1. Recurring Bills:
The Recurring A/P Bills form is where you enter vendor bills that are the same or close to the same each month. After a bill is added as a recurring bill, it can be recalled into the Enter Bills screen with only a few mouse clicks or keyboard strokes.
2. ALLOC Function:
If you have a bill with multiple detail lines that need to be allocated evenly, you can use the Enter Bills screen to do this, using the ALLOC function in the well ID field.
By typing ALLOC in the well ID field, you can then select what wells you would like to detail line to be allocated to automatically.
3. Fixed Expenses
Fixed Expenses are expenses typically vended by your company that you want to charge to the wells each month. You set them up one well at a time, and then release them at the end of the month, so you don't have to key in those expenses each month.
4. Automatic Operations: Division of Interest & Revenue Distribution & Joint Interest Billing
The division of interest screen is where you can track each interest your owners have per well. Once you enter the division orders, it is saved for future distributions and will automatically calculate each owner’s interest for revenue and expense entered within the software.
Making changes is easy, and with our Transfer DOI utility, you can easily transfer interests when owners change or increase in a well, as well as the history and suspense related to that interest.
Having the division orders set up is the only the first step. In our software its simple to automate your distribution process once you have your wells, interests and owners set up.
Each month, enter all your expenses and revenue for the wells. Go through our 7 step auditing process to make sure all data is entered as you want it for the month and that nothing has been left out or mis-entered.
Choose to close the run and watch in seconds, as the software automatically divvies up the expense and revenue and cuts checks or put owners into suspense for their activity that month. Checks are waiting in your check register to be printed and statements just need to be printed and sent out to your owners.