at a time). This, in turn, allws the system t Pr-Rate all Suspended Revenues and Re-Pst t the new wnerships. Archival f Well Ownership Tables prir t Interest Assignments which then assures the Prper Chain-f-Title Infrmatin is maintained. Archival Feature Allws: 46

3 Archival f Selected Owners r Entire Prperty with Date Assciatin. Retrieval f Archived Entries fr current DOI Use which can be perfrmed By Well/By Date f Archival r By Investr/By Well/By Date f Archival. Perusal Inquiry f Archived Well/Date r by Owner/Well/Date. Optinal Autmatic Update f Well Master Accuntable Percentages based upn changes made t the Well Ownership Files. This assures Table Accuracy and eliminates duplicate entry when changes are made. Revenue-Assciated Tax Table Maintenance (WM01) Creates System fr Percentage-Based Calculatin f Revenue Taxes with the fllwing ptins: Chice f Prductin, Excise, Minimum cnservatin, Ad Valrem (Cunty), Cnservatin and Envirnmental Categries as well as up t three ther User-Defined. Unlimited Number f Cunties (r Unique Tables) can be assciated with each State. A Unique Table can be assciated with bth Oil Sales and Gas Sales Each Unique Table can be assciated with a Prductin Mnth and Year t facilitate management f past/future Tax Rate Adjustments. Each f the Nine Tax Categries Per Table can be set fr Calculatin based upn Inclusin r Exclusin f Deductins as well as set fr $$ Revenue-Based r Vlume-Based Cmputatin. Minimum Cnservatin Tax Percentage can be assciated with a minimum Sale Price Amunt. Taxes are summarized n check stubs t cnserve space but maybe printed in detail n the Optinal Stck Tab Vucher Reprt. Revenue Crss Reference File System: Facilitates Revenue Entry and Well Lk-Up using the Purchaser s Lease, Reference r Cntract Numbers. Eliminates time cnsuming cding f check vuchers. Displays Purchaser Name at time f input fr greater accuracy. Allws cncept f Purchaser Crss-Reference-Number-Assciated Entry f Revenue t be ptinally Expanded t Cntract Assciated Revenue Entry s User can Better Manage: Net Gas Sales Receipts based upn Inflated Decimal Interests. Distributin (via Gas Cntracts Mdule) f Gas Sales Receipts based upn Inflated Decimal Interests. Cntract Pricing via Unit Price Field. Cntract Start and Expiratin Dates/Expiratin Indicatr. Special Terms and Cnditins via Free Frm Cmmentary Fields. Revenue Entry Issues via Special Message fields that prmpt peratr during Revenue Receipts Entry. 47

4 Allws State/Cunty Tax Categries established in OG01 t be assigned in a custmized manner t each Cntract/Crss-Reference Number. Prvides Bridge t the Management f Gas Cntracts by tying the same Crss-Reference Number t Identical Number in the SSI Gas Cntracts System (Optinal Mdule fr distributin Based upn Multiple, Nn-Dedicated Gas Cntracts). Prvides Exceptin Audit f Purchaser Payments when nt received within User-Specified Time Windws. Maintains extensive Purchaser Data Base System that includes all basic address, phne, FAX, credit manager, etc. infrmatin as well as five NteBk Cmmentary Lines t aid in managing Purchaser Relatinships. Allws fr allcating Gas Deducts f Cmpressin, Marketing, Transprtatin, Dehydratin and Gathering. Allws fr calculatin and withhlding f gas deducts based n Owner s net sales, MCF Vlume r MMBTU Vlume. Recurring Mnthly Entries Feature (WM File and Standards System): Includes Optin t enter, mdify, pst and reverse Revenue Accruals. Includes ptin t pst, reverse and delete recurring entries selectively by user-created "grups" f charges. Autmatically generates transactins t the Revenue Jurnal(s). Enhances maintenance via Lk-Up Rutines fr Query f Recurring Entries by Well Number, Accunt Number, Grup r Sequence Number. Assures accuracy by refusing t allw additin f Unbalanced Recurring Entries. Allws individual entries and updates fr Prductin Input t be designated t Specific General Ledger Fiscal Accunting Perids. Allws entry f Multiple Mnths Receipts in ne sessin. Allws distributin t be Suspensed fr any given entry. Optin T Withhld, Frm C-Owner Distributin, Selective Prductin Receipts Facilitates: Ability t prceed with C-Owner distributin f Other, Crrect Prductin Receipts. Ability t keep depsit balances maintained accurately by eliminating need t Split receipts. Ability t cnvert such receipts t Distribute Status when ready. Hard Cpy Audit and On-Line Inquiry t Nn-Distributed Revenue srted by Well r Purchaser. Redundant keystrkes virtually eliminated by Input Screen Memry Feature that supplies Initial Default Values t each apprpriate Input Field, based upn the last Entered Value. Allws input f the date the check was Received frm the purchaser fr easier Audit f Adjustments, etc. 48

