Property Accounting System

The Vertex Property Accounting System includes modules to manage Capital development, Production operations and Financial accounting.

Capital
The Capital Project module is used to perform Capital planning and manage expenditures at the corporate, prospect, and AFE levels of activity.
Its intended use is focused on the business processes related to Exploration and Development, including Construction projects.

      • Capital project Planning and Budgeting process and  performance
      • Full AFE lifecycle, and integration with the capital budget
      • Electronic creation and approval of AFEs
      • Operator Overhead calculation and accounting process
      • Customer-prescribed accounting procedures and defaults
      • History of estimated and actual charges, both gross and net values
      • Investment at the property and prospect levels
      • Comprehensive management query and reporting
      • Tangibles and Intangibles trial balance by tax category by  AFE
      • Ad hoc query and reporting, including spreadsheet interface

Production Operations
The Production Operations component is used to manage all assets that are producing, producible, or capable of handling production. The scope covers Wells/Zones, Batteries, Gathering & Processing facilities, Pipelines, Plants and other field assets. Highlights include:

• Property profile, product revenue, royalties, operating expense
• Customer-prescribed accounting parameters and defaults
• Lifecycle history from spud date to abandonment
• Comprehensive planning, budgeting, and forecasting tools
• Capital Investment analysis
• Financial history: Accounting and Production month; Sales volumes and dollars, both gross and net values
• Linkages to governing agreements, and related assets and mineral and surface leases
• Full suite of reporting - performance and forecasting
• Property and Project payout calculations
• Integrated graphical presentation of performance and analysis
• Ad hoc query and reporting, including spreadsheet interface
• Custom management reporting incorporates your key performance indicators
• Internal audit tools to identify inconsistencies across the organization/database

Financial Accounting
The Financial Accounting module combines the traditional accounting functions with industry-specific features to complete the Oil & Gas system. It includes systems to manage:

• Accounts receivable and accounts payable
• Cash receipt and disbursements
• Import production accounting-generated entries
• Retroactive adjustment of partner shares due to ownership change
• Joint interest operations and partner billings
• Electronic import and export of joint interest billings
• Full suite of pre-closing analyses and reporting tools
• Capital & Operations overhead and accrual processes
• Property Allocations to field asset detail
• Amortization by property
• Bank Reconciliation
• Global update of Name/address and DOI
• Extensive internal audit tools to enhance mgmt. control
• Monthly closing process - unattended, (Includes pre-defined Operations, Capital & Financial Reports)
• Year-end closing process and standard reporting
• Asset Continuity Schedules
• Management reporting package
• Transaction history on-line
• Property and Project payout
• Tracking of Capital costs by tax category
• Successor Property / Acquisition Income
• Ad hoc query and reporting, including spreadsheet interface
• No user down-time in any department, even during month-end