ACCOUNTS PAYABLE AND JOINT INTEREST BILLING
Stay on top of your payables and get your partners their
JIB statements on the same day each month with the level of detail and a
format that makes sense.
ACCOUNTS PAYABLE
- Receive, enter, scan, & route vendor invoices
- Accounts Payable Invoice work flow including coding and
approval work flow and electronic paperless options - we know what
works and can tailor a solution to best fit your
team
- Baseline chart of accounts and system configuration then configure to best
suite your needs
- Variety of allocation options are available - straight
percentage, volume or sales based, etc.
- Process and mail weekly vendor check runs
- 1099 processing and IRS filing
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AFE's AND PREPAYMENT TRACKING
- Create and maintain AFE's and track actuals to estimates each
month
- The ability to maintain and report pre-payments per AFE for each
owner alongside their existing JIB AR balance - show how much has been
applied and how much remains
- Ability to apply specific charges to an AFE for a well but not all
charges
- Support multiple AFE's and phases for a given well - ability to
create AFE templates
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JOINT INTEREST BILLING & ACCOUNTS RECEIVABLE
- Maintain and up to date balance of what your working interest
partners owe you by well and AFE, with a variety of options for AR aging
and statements reporting
- Maintain ledger of owners share of billable expenses for one or many
owners. Maintain ledger at a summary or detail level as configured,
all the while maintaining the well 88's expenses in detail
- Multiple netting and reporting options
- Run a 'Simulation' JIB before finalizing to see your results and
reconcile issues
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