General Ledger
Accounts Payable
Accounts Receivable
Payroll
Joint Interest Billing
Revenue Distribution
Rig Accounting
Authorization for Expenses
Net Billing
Fixed Assets Depreciation
Depletion
Land Management
Lease Reporting
Investor Reporting
Master Meter
House Meters
Oil & Gas Production
Bank Reconciliation
Master Files

GOALS III Feature List

General Ledger

General Ledger is the “Brains” of GOALS III and is the hub of the oil and gas accounting system. The chart of accounts drives the system based upon the type of company you are. With a flexible12 digit account number you are able to configure your system for an operating company, drilling company or as an investor.

  • Profit and Loss Statements by Lease/Well
  • Budget Financials by Lease/Well
  • 12 month financials by Lease/Well
  • Reports can be sent to Excel
  • Multiple Open Accounting Periods
  • Easy Accounting Period Resets
  • Inter-Company Postings for Multi-Company Processing
  • Integration with Accounts Payable, Joint Interest Billing, Revenue Distribution and Payroll
  • Cost Center Tracking
  • Account Inquiry
  • Comprehensive Subsidiary Ledgers
  • Recurring Journal Entries
  • Company Balance Sheet
  • Company Income Statement
  • Year-to-Date Detail General Ledger
  • Journal Entry Transaction Listing and Inquiry
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Accounts Payable

Accounts Payable provides a simple, reliable method of controlling cash disbursements. Expenses are recorded and distributed through this system to provide the entries for joint interest billing.

  • Distributes expenses by joint interest billing classifications to the general ledger
  • Allows for entry of free form text that appears on the joint interest billing statement
  • Allows for entry of free form comments that appear in the general ledger
  • Allows for tracking End Use cost centers
  • Manages Billing Decks for correct division of interest
  • Pop-up list grids insures correct vendors, accounts and lease/wells
  • Checks for and eliminates duplicate invoices
  • Times Payments of current obligations to take advantage of discounts
  • Provides data for cash flow projections
  • Recurring Payable batches
  • Vendor Names can be added “on the fly” without leaving the invoice entry screen.
  • Allows partial payment of invoices
  • Vendor Invoice Inquiry
  • Prints 1099
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Accounts Receivable

The accounts receivable system maintains up to the minute records of amounts owed by interest owners and payments received. It also carries the revenue amount for interest owners that receive a net check through the Net Billing System.

Pre-payment module for applying to a lease/well, unit, program, project or prospect. Statements are always ready to mail at the scheduled times as all accounts receivable data is accumulated throughout the month and immediately available at any time.

An aged trial balance can be viewed or printed on request for analysis of individual and total accounts receivable.

Manual invoicing module.

Customer Inquiry.

Accommodates both balance forward and open item recording methods.

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Payroll

The payroll system simplifies and speeds payroll processing. Once basic payroll information is entered, no additional accounting effort is necessary to produce weekly, bi-weekly, semi-monthly and monthly payrolls.

  • Direct Deposit
  • Calculates gross and net pay for hourly, salaried and executive employees
  • Deducts and reports federal, state, local, FICA taxes and voluntary deductions
  • Prints paychecks and supporting reports
  • Can reimburse employees for subsistence and mileage through the system
  • Calculates workmens’ compensation and unemployment
  • Allows for daily time entries
  • Recurring time
  • Data from a processed payroll is then passed to the General Ledger for updating company financial information
  • Direct costs from a processed payroll are then passed to the General Ledger for Joint Interest Billing and Rig Accounting
  • Prints Quarterly 941 Reports
  • Prints W2's
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Joint Interest Billing

  • The Joint Interest Billing system accumulates supplier costs, payroll costs and recurring charges from Accounts Payable, Payroll and Accounts Receivable through General Ledger and distributes these lease expenses to a specific lease for billing to the individual working interest owners
  • Automatically prints end of month invoices by working interest owners and lease
  • Prior to printing the Joint Interest Billing Invoices the system prints a proof list for checking and changes
  • Changes are easily made using the Transaction Change Program
  • A Lease/Well may be billed outside the regular Cycle
  • A Lease/Well or any particular invoice can be suspended from distribution during any billing cycle. The system automatically puts these charges back into the billing file for the next month
  • Ability to net bill expenses against revenue
  • Three print templates to choose from
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Revenue Distribution

The Revenue Distribution system controls the recording of oil and gas income to individual leases automatically calculating partner’s shares. There are also two user-defined income categories for distributing other types of income. State taxes can also be calculated and withheld.

