Main Content
Accounting for the distribution of revenue in Oil and Gas Operations requires a system that will assist with detailed features. The WolfePak system has been developed over 29 years to handle the detailed requirements of this process.
- Maintains detail level suspense information for each owner and real-time entries to GL when any changes are made to suspense; automated suspense detail to GL control account checking with every revenue run
- Cash Flow and Historical reporting
- 1099 Detail reporting summarized by lease and state of each check to give each owner the information needed
- Utility to easily correct distribution problems for multiple months at the same time including prior months that were distributed with different effective decks that were in error. Handles owners in legal/petty suspense and those that have already been paid.
- Multiple netting options
- Option to print combined revenue and JIB statement
- Send revenue statements electronically using multiple criteria
- When owners sell out or pass away, you have utilities to quickly and easily handle mass ownership changes (DOI) across selective or all properties
- Ability to perform detail or mass changes of pay status by owner or well
- Ability to withhold state/federal backup withholding
- Distribute unlimited products
- Combine multiple partnership payments on a single check or print an owner multiple checks from separate bank accounts for each partnership.
- YTD check stub totals are broken down by both working and royalty interest
- Maintain audit trail of amounts going into or out of petty and legal suspense
- Can uniformly hold all transactions to owner at lease level
- Automatically calculates severance tax
- Tracking of all 1099 reporting and functionality
- Handles distributions:
- Less than 100% leases
- To entities which are not taxed
- To entities that don't pay specific types of marketing deductions
- Redistribute an owner's suspense entries to another owner(s)
- Automatic computation and deduction of Lease level plugging fund
- Investor Interface – ability for the system to create entries when rev/bill cycle is posted to account for an individual owner’s share of billing or revenue.
Revenue Reports:
- Reporting options include: Summary by Check, Distribution by Lease, Petty and Legal Suspense List, and Historical Distribution
- An owner's check stub detail can be printed for any date range
Sample Revenue Cycle Reports:
Suspense:
- Interests can be placed in legal suspense with up to 98 different reason codes
- Petty suspense limits can be set differently for each owner
- Automatically adds voided check detail to suspense
- Petty suspense can be flushed at any time or automatically by the system once it reaches 12 months old using any criteria needed
Optional Add-On Modules
Project Reporting
Gas Allocation System
Depletion
House Meters
Partnership Reporting
Land Management
Production Management
G/L ACH
Escheat/Unclaimed Property
