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Joint Venture Accounting

Overview AX4energy aids in Joint Venture Accounting

Joint Venture Accounting for Microsoft Dynamics AX 2012 delivers results for all facets of oil and gas operations and the digital oilfield such as real-time operations, asset management, and health, safety, and environment (HSE) compliance.

Capabilities

  • Division of Interest
  • Joint Interest Billing
  • Authorization for Expenditure
  • Cost Center Management
  • Revenue Accounting
  • International Compliance
  • Operational Reporting

Benefits

By integrating project management, budgets, and costs with your corporate financials from initial drilling through to production, you can more effectively invoice and pay your partners, manage your cost centers, control expenditures, and drive efficiency into your business processes.

Manage your cost centers

With comprehensive project-based functionality Joint Venture Accounting for Microsoft Dynamics AX 2012 will manage your cost centers and properties from drilling through to production. All activities and costs will be integrated into the financials for the individual cost centers with the ability to build hierarchies to group cost centers for reporting purposes. Overhead management capabilities allow you to automatically generate overhead charges to cost centers based on fixed or variable rules. This functionality gives management the unprecedented ability to easily manage the entire project’s financials from a single application.

Create flexible, date-effective Divisions of Interest (DOI) with account-based exceptions

Joint Venture Accounting for Microsoft Dynamics AX 2012 adds tremendous flexibility to the task of creating Divisions of Interest (DOI). By providing the ability to establish flexible, date-effective DOIs and the capability to support account-based exceptions on the same screen, Microsoft Dynamics AX improves the efficiency and accuracy of your operational teams. By automating the distribution and billing processes for joint venture transactions, managers have the flexibility to establish and enforce the rules associated with the billing as dictated by your unique business policies.

Quickly analyze gross and net transactions

Joint Venture Accounting for Microsoft Dynamics AX 2012 allows you to easily drill down on gross or net costs and profitability by cost center, DOI, or AFE. This functionality enables your people to make fast and accurate fact-based decisions based on actual costs and budgets set up within the individual AFEs.

Utilize oil and gas industry reporting standards

Your people can set up powerful custom reports to support your business processes or utilize the oil and gas reporting functionality already built into the system.

Integrate with other mission-critical applications

Microsoft Dynamics AX 2012 promotes seamless and easy integration to other systems that complement the process of financial management. This is achieved by offering unparalleled support for integration to traditional applications such as production revenue accounting, payroll and land applications, and in-house developed solutions. By simplifying the integration process you can significantly reduce the costs associated with both the creation and maintenance of these critical interfaces.