Software for oil and gas exploration and production operators to manage joint interest billing (JIB) and joint venture (JV) accounting activities
Quorum Joint Interest Billing (JIB)™ is a software solution designed for oil and gas exploration and production operators to manage costs and billing for multiple joint interest agreements (JIA).
- Categorizes costs for various classifications of well completion and operations
- Automated calculation of various overhead and indirect costs
- Allocates expenses to the well through multiple date-sensitive tiers
- Distributes costs among working interest owners
- Generates invoices to the working interest partners
- Integrates with Accounts Payable (AP), Accounts Receivable (AR), Asset Management and General Ledger (GL)
Quorum Joint Interest Billing / Joint Venture Accounting
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Input Data
- Billable expenses
- Well production volumes
- Inventory transfers
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Information Managed
- Effective dated division orders
- Multi-tiered expense allocations
- Account coding master
- Vehicle master & rates
- Overhead calculation rates & formulas
- Prepayment balances
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Processes
- Vehicle calculation & billing
- Overhead calculation & billing
- Expense allocations
- Owner distribution
- Statement generation
- Intercompany transfers
- Prior period billing adjustments
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Deliverables
- JIB statements
- Pre-configured reports
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Output Data
- Receivables
- Financial accounting for overhead, intercompany transfers & expense allocations
- Integration with third party intermediaries for JIB delivery
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Why Quorum Joint Interest Billing (JIB) / Joint Venture (JV) Accounting?
- Rules-driven cost allocation schedules, including volume basis
- Automatic billable overhead calculations and entries
- Drilling, construction and catastrophe overhead
- Re-billing, including reversing actual owner level billings
- Owner prepayment activity is accounted for
- Online owner statement inquiry with e-mail capability
- Integrity of design ensures control compliance and support for audit
- Support for variety of pre-configured and ad-hoc reports, as well as business intelligence
- Support for integration into other relevant enterprise systems including Accounts Payable (AP), Accounts Receivable (AR), Asset Management, and General Ledger (GL)
- A component of Quorum's enterprise wide energy software solution portfolio - can be deployed stand-alone or integrated with other enterprise solutions
Quorum Joint Interest Billing (JIB) / Joint Venture (JV) Accounting is used by various oil and gas industry participants (large and small) in several sectors across the oil and gas, renewable energy and natural resource value chain.
Joint interest billing is a key function of the Joint Venture / Owner 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 Joint Interest Billing (JIB) / Joint Venture (JV) Accounting software solution.
