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Stranger Things: Owner Anomalies in Revenue & Billing

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Presentation on theme: "Stranger Things: Owner Anomalies in Revenue & Billing"— Presentation transcript:

1 Stranger Things: Owner Anomalies in Revenue & Billing
Kristy Strickland Subject Matter Expert

2 Owner Anomalies Paying Interest on Suspense Tax Warrants
Barrels on Production (BOP) Production Payments Carried Interest Extra Suspense Codes Division of Interest Using ‘==‘ Anytime you are dealing Revenue Billing cycles, there are a myriad of situations that can arise that require special attention to setup. In this session, we will cover strange things in owner setups that may not happen on a regular basis. But when they do happen, Wolfepak can provide solutions for those anomalies. We will cover new processes like Paying interest on suspense and tax warrants. We will also cover items that have been part of WolfePak but may not be widely known like Barrels on Production, Production payments, carried interest, extra suspense codes, and using the ‘equal equal’ sign inside a division of interest.

3 Owner Anomalies Paying Interest on Suspense Tax Warrants
Barrels on Production (BOP) Production Payments Carried Interest Extra Suspense Codes Division of Interest Using ‘==‘ Let’s first start with paying interest on suspense payments. There are several states that have put new laws in place that requires operators to pay interest on revenue payments that have been in suspense for a certain period of time. We have programmed this for Oklahoma and Kansas so far, but there could be other states that require this as well.

4 Paying Interest on Suspense
Suspense amounts held over a certain length of time may be eligible for statutory interest State rules can vary Interest calculations can vary (simple vs. compounding) Unclaimed Property Reporting will support escheating interest payments on suspense Interest on suspense will be extracted on INT form

5 Paying Interest on Suspense
Important to add the product INT on the revenue account created for the interest paid to owners.

6 Owner Anomalies Paying Interest on Suspense Tax Warrants
Barrels on Production (BOP) Production Payments Carried Interest Extra Suspense Codes Division of Interest Using ‘==‘

7 Tax Warrants - Definition
A Tax Warrant is a document issued to a taxpayer who has failed to pay their property taxes on owner share of interest he/she has in a well Becomes a Tax Warrant when filed with the Superior Court and a lien is created against personal property Any revenue generated by the taxpayer will first be credited to the lien Typically created by a county/state taxing entity

8 Tax Warrants – WolfePak
Allows more than one Tax Warrant for an owner Tax Warrants reviewed by the Revenue/Billing cycle Check to county is written during the Revenue/Billing cycle Listing by owner or by state for all owners that have warrant balances with filters

9 Tax Warrants

10 Owner Anomalies Paying Interest on Suspense Tax Warrants
Barrels on Production (BOP) Production Payments Carried Interest Extra Suspense Codes Division of Interest Using ‘==‘

11 Barrels of Production (BOP)
Allows for the Max BBLs/Day column to be visible and customizable on the DOI tab. Accumulates total quantity from entries in General Ledger and adds new volume amounts Daily volume is used to assign the appropriate deck according to the volume calculated based on the max BBLs assigned to the deck Ref Revenue/Billing - Author: Charlie When processing tickets to create revenue entries from First Purchaser, it accumulates the Net Volume for tickets with the same Lease#, CycleMY, and TicketMY. When making an entry for a given Lease#, CycleMY, TicketMY, the Deck# is assigned in the following way: If the First Purchaser company option to “Always use Blank Deck…” is checked, then it is set to blank and it is done. Otherwise, it assigns the default deck from the Property Link (Property Maintenance / Company Opts tab). If license is not WTRAIN and not COUREF, then it is done. (only WTRAIN or COUREF at this point) If the DOI Basis on the the Property Link (Property Maintenance / Company Opts tab) is not set to “BOP”, then it is done (and assigned based on above). The system gets a total monthly volume by accumulating the total quantity from entries already posted to the G/L plus the new volume currently being added: The posted quantity is accumulated by accumulating the Qty (Reversing the sign first) for each entry with the same Account, Lease#, and where the ProductionDate matches the current TicketMY. This total volume (posted volume plus new volume being added) is divided by the # days in the TicketMY to get a daily volume. This daily volume is used to find the deck to use (searches thru the Lease’s Decks and assigns the deck with the highest Max BBLs that is still greater than the daily volume being looked up). If the daily volume is greater than the maximum BBLs defined, then a deck of “MAXBOP” is assigned (with a max BBL of all 9’s) and added to the Deck Master for this Lease.

12 Barrels of Production

13 Owner Anomalies Paying Interest on Suspense Tax Warrants
Barrels on Production (BOP) Production Payments Carried Interest Extra Suspense Codes Division of Interest Using ‘==‘

14 Production Payments Owners can be defined as Production Payment owners on the DOI Production Payment owners will be treated similarly to the Working Interest owners for Severance Tax and 1099 reporting purposes Typically 3rd party vendors; treated as WI owners

15 Owner Anomalies Paying Interest on Suspense Tax Warrants
Barrels on Production (BOP) Production Payments Carried Interest Extra Suspense Codes Division of Interest Using ‘==‘

16 Carried Interest Carried interest can be added on the DOI
Allows owners to receive activity statements even if there are no expenses/revenue distributed to that owner

17 Carried Interest

18 Owner Anomalies Paying Interest on Suspense Tax Warrants
Barrels on Production (BOP) Production Payments Carried Interest Extra Suspense Codes Division of Interest Using ‘==‘

19 Extra Suspense Codes Memo field that tracks other suspense codes if the first suspense code is in legal suspense Extra suspense code must be different than the primary suspense code It is on the listing and tracked in the Change Log

20 Extra Suspense Codes

21 Owner Anomalies Paying Interest on Suspense Tax Warrants
Barrels on Production (BOP) Production Payments Carried Interest Extra Suspense Codes Division of Interest Using ‘==‘

22 Division of Interest with “==“
Provide distribution of revenue to another DOI within the same distribution cycle Typically used for distributions to partnership members

23 Division of Interest with “==“
Add “==TXTAY1B has an owner and a property

24 Division of Interest with “==“
Add “==TXTAY1B” as owner on the TXTAY01 Division of Interest

25 Division of Interest with “==“
Create new DOI using “==TXTAY1B” property and add the partnership owners percentage

26 Division of Interest with “==“
Working interest to share among Partnership Each Partner takes 50% of the Working Interest share WI = R= Maintains record at the partnership level as well as the owner level?

27 Questions?

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