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Accounts Payable
Petroware2000's accounts payable entry and reports utilizes the most advanced technology to enable the fastest training possible
for data entry and review. General and Administrative accounts payable and Well charges are entered through the same screen.
All "blue heading" fields use the Petroware2000 lookup generation keeping our software the most "user friendly" on the market.
The invoice entry screen gives the ability for multiple well and account line coding all through one screen. No multiple screen entry or viewing necessary.
Check number field will populate after the check issue either by system generation or as flagged in the manual paid screen (see blue box in screen below).
Credit lines in invoices are easily recognized and entered. Credit memos use the same screen as designated by use of the pull down under "Type" to select Credit Memo.
Invoices can be allocated at the Lease, well, or specific owner level saving time by letting the system do the breakdowns automatically. Description entered on the line
item (see red highlighted box in screen below) wraps the description in the general ledger account, reports and on the Joint Interest Billing Invoice for
each owner's share of the charge. More detail, when needed, means less telephone explanation with investors.
"After our Petroware installation and set-up, my AP clerks were entering data immediately. It's the fastest training we've ever seen!"
- An Oklahoma City Client
All Accounts Payable reports can be reviewed, prior to posting if desired. As with all Petroware200 reports, reports pull to the screen for audit, review or export.
Just a few of the Accounts Payable features include:
- Automatically allocates expenses to a lease, well, or investor with date sensitive DOI deck.
- Provides automatic step-down allocation from lease to well and New user defined hierarchy.
- 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 or reverse.
- 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. No multiple screen entry or viewing necessary. Check number field will populate after the checks are system generated or flagged as a manual paid item. Credit lines in invoices are easily recognized and entered. Credit memos use the same screen, the pull down under "Type" to select Credit Memo. All "Blue Heading" fields use Petroware2000 lookup generation keeping our software the most "user friendly" on the market!
- Also offers the ability to allocate expenses at the Lease or Well Level. Allocating expenses at lease level saves time by letting the system do the well breakdown automatically.
©2003 Avatar Systems, Inc.
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