Joint Venture Accounting - PDF by kuc14840

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									                          Joint Venture Accounting
Enterprise Upstream Joint Venture Accounting (JVA) manages cost transactions and
automates joint interest billings for worldwide exploration and production companies. With
JVA, you can easily track, calculate and allocate direct and indirect costs, create and
manage cash advances, generate invoices and analyze your operating costs. By integrating
and automating these functions with JVA, you can substantially reduce your cost of
operations through improved information processing and analysis and enhance productivity
throughout your entire organization.


Calculate Payroll Burden:
      System calculated payroll burden
      Burden rates maintained by state, job type and effective date
      COPAS benefit maximum maintained and validated
      User-defined posting options and rates maintained for payroll taxes, insurance,
      benefits and non-productive time

Calculate Overhead:
      Drilling and producing overhead calculated on combined fixed-rate and percentage
      methods
      Construction and catastrophe overhead calculated with cost threshold ranges and
      tiered percentages
      COPAS escalation factors are tracked and used in computation of annual adjustment
      of rates
      Overhead category, method and rates based on joint operating agreement
      Utilize production data from Production Management

Calculate Utilization:
      Vehicle costs calculated using PMTA rates, classes and areas
      User-defined posting options for vehicles, equipment and employee expenses
      User-designed templates used for monthly input of utilization data
      Employee expense calculation uses technical employee and offsite and onsite
      provisions from joint operating agreement
      Tracks data on vehicles, such as VIN number, location, last oil changes, etc.




                                    P2 Energy Solutions Inc.
                       1221 Lamar, Suite 1400 Houston, Texas 77010, USA
                Toll Free: 800-662-9144 Phone: 713-481-2000 Fax: 713-481-2001
                                         www.p2es.com
Division of Interest (DOI):
       Multiple cost centers per DOI
       Unique JVA and AFE DOIs
       Enhanced security for DOI maintenance
       Partnership DOI
       Complete audit reporting of all maintenance
       Rebill functionality for DOI changes

Allocate Costs:
       Multi-tier allocations with audit trail
       Allocations based on producing well count, pre-determined percentage or other
       formulas
       Allocation history maintained for corrections
       Date sensitive allocations select correct division of interest for transaction service
       date
       Utilize production data from Production Management

Manage Cash Calls:
     Automated statement and invoice generation
     May be scheduled for regular processing or on demand
     Automatic reversal of cash calls
     Lease operating expenses cash calls calculated on rolling average or fixed amount

Billing Processing:
        Ability to track costs at a gross and net level
        Support for partnership and inter-company interests

Generate Invoices and Statements:
      Generation can be scheduled or requested
      User-defined options (e.g., billable parties, level of detail, timing, etc.)
      System defaults for billing thresholds—minimum value or calendar period
      User-defined suspense accounts
      EDI support
      Reprint Capability

Analyze Operating Costs and Operated by Others:
      Ability to pay the operator for the net amount due, while providing the flexibility to
      evaluate the gross well economics

								
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