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Joint Interest Billing
With Petroware2000, Joint Interest Billings are ready to run LIVE. No waiting until month end to know all detail information for owner
allocations and no multiple steps. Each Accounts Payable, Journal Entry and Revenue transaction is allocated to Division Order Files when
posted to the General Ledger during the accounting cycle. JIB is ready to run and any netting from Revenue is set to go! This also means
current reports for any owner are available anytime!
With Petroware 2000, Date sensitive Division Order Files are easily created and maintained. Petroware2000 automatically accesses the
DOI needed based on the production/work date entered in the transaction. Need to create multiple DOI files in a hurry? Petroware2000
has a duplication feature and a recalculation feature. Multiple wells with same owner? A single button click duplicates the DOI to the
desired well. With Petroware you can create the Revenue Interest from the Working Interest file and recalculate the NRI to the working
interest owners. And the process works in reverse!
"We were terrified of changing systems! With Petroware's unique and easy to use DOI and Master Files, our
300 well operating company set-up, with 2000 owners, took less than a week. We were running our first JIB in 10 days!"
- Quote from and Natchez Client -
Need to correct the well or DOI to be billed on a transaction? Changes are a snap with our editing features and no messy reversing entries
appear on the JIB.
Want to run JIB for a selected group of owners? Invoices/Statement Printing parameters have PREVIEW Feature. Additional features include
the choice in Owner Selection area (see the selection change with the click of a button) to process invoices for all owners, a specified
group of owners or a single owner. Each interest owner's invoice can be viewed, printed, sent to file (e-mail), exported, etc. All before any
final print and posting procedure!
Just a few of the Joint Interest Billing features include:
- Provides date-sensitive DOIs to insure correct DOI for expenses to be joint billed, even those applicable to a prior period.
- Duplication/edit feature on DOIs allows user to replicate DOIs.
- Provides for user-defined invoice detail by investor.
- Provides for special billings by investor.
- Applies investor payments and ages investor accounts receivable on multiple basis (i.e. by invoice, balance forward, property, invoice open item, etc.)
- Provides automatic late payment service charge calculation, multiple types and levels.
- Messages may be added to all billings, or more specifically by property or by investor.
- Provides option to hold JIB by investor, property or by individual expense item.
- Un-post feature allows for item correction to insure no error on Joint Interest Billings.
- Security feature limits access to investor, DOI and other files.
- Provides automatic exempt interest calculation.
- The Accounts Payable invoice entry screen with line item description carries through to Joint Interest Billing with description selected to wrap on the invoice. The result is more detail on demand for the JIB. NOTE: the description line wraps for longer more detail.
- Invoices/Statement Printing parameters have a PREVIEW Feature. Additional features include the choice in Owner Selection to process invoices for all owners, a specified group of owners or a single owner. Each interest owner's invoice can be viewed, printed, sent to file (e-mail), and exported all before any final print and posting procedure.
- Netting possibilities from Revenue offers multiple set-up options.
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©2003 Avatar Systems, Inc.
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