Quorum Business Solutions Inc

Software solutions & services to manage oil & gas, renewable energy and natural resource operation and commercial business processes

Since 1998, Quorum has demonstrated a track record of successfully deploying efficient, cost effective solutions that help companies meet performance goals.

Quorum Production Revenue Accounting (QRA)™ - Software Solution

Software to manage and account for monthly produced volumes, product sales and distribution of sales revenue to well owners 

Quorum Production Revenue Accounting (QRA)™ is a software solution designed for sophisticated exploration and production (E&P) operators and non-operators to manage and account for monthly produced volumes, product sales and distribution of sales revenue to well owners. The software solution manages the following critical functions:  
 

Monthly Production Volume Management:

  • Monthly production volumes are captured, allocated to well completions and reported
  • Master tables capture well completions, tanks, meters and field gathering systems
  • Volume data capture - tank tickets, meter readings, monthly gas and liquid volumes
  • Selectable allocation rules by well completion control monthly volume allocations
  • Monthly well completion volumes are calculated for variety of product codes and dispositions

Sales Contract Management:

  • Sale contracts and user-defined pricing are used to calculate value of allocated volumes
  • Published oil and gas price tables are maintained
  • Unlimited pricing options use price tables, user-defined variables and user-keyed formulas

Contracted Volume Allocation:

  • Allocation of sales volumes are based on contractual marketing arrangements
  • Capture owner level marketing arrangements
  • Volumes allocate to sales contracts
  • Online review of allocation results

Division of Interest (DOI) Management:

  • Owner interests are maintained using true title ownership percentages
  • True title ownership is maintained with owner level effective dates
  • Division order letters and owner transfer orders can be printed
  • One division order can be used for many wells (e.g. one unit with multiple wells)
  • Royalty owner burden to working interest owner relationships are defined
  • Marketing arrangements are tracked by owner
  • Gross Working Interest and Gross Marketing Interest are derived

Revenue Distribution:

  • Variety of data sources supply volumes and values for revenue distribution to owners
  • Option to distribute revenues from priced allocation volumes
  • Purchaser statement volumes and values can be allocated to well completion level
  • Check input with user defined data entry templates
  • Electronic data import of check stub detail (e.g. CDEX)
  • Revenue and JIB netting
  • Revenue check or direct deposit options

Regulatory Reporting:

  • State and Federal regulatory reporting of production volumes, severance taxes and royalties
  • Volumetric regulatory reporting by state agency
  • Severance tax and royalty reporting by state agency
  • Office of Natural Resources Revenue (ONNR) reporting
  • Amended reporting is part of prior period adjustment (PPA) processing

Additional Production Revenue Accounting Functions:

  • Automated full cycle revenue accounting processes
  • Automated PPA processing
  • Revenue accrual journal entries
  • Escheat processing
  • Gas balancing and reporting
  • Owner payout reporting
  • Acquisition data import and disposition data export
 

Quorum Production Revenue Accounting

       
       
 
 

Input Data

  • Oil & gas volumes
  • Other product dispositions
  • Price tables
  • Tank tickets
  • Meter readings
  • Purchaser statements
  • Operator check detail
  • Ownership changes
  • Tax rates
 


Information Managed

  • Well masters
  • Tank master
  • Meter master
  • Gathering systems
  • Sales contract terms & pricing
  • Title division of interests
  • Escheated funds
 


Processes

  • Volume allocation
  • Contractual allocation
  • Valuation of volumes
  • Check input
  • Revenue owner distribution
  • Check writing
  • Estimates for accruals
  • PPAs
  • Gas balancing
  • Gas available for sale
  • Acquisitions & dispositions
  • Payouts

Deliverables

  • Monthly production reports
  • Volumes vs. sales reports
  • Division order owner letters & exhibits
  • State & federal regulatory reports
  • Sales reports
  • Purchaser receivable reconciliations
  • Operational revenue results
  • Owner revenue check & check detail
  • Check registers
  • Journal entry subledgers
  • Owner gas balancing statements
 

Output Data

  • Summarized
    journal entries for general ledger (GL)
  • Electronic check detail
  • Positive pay file for controlled check clearing
  • Electronic data package for disposition of
    assets

Why Quorum Production Revenue Accounting?

  • True full cycle operational accounting on a single platform - monthly production functions are tightly integrated with revenue accounting processes
  • The division order analyst maintains owner title interest, burden groups and market groups within the division order function of Quorum Revenue Accounting vs. revenue accountant manipulating multiple distribution divisions of interest
  • Controlled and auditable processes by desk I.D. showing step-by-step progress and status
  • Truly automatic prior period adjustment (PPA) generation performed by full system integration between Production, Contracts, and DOI masters
  • Automated check write with escheat and escrow functions
  • Account reconciliation with user-defined rules
  • State and federal required formats for tax and regulatory reporting, including amendment processing
  • User-defined sub-ledgers allow ultimate detail or summarization for accountant's analysis
  • Automated process for import / export of master data to support acquisitions and divestitures
  • Powerful inquiry and reporting features with variety of pre-configured and ad-hoc reports, as well as business intelligence
  • All volume allocation and pricing calculations are performed by the system - no need to rely on spreadsheets outside the system to conduct calculations
  • Multiple payment options - check, wire transfer or ACH
  • Support for integration into other relevant systems including 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 Production Revenue 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. 

Production revenue accounting is a key function of the Transaction Systems 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 Production Revenue Accounting software solution.