5 Allws fr Identificatin f Prductin by Oil r Gas, as well as by ne f Fur Prductin Types: Prductin Types are Regular, Adjustment, Other r Liquids. Optin t distribute revenue frm multiple wells cnnected t ne meter, based n User- Specified Pr-Ratin f each Well's Prductin Cntributin t Grss MCF's sld. Allws 35 characters f additin descriptin fr each receipt. Prints n the check vucher t prvide helpful C-Owner Infrmatin (such as the reasn fr Revenue Adjustments). Optin t Disburse Selectively by grup such as Wrking Interest, Ryalty and Override s that unique charges may be applied t a particular grup. Mandatry (System-Frced) Input Audit Includes: Printing by Lease Number r by Purchaser Name. Transactin Detail Including: Purchaser Name Date Received Reference Accunting Perid Unit Selling Price Cmpany with the Liability f Withhlding Prductin Taxes by Classificatin Grss Deductins Grss Amunt nt distributed fr cases where 100% Distributin is nt made. Actual Net Check Amunt received frm purchaser. During C-Owner Distributin, the system checks fr varius balancing errrs insuring crrect distributin and updates. The system uses a Psting Trial Balance type f rutine, which is perfrmed befre the actual Psting Rutine, prviding fr review and facilitating any changes required befre psting t C-Owners Files and General Ledger Subsidiary Jurnal. Allws Partial Distributin f Grss Revenue fr Wells fr which the user distributes a certain percentage f the revenue (such as parting f the Wrking Interest). Optin t Transfer Revenue frm One Owner t Other Owner(s) based upn the fllwing criteria: One Well r All Wells fr that C-Owner, and; Starting and ending prductin mnth and year and; One revenue interest type r all revenue interest types, and; One new wner r multiple wners, as fllws: One wnership transferred t up t ninety new wnerships. System will autmatically calculate new Revenue Interest Percentages, Pr-Rate all Suspensed Revenues and Re-Pst t the new wnerships, based upn Use-Supplied Pr- Ratin Percentages. 49

6 Allws adjustments t be entered in the prper mnth and year. Maintains the accuracy f the Reprting Features Meets r exceeds reprting requirements. Optin t remve errneus entry quickly by Well, by Reference Number, by Run-Mnth and by Year. Tax adjustments allwed withut requiring Grss Sales-Based Entry. Prvides Exceptin Audit f Purchaser Payments nt received within User-Specified Time Windws. On-Screen Display r Print f Revenue Distributins fr individual C-Owner r all C-Owners sharing same Suspense Cde giving sub-ttal fr Gas and Oil with Ttal Well and Grand Ttal fr C-Owner. Optin t print C-Owner Summary by Well r by Detail Transactin with Ttals. Payables/Suspense Listing: Prints all Owners Transactin and Ttals that are Suspensed. Temprary Suspense Amunt is User-Defined allwing Minimum Disbursal Amunt t be set. Payables Listing is a Pre-Check-Write Audit. Prints the Ttal Liability in the Revenue Payables Accunt fr Balancing t General Ledger Cntrl Accunt. Allws chice f Netting Net Revenue Interest t a C-Owner s Outstanding Jint Interest Billing Amunts. This Optin can be Used Selectively by: Specific C-Owner and; Specific Well, r Specific C-Owner against all Outstanding Receivables Systems Netting Capabilities Include: Applies a particular lease s Net Revenue t the same Well s JIB Invices fr selected C- Owners. C-Owner s Net Revenue n a Well-By-Well Basis can be Netted t all that C-Owner s Outstanding Invices. Optin t apply revenues t nly invices that are 30 days past due. Easy Audit in A/R with the Input Audit Print. System makes Debit Entry t Revenue Payables Accunt and Credit Entry t Accunts Receivable Accunt. Check Print Rutine indicates the amunt applied t JIB fr easy recgnitin fr C-Owners. Check-Write Rutine Features: Check-Prtected via Wrd-Amunt as well as Numeral-Amunt. Check Restart Optin. Optin t print up t 20 single checks n demand fr quick disbursements f funds t selected individuals such as Cmpany and Related Entities. 50

