This is your one-stop, expense processing tool for Joint Interest Billing. Running a monthly preliminary report to review your work has never been easier.
- Flexibility allows expenses to be billed or netted against revenue
- Entry created by owner to A/R sub ledger and specified G/L accounts
- Calculated distribution of expenses to working interest owners
- Alerts the user to any errors with Vouchers or DOI before moving to the next processing step—User can easily correct the problem right away
- System uses entries created by the A/P, G/L, Payroll and Land systems
- JIB statements segregated and subtotaled by four separate categories: Intangible Costs; Operating Expense; Leasehold Costs; and Equipment costs
- All detail maintained in history file
- Billings can be processed at any time and as often as needed
- Statements and Lease Support printed on letter sized paper for easy handling and mailing
- Saved reports allow for paperless workplace
- All entries to be billed can be reviewed prior to actual billing and can be adjusted as needed
- Lease and DOI register shows all entries for the lease—making an audit trail
- Multiple ownership decks available per property and are date effective
- Entries created and transferred to Revenue Distribution system for net check processing (may be done by lease, program or investor)
- Tracking of prepayments to AFE by applying designated expenses to prepaid balances and producing reports supporting transactions
- Detailed transaction description (created by user)
- Unit allocation of expenses allows user to allocate costs to properties based on a production factor (percentage) defined by the user
- Ability to transfer one related Entity’s share of expenses to another Entity by property