Does anyone know about a good software program to track royalty payments? Would it be less costly to track it on a spreadsheet? Whiting Oil refers us to JIBlink to get our check detail and they have the ability to download it to an accounting program. Has anyone worked with this system ? Thanks.
Annette,
I have run across some in the past but have not personally used any of these. The main purpose that most would have in using software to track your royalties specifically (other than accounting), would be to make sure that you are being paid in full, for the production that the operator reports to the state. Basically, the software will compare your checks with production information available from the state, to ensure that you are not charged with any costs that contradict the terms of your lease and cross referencing purported production numbers. Hope this list helps:
Thanks for the info Adam. I think that Whiting is a fair Company so I would not need to compare with the State. What I am mainly interested in doing is for tax purposes so I can see what I need to pay the Government quarterly. So far the only thing I have done is to put all the revenue statements on a spreadsheet so I get a running total of the various deductions. I think the SCO, CNC and AVC taxes are deductible but I am not sure about the gathering and fractionation fees.
Adam Little said:
Annette,
I have run across some in the past but have not personally used any of these. The main purpose that most would have in using software to track your royalties specifically (other than accounting), would be to make sure that you are being paid in full, for the production that the operator reports to the state. Basically, the software will compare your checks with production information available from the state, to ensure that you are not charged with any costs that contradict the terms of your lease and cross referencing purported production numbers. Hope this list helps: