Easily invoice your working interest owners for their share of expenses
Enter the expenses incurred for the wells into our Enter Expenses screen and allow our software to do the rest.
We will take the expenses entered, allocate to the owners based on the division of interest setup, then bill them to the investors in the well.
You can enter expenses two ways into the software:
This is the primary mode of entering well-related expense. In the Enter Bills screen you can record all expenses received from the vendor for several wells on one invoice.
Well Expenses by Well
Well expenses can be entered on a well-by-well basis on the Well Expenses by Well (8/8ths) screen. This screen is primarily used for making correcting entries to a well's total expense, and also for viewing the total expense entered for a well during a run, regardless of the data entry window used.
(bill expenses to your owners)
What we’ve termed as Close a JIB Run is used to mark a clean cut-off for joint interest billing expenses.
Expenses are totaled and allocated to each owner that has a JIB interest in a well that is in the group being processed.
If you don't have any JIB interests, then you do not need to close a JIB run.
The JIB Run Closing Summary is created and can be printed or viewed on the screen. It summarizes all the activity for the closed run.
If you do have owners marked as JIB, then you will also need to process a Revenue Run to allocate the revenue to your owners.