Quorum Financial Accounting (GL, AP, AR)™ - Software Solution

Software to manage financial accounting, including general ledger (GL), accounts payable (AP), accounts receivable (AR) and workflow for oil and gas

Quorum Financial Accounting (GL, AP, AR)™ is a software solution comprised of general ledger (GL), accounts payable (AP), accounts receivable (AR), journal entry and financial reporting, along with workflow management tools, for oil and gas companies.

Accounts Payable (AP)

Accounts payable (AP) processing with imaging and comprehensive workflow
Automated support for 3rd party inter-company payables
Integrated coding and validation for property master, AFE, division of interest (DOI), inventory and fixed assets (FA) information
Special non-operated JIB payables functionality with gross/net verification
Managed features for AP voucher copy, reversal and reclassification transactions
Accounts payable open items approach allows for due date, payment type, and address overrides with full audit trail of changes
Partial payments processing
Multiple payment type options including check, ACH, wire, manual checks and check print outsourcing
Positive pay file generation for controlled check clearing
Recurring accounts payable vouchers can be scheduled for processing
Historical accounts payable reconciliation reporting
Extensive on-line inquiry and drill-around capabilities
On-line audit trail of creator, reviewer, approver, and poster of all batches
Interfaces with AFE, JIB, Lease Operating Statements (LOS), Fixed Assets (FA), inventory and capital tracking
Automated bank statement reconciliation

Accounts Receivable (AR)

Accounts receivable (AR) processing for invoices, JIB receivables and receipts
Support for multiple AR accounts
Many-to-many matching for receipts, credits and invoices
Automated interface with joint interest billing (JIB) for prepayments and JIB owner statements
Integration with Quorum Production Revenue Accounting to support netting of open JIB receivables at either the owner or owner + property levels
Integrated coding and validation for property master, AFE division of interest, inventory and fixed assets (FA) information
Recurring accounts receivable invoices can be scheduled for processing
Miscellaneous invoice form with e-mail notification options
Invoices can optionally be matched during the recording and posting of receipts or they can be matched independent of the recording of receipts depending upon your processes and controls
Managed feature for AR invoice copy and payment application reversal transactions
Historical AR reconciliation reporting
Automated support for import of bank provided lockbox data to facilitate recording of receipts
On-line audit trail of creator, reviewer, approver and poster of all batches
Interfaces with JIB and revenue accounting

General Ledger (GL)

Global chart of accounts maintenance option with company-specific exceptions
Manual journal entry batch processing with automated inter-company offset feature
Extensive on-line general ledger (GL) inquiry capabilities with drill-around, including account balance, sub-ledger balance, journal entry and dual sided journal entry inquiries
Integrated coding and validation for property master, AFE, division of interest (DOI), inventory and fixed assets (FA) information
Managed features for journal entries with normal, copy, reversal and accrual options
Recurring journal entries can be scheduled for processing
Account level security to facilitate approvals and posting controls
On-line audit trail of creator, reviewer, approver and poster of all batches
User defined size and number of account segments for chart of accounts
Configurable sub-ledgers to support an intermediate level of analysis between account balance level and detailed transactions level
Detailed accounting calendar activity controls by function
Interfaces with AFE, JIB, Lease Operating Statements (LOS), revenue accounting, inventory, fixed assets (FA), and capital tracking
Account level budgeting

Financial Reporting

User defined custom financial statement layouts
Standard formats include Income Statement, Balance Sheet and Cash Flow Analysis
Multi-level Financial Consolidation reporting
Detail and summary trial balance reporting
Actual vs. budget reporting
Current period vs. previous period reporting
Current period vs. last year period reporting
Quarterly analysis and comparisons

Quorum Financial Accounting (GL, AP, AR)

Input Data

Chart of accounts
User-defined coding rules
Business Associates
Processing controls
Consolidation controls
Custom financial statement controls
Payable vouchers
Receivable invoices
Deposits / Receipts
Lockbox data
Bank statement data
Manual journal entries

Information Managed

AP invoices
AP open items
AP payment history
AR invoices
AR open items
AR receipts
Journal entry transactions
GL detail
Account balances
User defined sub-ledgers

Processes

AP invoice electronic approval
On-line transaction validation
On-demand reversals & rebooks
AP check runs with multi-payment types
AR lockbox deposit
Bank reconciliations
Financial statements with consolidation

Deliverables

AP checks
AR misc. invoices
Positive pay file
ACH instructions file
AR aged open-items report
AP aged open-items report
Trial balance reports
Custom financial statements

Output Data

GL detail transactions
Account balances
Sub-ledger balances
AP open items
AR open items
Bank reconciliation schedule
Payment history

Why Quorum Financial Accounting?

Financial accounting with comprehensive audit controls and inquiries
Integrated validation and automated interfaces with other Quorum software solutions
Multi-level consolidation reporting with support for partial ownership
On-line general ledger (GL) inquiries with drill-around capabilities
Sophisticated, image enabled AP workflow
Historical reconciliation reporting
On-line audit logs of all transaction creators, reviewers, approvers and posters
Real time input validation and posting
Copy and paste data into transaction screens
User defined custom financial statements
Integrity of design ensures control compliance and support for audit
Support for a variety of pre-configured and ad-hoc reports
A component of Quorum's enterprise wide energy software solution portfolio - can be deployed stand-alone or integrated with other enterprise solutions

Quorum Financial Accounting is used by various industry participants (large and small) in several sectors across the oil and gas, renewable energy and natural resource value chain.

Financial accounting is a key function of the Financial Accounting business process. Quorum provides other software solutions to support this and other related business processes.

Contact Quorum Business Solutions to learn more about the Quorum Financial Accounting software solution.

Tags: E&P Solutions, Oil & Gas Software