Accounting System

OGsys has a wide range of software products that help you accelerate answers to vital questions that impact your overall success. In fact, OGsql is the gold standard in oil and gas accounting software, widely regarded as the industry's most flexible and comprehensive accounting application.

General Ledger

OGsys General Ledger (GL) Processing is used to enter manual journal entries, generate and print financial or other property reports, and enter AFE budgetary information.

Features/Benefits

  • Flexible Data Entry
  • Standard (Recurring) Entry Creation and Generation
  • Detailed GL Account Reporting Options
  • Customizable Financial Report Templates
  • Exportable to XML for Reports That are Viewable in Excel
  • Real-Time Reporting Capabilities
  • Electronic Uploading of Transactions 
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Accounts Payable

OGsys Accounts Payable (AP) processing is used to record and pay invoices, view a vendor's account activity on screen, and process 1099 forms at the end of the tax year.

Features/Benefits

  • Standard (Recurring) Invoice Creation and Generation
  • Simultaneous Updating of General Ledger, Billing Ledger and Subledgers
  • Real-Time Financial Reporting
  • Exportable Reports Viewable in Excel
  • Gross to Net Calculation Checks
  • Checks in Place for Duplicate Invoices, Proper Account, Well and AFE Codes
  • User ID Based Security Application
  • Monthly Close Feature
  • Electronic Upload of AP Invoices Supported
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Joint Interest Billing

The primary function of OGsys Joint Interest Billing (JIB) Processing is to print the JIB invoices.

Features/Benefits

  • Enter and Post Owner Advance Billing Invoices
  • Print a Billing Pre-List
  • Change the Billing Status of Owner or Well Items
  • Billing Invoices Can Be Done More Than Once a Month
  • Automation of Recurring Charges Through Standard Invoices


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Accounts Receivable

OG Accounts Receivable (AR) Processing is used to generate and record miscellaneous, interest and gas invoices, post owner and client payments or adjustments on invoices, and inquire about the status of owner accounts.

Features/Benefits

  • Standard (Recurring) Invoice Creation and Generation
  • Simultaneous Updating of General Ledger, Billing Ledger and Subledgers
  • Real-Time Financial Reporting
  • Exportable Reports Viewable in Excel
  • Fast Track Reporting Provides Color Invoices with Custom Logo
  • User ID Based Security Application
  • Monthly Close Feature
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Revenue Processing

OGsys Revenue processing allows the user to record purchaser checks, inquire about the status of an owner's revenue, and print Revenue Summary Statements and Revenue Checks.

Features/Benefits

  • Simultaneous Posting to General Ledger and All Associated Sub Ledgers
  • Customizable Purchaser Check Input Screens
  • Tracking of Missing Purchaser Checks
  • The Ability to Print Revenue Detail on Check Stub or Issue Separate Statements
  • Automate Payout Statements by Well or Owner
  • Allows the Netting of Revenue to Billings
  • Eliminate Manual Entry with Electronic Revenue Uploads 
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Partnership

Partnership processing is used to track, allocate and report on the financial positions of all partners in a general partnership based on each partner's overview interest.

Features/Benefits

  • Partners May be Identified as Either General or Limited Partners
  • Functionally Allocates to the General Ledger Accounts within Partner Groups
  • (General & Limited)
  • Prepares K1's
  • Tracks Multiple Partnerships for Partner Groups
  • Maintains Data by Partnership and Individual Partner
  • Records Contributions and Makes Distributions of Partner Capital
  • Fully Interfaced to the General Ledger of the Partnership
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Fixed Asset Processing

OGsys Fixed Assets processing is used to record information relating to the maintenance of assets, including depreciation and depletion calculations.

Optional Enhancement


Features/Benefits

  • User Defined Depreciation Schedules
  • A Depletion Function is Provided Allowing the Tracking of Sales and Production History
  • Calculates Depreciation in Flexible Periods Using Standard Conventions
  • Supports Up to Four 'Books' Per Company (IRS, AMT, STATE, INTERNAL)
  • Full General Ledger Integration
  • Provides for Multiple Depreciation Methods (MACRS, S/L, DDB, etc.), and Offers Units of Production Methods for Well Related Assets
  • Accepts Asset Candidates from Accounts Payable Invoices and Journal Entries
  • The Fixed Asset Accounts  have a Supporting Sub-Ledger
  • The Sub-Ledger Totals  can be Reconciled to the Corresponding General Ledger Balances
  • Depreciation May be Calculated for Flexible Time Periods (One Month to One Year)
  • All Standard Conventions Such as Mid-Month, Mid-Quarter, Half-Year, etc. are Supported.


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Inventory

The OG Inventory module maintains inventory balances from multiple companies and multiple locations including remote sites.

Optional Enhancement


Features/Benefits

  • Inventory Valuation Methods Include Standard Cost, FIFO, LIFO and Weighted Average
  • Inventory Movement is Controlled Through Receipts, Transfers, Issues, and Adjustments
  • Process Receipts Against PO's, Transfers Out, Transfers In, Issues to Wells, Manual Adjustments to Inventory, and Cycle Counts
  • Create Purchase Requisitions
  • Issue and Receive Purchase Orders
  • Account for Inventory Using Multiple Costing Methods
  • Record Physical Inventory Counts
  • Transfer Inventory Between Locations and From Remote Locations
  • Reports Show All Inventory Amounts and Activity as Well as Variances
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Multi-Currency Processing

This program is for international operations where in-country and domestic activity must be tracked and reported to meet the requirements set forth by local governments.

Optional Enhancement


Features/Benefits

  • Enables Users to Track Payments and Report Activity in Multiple Currencies
  • Automatically Creates Transactional Gain or Loss Entries in the General Ledger
  • Periodic Translational Gain and Loss Calculations are Made to the General Ledger Reports
  • Currency Conversion Rates are Date-Driven and Allow Multiple Rates Per Day Per Currency (ie. a Buy Rate and a Sell Rate)
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