Joint Interest Billing
With Petroware2000 you are not required to wait until month end to perform Joint Interest Billing. This program allocates each accounts payable, journal entry, and revenue…
Petroware2000 also features an incredibly versatile General Ledger, that is suited perfectly to the unique needs of the petroleum industry. With the G/L you are not required…
The accounts payable module within PetroWare2000 allows you to perform several functions uniquely useful to your company, and others like yours dealing with petroleum. To…
The Petroware2000 Accounts Receivable Module is a non-oil and gas specific sales component that can be used for any resale/billing operation. This product gives you the…
The Petroware2000 Payroll Module can meet every payroll need your organization faces. This system can maintain employee records, calculate payroll, print employee checks,…
The Petroware2000 Depreciation, Depletion and Amortization Module (DD&A) allows you to set up leased assets and reserves for depletion calculation. Additionally you can…
Financial & Property Reporting
Financial Reporting Petroware2000 makes the process of financial reporting an ease. This system can manage to find and extract information from even the largest databases.…
Joint Interest Billing
With Petroware2000 you are not required to wait until month end to perform Joint Interest Billing. This program allocates each accounts payable, journal entry, and revenue transaction to the Division Order Files. By doing that it allows the Joint Interest Billing module to perform Joint Interest Billing at any point in the accounting cycle.
With the Joint Interest Billing module you will get the following features:
Date-sensitive DOIs used to insure correct DOI for expenses to be joint billed.
The presence of the duplication/edit feature on DOIs allowing you to replicate DOIs.
Allows you to define invoice detail by investor; or perform special billings by investor.
Automatic application of investor payments; along with the automatic aging of investor accounts receivables on several basis (e.g., by invoice, balance forward, property, invoice open item, etc.)
Automatically calculates late payment charges for multiple types and levels.
You can attach messages to all billings, or more specifically by property or investor.
You have the option to hold Joint Interest Billing by investor, property or by individual expense item.
Item correction to assure there are no errors on Joint Interest Billings, can be done with the un-post feature.
Security feature limits access to investor, DOI and other files.
Automatic exempt interest calculation.
Petroware2000 also features an incredibly versatile General Ledger, that is suited perfectly to the unique needs of the petroleum industry. With the G/L you are not required to have a hard monthly closing, allowing you to process month end actions at any point in time, if and when you need it. The easy set up of the Chart of Accounts (COA) assures that the implementation and transition process of moving from one general ledger to another is minimized.
Additionally, you can perform General Ledger Detail Inquiries, allowing you to select data by date range, and search to find posted transactions from any module. This General Ledger Detail Inquiry allows you to easily and efficiently find and gather data for reporting or auditing purposes. Some of the additional features you will receive with the General Ledger application of Petroware2000 are:
Alphanumeric look-up windows, makes master file selection an easy and error free process throughout all input screens.
Edit feature identifies out of balance conditions and forces corrections prior to posting.
Prepares financial reports selectively by company and details by Financial Class, Sub Class and/or department center; by using the one-click Drill-Down to view
Produces financial reports for comparative reports for Current year vs. Budget and up to three prior years.
Allows you to view monthly account balance/status inquiry for Current year, Budget and past three years.
Allows you to perform Inter-Company transfers to separate entities.
Prepares Inter-account fund transfers.
Provides recurring journal entry creation, release and auto-reversing.
The accounts payable module within PetroWare2000 allows you to perform several functions uniquely useful to your company, and others like yours dealing with petroleum. To save time Petroware2000 has you enter all payables in the same screen; meaning General Payables, Administrative Payables, and Well Charges are all entered in the same place. In fact with Petroware2000, the accounts payable requires no multiple screen entry or viewing necessary whatsoever. All Invoices can be allocated at the lease, well, or specific owner level; which will let the system do all the breakdowns automatically, and save you time. Additional features found in the accounts payable module are:
Allows you to set up automatic step-down allocation from lease to well
Calculates trade discounts and term calculations.
Holds or partially pays invoices by vendor, invoice or invoice line item.
Automatic calculation of share when gross (8/8ths) amounts are entered.
The ability to forces invoice line items to equal invoice total before invoice exit.
Provides re-occurring invoice generation based on user-defined parameters.
Automatically allocates costs to joint billed accounts and establishes the investor account receivable when invoice is posted.
Forecasts cash requirements by user-defined time periods.
Offers status of vendor’s workers comp and general liability insurance coverage and suspends vendor payment if coverage has expired. This feature can be turned on/off by specific vendor.
Maintains separate 1099 payment history for all 1099 fields and allows editing.
Automatically cross-references a well to its AFE and provides options for pulling of AFE items into joint billing.
Offers the ability to enter invoices with multiple well/account line coding all through one screen.
Also offers the ability to allocate expenses at the Lease or Well Level.
The Petroware2000 Accounts Receivable Module is a non-oil and gas specific sales component that can be used for any resale/billing operation. This product gives you the following features:
Offers the convenience of full inventory tracking capability for multiple warehouses and customer shipping locations
Has the functionality to manage purchase orders, receiving, and vendor RMA entries
Allows you to easily automate the process of Tracking open and back-ordered items from vendors.
Automatically generates vendor invoices when inventory is received.
