1. Michele Dugger Team Lead
Managing Contracts
Michele Dugger
Team Lead

2. Purpose Multiple ways to Manage Cost of Sales entries
How WolfePak can specify the Operator at the Property Level or the Price Contract Level
How you can create and track Crude Oil Purchase agreements

3. Recording Cost of Sales Entries
2 Options:
When extracting tickets to G/L offset to a Clearing account as defined in Company maintenance - typically an Expense (Cost of Crude) or an Asset (Inventory Clearing)
Record Cost of Sales based on Property Location Class
Allows each location class to have a separate G/L Account
Can have unlimited Location classes

4. Recording Cost of Sales Entries Option 1

5. Recording Cost of Sales Entries Option 2

6. Recording Cost of Sales Entries Option 2

7. Recording Cost of Sales Entries Option 2

8. Financial Reports

9. Specify Operator
Property Master Level - WolfePak’s default option - allows for only one price contract to be in effect for a property for a production month
Price Contract Level - Allows for the handling of multiple contracts within the same production month

10. Best Practices
When using the Price Contract Level feature it is recommended that you set up a new contract when the operator changes rather than changing the operator on the contract
Using the Price Contract level option requires that you run a utility to convert from the property level to the price contract level - it is recommended that you create a test environment to test the feature before converting your live data and it is ALWAYS RECOMMENDED that you make a BACKUP before making a change like this.

11. Price Contract Level

12. Property Master Level
Operator is set by the user on the Property Master> General tab> Operator for Run Statements and Legal Operator for Government Reports - typically the same
Tickets entered look at the Property Master> General tab for the Operator
All Reports look at the Property Master> General tab to pull the Operator

13. Property Master Level

14. Price Contract Level
Legal Operator is set by the user on the Property Master> Price Contract tab> Legal Operator for Government Reports
Tickets entered look at the Price Contract>General tab>Operator for Run Stmts for the Operator
All State Reports look at the Property Master> Price Contract tab >Legal Operator to pull the operator

15. Price Contract Level

16. Operator Run Statements

17. Create your Contract
This process allows you to create and track Crude Oil Purchase Agreements and automatically create the Price Contract when returned as signed.
Unlimited # of Contract Templates
Customizable
Contracts can be Reprinted at any time

18. Modify custom Agreement
Setup
Operator
Price Index
Modify custom Agreement

19. Setup

20. Create Contract

21. Create Contract

22. Create Contract

23. Receive Contract Back

24. Add any Purchase Fees or Penalties that may apply
Receive Contract back
Add any Purchase Fees or Penalties that may apply

25. Reports

26. Questions?