Oil and Gas Record Keeping Solutions

ACCOUNTS PAYABLE

• PROCESS INVOICES
•  - RECEIVE INVOICES
•  - REVIEW INVOICES
•  - ENTER INVOICES
• VENDOR SETUP
•  - W9's
•  - APPROVED VENDOR LISTS
•  - MASTER SERVICE AGREEMENTS (MSAs)
•  - CERTIFICATE OF INSURANCES (COIs)
• PAY VENDORS
• RESEARCH DISCREPANCIES

AUTHORITY  FOR EXPENDITURES

• CREATE AFE's TO DISTRIBUTE
• MAINTAIN CONSENT/NON-CONSENT RECORDS
• PAYOUT STATEMENTS

ACCOUNTS  RECEIVABLE

• PROCESS RECEIVABLES
•  - REVIEW RECEIVABLES
•  - SEND LETTERS/MAKE CALLS
• PROVIDE ACCT RECONCILIATIONS UPON REQUEST FROM OWNERS

REVENUE  DISTRIBUTIONS

• PROCESS REVENUE
•  - RECEIVE PURCHASER PAYMENTS
•  - ENTER PAYMENTS
• RECONCILE PAYMENTS RECEIVED VS PURCHASER STATEMENTS
•  - PREPARE MONTHLY SCHEDULE OF MONIES   RECEIVED
• PROCESS REVENUE DISTRIBUTION
•  - RUN CYCLE
•  - PREPARE OWNER STATEMENTS &   PAYMENTS
•  - MAIL OWNER STATEMENTS
•  - PROVIDE ALL REPORTS ASSOCIATED WITH DISTRIBUTION
• EXTRACT SUMMARY
• PROPERTY SUMMARY
• COPY OF ALL OWNER STATEMENTS
• CURRENT SUSPENSE
• TOTAL PAYMENTS & CHECK SUMMARY
• OWNER SET UP & MAINTENANCE
• ACH/DRAFT SETUPS
• STATE SEVERANCE TAX
• OWNER RELATIONS INQUIRIES
• SUSPENSE OWNER CONTACT

JOINT  INTEREST BILLINGS

• PROVIDE BILLING LISTING FOR CYCLE FOR REVIEW 
•  - LIST OF ALL INVOICES TO BE CHARGED   AND ANY ON HOLD
• PROCESS JOINT INTEREST BILLING
•  - RUN CYCLE
•  - PREPARE OWNER STATEMENTS &   INVOICES
•  - MAIL OWNER STATEMENTS
•  - PROVIDE ALL REPORTS ASSOCIATED WITH   JIB
• EXTRACT SUMMARY
• PROPERTY SUMMARY
• COPY OF ALL OWNER STATEMENTS
• TOTAL BILLINGS & TOTAL AMOUNT OWED SUMMARY

GENERAL LEDGER (MONTH END)

• RECONCILE BANK ACCOUNTS
• REVIEW BALANCE SHEET & INCOME ACCOUNTS
• PROVIDE FOLLOWING REPORTS
• RECONCILIATION OF BANK ACCOUNTS
• BALANCE SHEET
• INCOME STATEMENT
• DETAIL OF ACCOUNT TRANSACTIONS

GENERAL LEDGER (YEAR END)

• REVIEW BALANCE SHEET & INCOME ACCOUNTS
• PROVIDE FOLLOWING REPORTS
• RECONCILIATION OF BANK ACCOUNTS
• BALANCE SHEET
• INCOME STATEMENT
• DETAIL OF ACCOUNT TRANSACTIONS
• TRIAL BALANCE
• INCOME BY LEASE/WELL WITH ASSOCIATED COSTS FOR TAX RETURN

GENERAL LEDGER (OPTIONAL)

• FIXED ASSETS
• CUSTOM FINANCIAL REPORT CREATION

OPTIONAL  SERVICES

• MONTHLY PRODUCTION VERIFICATION AGAINST RUN TICKETS
• AD VALOREM SERVICES
• PROPERTY RENDITIONS
• PAYROLL
• COORDINATION WITH CLIENT CPA/TAX PREPARER
• YEAR END 1099
•  - COMPARISON WITH CLIENT RECEIVED 1099
•  - PREPARE/MAIL 1099s TO VENDORS &   OWNERS
• WOLFEPAK/PAK ENERGY
•  - CONVERSIONS FROM CURRENT SOFTWARE
•  - TRAINING
•  - CREATE DAILY, MONTH END, YEAR END  PROCESSES
• CLIENT   PORTAL SERVICES
•  - OWNER RELATIONS
•  - OWNER STATEMENT & OTHER DOCUMENT   MAINTENANCE

Solv42x has been providing accounting services to businesses for over many years. Our clients trust us and rely on our services to manage their finances efficiently. We have built a reputation of excellence in the industry.