What this IS. A simple flag in the WM03 – DOI Maintenance ‐ Owner/Well DOI designed to ‐
Attention to those Operators who process a JIB each month to outside investors. At some point everyone deals with this ‐ bad/cloudy title, bad addresses, bad debts, unknown heirs, and a ton of other reasons. Total costs must be billed out, but it seems silly to keep sending a JIB to investors month after month who, for whatever reason, are NOT paying the JIB. Maybe those JIBs get pulled before mailing, and all that paper ends up on the edge of someone’s desk, covered with coffee stains, to deal with at some point. Why waste the desk space, paper, postage, time and effort to print & mail JIBs that are just going to come back anyhow?
Enter…JIB Title Issues. The SSI Oil and Gas Accounting Software’s contribution to saving trees.
What this is NOT. This is NOT a JIB Suspense process.
Investors continue to be charged on Accounts Receivables – because…well…until someone notifies you otherwise, the owner STILL owes the money! But transactions billed to the investor are flagged as JIB Title issues everywhere applicable and can easily be accessed and reviewed.
Applicable programs are:
AR03 – Owner Transaction Entry – will not allow payment against those Title Issues transactions.
AR05 – Owner Dashboard – flag to include/don’t include Title Issues. The Include option displays “Title” notation for investors with Title Issues charges. Since Title Issue transactions continue to update Accounts Receivables, if/when a rebill is necessary, the AR05 is a fast and easy report to tell who/what to rebill. And includes a TITLE ISSUES TOTAL and BALANCE PLUS TITLE ISSUE TOTAL at the end of the transaction list for the owner to easily see the title issues total.
JB11 – Statement of JIB Charges – notification at the end of the report to see and review those investors with Title Issues.
AR08 – Accounts Receivables Aging – option to include/don’t include Title Issues. Worth noting – when tying out the AR08 – Aging to the General Ledger Accounts Receivables control account be sure to Include Title Issues. Even though investors with title issues don’t print, the charges are still updated to the Accounts Receivables and to the General Ledger and therefore need to be included in the AR08 report when balancing the subledger to the GL.
WM03W – DOI By Well Report – option to include Title Issues. A quick and EZ FYI to show the problem children that need work.
JB30 – Print Owner JIB History – option for Title Issues. Again, even though flagged as “Title Issues”, the investor is still billed. The JB30 is a great way to historically see what has been billed to the investor, and includes filters for dates, wells, or wide open to see everything if needed!
AR03E – Owner Transaction Edit – provides ability to change owner transaction to NOT/NO LONGER a Title Issue. Very handy if the owner is found and wants to start paying his JIBs! It’s already right there in the Accounts Receivables, and the JB30 can be executed and sent to the owner for what he owes on what well and what months.
Last but not least…
AR06 – Transfer Transactions to New Owner – did you get those Title issues cleared? Does the owner not own everything we thought he did? If applicable, the AR06 can be used to transfer transactions from one outside owner to another outside owner for those Title issues. Part or all transactions can be transferred to another owner, or owners. The only no‐no is you can’t transfer to yourself (as the company net owner). Why?? Because a) the company net owner doesn’t have an Accounts Receivables balance, and b) those costs need to be included in your company net Well History. But never fear! If you (as the company net owner) are taking the interest, we have a plan for that too. Call us and we’ll help you with it.
So, there you have it. By its very nature, the oil and gas accounting beast has a lot of angles, and we’ve covered them all! This is clearly a great example of how the SSI Oil and Gas Accounting System provides everything you need to save time, effort and money, and help make YOUR job EZier!
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