7 Checks may be disbursed multiple times thrugh ut the mnth. Alternate check address f different frm JIB Address, which avids the use f separate C- Owner Numbers and the resulting discntinuity in Investr Reprting Frmats. Checks may use Pre-Printed Check Stub r use Supplemental Vucher Statement r a cmbinatin f bth (using Supplemental Vucher if attached Check Vucher wuld therwise verflw), saving n print time and check cst. Pertinent infrmatin printed n checks includes: Grss Prductin Amunts. C-Owner Net Amunts. If C-Owner was Netted t JIB, the amunt applied and the reference number used t pst that amunt t the respective Accunts Receivable Accunt fr Audit. Any additinal descriptins entered. Additinal infrmatin available n Supplemental Vucher includes: Chice f Summarized Tax Amunts r Detail List f up t nine separate Tax Amunts. Clumnar Well Ttals and Grand Ttals. Check Register and Updates: Updates Check Recnciliatin, viding check numbers that were written but vided due t Vucher Overflw. Fr each check printed, Check Register maintains: Check Number C-Owner Name Issued T Date Amunt Applied t JIB (if any) Actual Net Check Amunt issued System debits Revenue Payables GL Cntrl Accunt and credits the bank fr amunt f checks. Creates GL Input Audit fr the Operating Cmpany s Net Receipts. Creates GL Input Audit fr any C-Owner that is set up as a Cmpany n system. Makes Credit Entry t sales and Debit Entry t Prductin Taxes, ther charges and bank. Check Recnciliatin: Maintains and Balances the Cntrl Bank Accunt. Check Recnciliatin Entry Methd facilitates high-speed data entry as Only errneus entries create Operatr Pause Signal (audi beep). Check Recnciliatin Reprt has a Cut-Off Date and an Optinal Purge f cleared (and vided) checks t assist this prcedure. Optin t vid checks. Paid transactins are reversed and mved frm Histry back t Current. Optin t Suspend vided Entries at the time they are transferred. General Ledger Entry is generated. Efficiency-Prmting Revenue Payables Utilities Include Optins t Change (fr all wells) a single C-Owner s: Payable Status Indicatr Netting Type Indicatr Investr Type Service Charge Indicatr Cmpany Psting fr Inter-cmpany Psting 51

8 Time Saving Revenue Payables Utilities include Optins T: Change, fr a specific well, all C-Owner s Pay Status frm Payable t Suspensed r Vice-Versa. Review, n-line, all C-Owner Ownership Percentages (DOI) in a specific well and all Ownership Percentages in all wells fr a specific C-Owner. Change Pay Status f allcated unpaid C-Owner Transactins fr ne well r all wells frm Payable t Suspensed r vice-versa. Search On-Line fr wells based upn purchaser, well name, well number, alternate crssreference ID r by purchaser/cntract crss-reference number. Cpy Well Master and Ownership Percentages t subsidiary cmpanies with Aut- Calculatin/Balancing f Outside Ownership. Add, change and delete a C-Owner n a well r t delete all C-Owners n a well. Paid/Unpaid Transactin Histry Optins Include: Histry fr bth Prductin Input and C-Owner Detail Distributin f Paid Transactins is maintained. Allws Histrical Inquiries fr bth Purchaser and C-Owners. Purge Dates fr Transactin Detail are User-Defined, allwing as much On-Line Histrical Detail as desired. Prductin Receipts Histry Facilitates: Optin t review n screen r in hard cpy printut. Optin t access by well with Purchaser Sub-Ttals r by Purchaser with Well-Sub-Ttals. Optin t print with reference (check) subttals fr Audit and Balancing. Optin t print based upn user-specified range f dates (chice f prductin date r pst date). Gvernmental Reprting Print Rutine (n cmputer frms), fr all Owners that were paid revenue, displays, as required: Wrking Interest Incme Ryalty Interest Incme Ttal Incme Prductin Taxes Withheld Ttal Other Deductins Withheld IRS Magnetic Media Facilities supprted fr tape and diskette. Supplemental 1099 Frm Allwed. Year-End 1099 Audit Prints C-Owner 1099 Detail fr Review. 52