Allows you to manage order entry, warehouse pick lists, invoicing and customer RMA entries.
Allows you to track open and shipped items.
You will be able to automatically invoice customers when items are shipped.
Create templates for purchase orders or customer order entries for automated processing.
Includes a full accounts receivable and accounts payable system.
State sales tax computation.
Ability to track commissioning.
The Petroware2000 Payroll Module can meet every payroll need your organization faces. This system can maintain employee records, calculate payroll, print employee checks, prepare payroll-related tax reports, and generate entries to the General Ledger accounts. This payroll system has the ability to:
Prepare payroll for any period: daily, weekly, biweekly, semimonthly, quarterly, or annually; giving you amazing flexibility in your payroll options
Calculate federal and state income tax withholdings, FICA, unemployment taxes and workers’ compensation.
Prepare reports by department or by company for any period.
Accrue vacation and sick leave and report remaining entitlement on check stubs.
Prepare reports detailing data for Forms 940 and 941.
Deduct pre-tax contributions for 401(k) plans or employee cafeteria benefit plans.
Allow you to define pay types and deductions; and allow for any additional federal income tax (FIT) withholding, your organization may need to perform.
Allocate labor costs and employer-paid taxes to lease/wells to be joint billed.
Automatically calculate overtime, holiday pay, and shift premiums, at your discretion.
Process direct-deposit payroll without printing checks.
Maintain personnel records including hire dates, pay-rate increases, and time spent and time remaining for vacation and sick leave.
Calculate taxes withheld for multiple states.
Print W-2’s and 1099’s.
Allocate payroll and expenses to leases and/or wells, at your discretion, instead of automatically.
The Petroware2000 Depreciation, Depletion and Amortization Module (DD&A) allows you to set up leased assets and reserves for depletion calculation. Additionally you can calculate depreciation and amortization on your fixed assets. This module gives you the ability to:
Calculate depletion using either the cost or percentage method.
Use percentage method depletion which utilizes the daily production and taxable income limitations.
Calculate tax depreciation based on all methods and conventions listed in IRS Publication 534.
Reviews annual asset purchases and automatically select the correct tax depreciation convention.
Create multiple reserves and economic cases.
Calculate depreciation, depletion and amortization for Book, Federal, AMT, ACE and E&P.
Setup equivalent unit control for gas/oil.
Track excess depletion.
Calculate depletion at the state level.
Automatically or manually create asset records for all types assets through the Accounts Payable invoice entry system.
Forecast economics for lease/wells.
Financial & Property Reporting
Petroware2000 makes the process of financial reporting an ease. This system can manage to find and extract information from even the largest databases. The easy to create, read and email reports in Petroware2000 are your financial executive’s dream. With financial reports, your executives can make crucial business decisions knowing they have the most complete knowledge available. Reports with Petroware 2000 are an easy way to get your data organized and present your company’s financial condition in an accurate and current fashion. Accounts Payable and Receivable can both be reported at any point in time; meaning you will never have to wait for month end processing to view such information. In a process exclusive to Petroware 2000, allocations take place with each posting of a transaction. With Petroware2000 you will be privy to the following features:
Live 24/7 Financial report to the Company Owner’s share, meaning reports are automatically sent immediately after completion.
All reports can be easily viewed, sorted, exported and emailed.
Petroware2000’s exclusive easy lookup for selection of criteria.
Details behind the summary amounts allow for drilling-down
Printing options that include optional zero account balance exclusion.
Summary line format or detail line format with wrapping detail from entries, give you options in reporting formats.
Customizable reports let each user decide the information layout and gathering criteria, used in constructing your user defined reports.
Lease Operating Statements that can use any combination of user-defined hierarchical levels to run P&L by MULTIPLE levels and also by 8/8’s, NRI, Single Owner plus multiple variations.
Ability to include/exclude beginning balance to note period change.
General Ledger Detail inquiry, allow you to see every entry (debits and credits) for a given transaction.
User defined access by the Administrator for internal security.
Property reporting with Petroware2000 allows you unrivaled versatility in your property reporting processes. With this product you can roll-up reports to all wells on a lease (the lease level) or roll-down to the individual well (well level); clients have the options to print all owners into the report or a single owner, by all the owner’s interest, or by ANY type of interest. An example of Petroware2000’s versatility is found in the fact that it gives you the ability to run a cost based analysis for multiple interests acquired by the owner over the life of a well. Other features included with the property reporting abilities of Petroware2000 are:
Upper management can view balances anytime of day; even before the JIB or Revenue is Printed!
Live property balances for all charges and revenue, enabling better control of current period costs.
Multiple level reporting with user-defined parameters in custom Hierarchical levels is available. Additionally, most levels can be changed whenever you desire; and they will still have the ability to all historical data.
Ability to email reports to your field representatives to show all current or past charges to property. Additionally, you can email the Vendor list to your engineers for scheduling current insured listing.
Property Cost Statement listing all billable expenses for any period, or by owner with the well status check and DOI Status check prior to JIB run.
Ability to correct historical property entries to JIB for cleaner billings.
The ability to create property reports and JIBs with multi-line wrap detail.
Reports can be created for all, by Lease, by well and by any owner’s share