Improving Oil and Gas Joint Venture Accounting with Automation
Oil and gas joint venture accounting requires accurate allocation of costs to partners and creation of Joint Venture Interest Billing statements and invoices for cost recovery.
Constant changes in equity creates complexity for the JV accounting function. With TouchstoneEnergy's automated cutback system, companies can make ownership adjustments quickly and easily, with a full audit trail, enabling fast and accurate reporting to partners.
TouchstoneEnergy's Cutback automation process generates all of the necessary accounting entries, taking caps and carries into consideration along with equity changes with none of the limitations of traditional accounting systems.
Key features and benefits:
Maintenance of Venture data including equity share
Automated JIB production
Automated calculation of cutback, review & journal posting
Seamless integration with SunSystems ledger
Optional workflow approval of equity changes and cutback journal
Online real-time reports & enquiries
Full transaction history & audit trail
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