  • Insures complete accuracy of income distribution
  • From original entries, automatically distributes participant’s income
  • Accumulates and maintains multiple lease interest for each investor’s account
  • Net distribution available
  • Master Meter System allocates back to each individual well and can interface with the Revenue Distribution
  • Calculates Severance Tax
  • Prints royalty checks and check register
  • Provides complete audit trails
  • Legal suspense and minimum check suspense
  • Redistribution of suspense
  • Ability to net a check of expenses
  • Oklahoma withholding tax calculations for out of state royalty owners
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Rig Accounting

Rig Accounting keeps track of drilling operations and posts costs to the drilling master jobs.

  • Posts all direct costs to the applicable specific operation
  • Indirect costs for a rig are posted to the rig and allocated to all jobs by that rig
  • Other indirect costs may be allocated to all operations either by days, footage, revenue or direct cost
  • Provides contract drilling cost reports by job and by rig
  • Prints a net income summary report
  • Prints a profit and loss analysis by job
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Authorization for Expenses

Authorization for Expenses maintains a master file that shows budget compared to actual expenses.

  • Provides an AFE variance report
  • Interfaces with General Ledger
  • Helps identify budget over-runs and trends in expenses
  • Provides basis for estimating future exploration expenses
  • Provides positive budget control
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Net Billing

Net Billing is the check writing module that nets expenses from a revenue check. The data comes from the Accounts Receivable Module where the Joint Interest Billing System has posted interest owner expenses as invoices and the Revenue Distribution System has posted distributed check amounts as credit memos. The netting process follows standard accounting principles to arrive at the net check. Also, 1099 reporting is based upon the accounting period of when the money was earned.

  • You can set minimum check amounts
  • You can redistribute suspended amounts
  • Net Out by interest owner
  • Net Out by lease/well
  • To be paid report
  • Print checks
  • Prints supporting production statements
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Fixed Assets Depreciation

  • The Fixed Assets Depreciation system maintains a master file of all depreciable assets
  • Provides Monthly and Yearly Depreciation Schedules
  • Provides reports by Asset and by Lease/Well
  • Calculates based on book, tax and units of production
  • Positive control of fixed assets depreciation for tax purposes
  • Accumulates accurate data with regard to a fixed asset
  • Makes the journal entries to the general ledger
  • Retirements
  • Monthly additions and deletions
  • Gain/Loss Report
  • Yearly Gain/Loss Report
  • Yearly Additions and Deletions Report
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Depletion

  • The depletion system tracks cost depletion and percentage depletion and determines the allowable depletion that can be taken on a Lease/Well
  • Maintains Reserves and Production
  • Produces reports by operator and by state
  • Financial Summary Report
  • Expense Summary Report
  • Depletion Limitation Report
  • Cost Depletion Schedule
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Land Management

  • The Land Management system functions like a filing clerk, secretary and accounting clerk, enabling a non-technical person to manage land lease obligations – accurately and on time.
  • Maintains master file information for all leases
  • Provides lease rental payment schedules and amounts
  • Allocates rental payments to lessors
  • Prepares delay rental checks and rental receipts
  • Ability to bill out rentals and other expenses with interfaces to Accounts Receivable and General Ledger
  • Eliminates inadvertent nonpayment of lease obligations, saving the loss of valuable assets
  • Flexible reporting formats for Expiration Date, Obligation Date, Lease Type, Held by Production, County, State, Township-Range-Section and Prospect
  • Reports acreage on a variety of criteria, making accurate analysis of lease holding for your land department
  • Partner Billing Menu
  • Undeveloped Lease Costs Menu for a land and lease inventory module that provides management with cost analysis reporting on undeveloped leases
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Lease Reporting (includes Investor Reporting)

The Lease Reporting and Investor Reporting system automatically accumulates income and expense data from the Joint Interest Billing System and Revenue Distribution System by lease and individual interest owners to produce reliable lease analysis reports.

  • Data is compiled on a gross and net basis
  • Information may be compiled by calendar and fiscal year
  • Identifies whether an individual lease is operating at a profit or loss
  • Flexible selection and reporting formats
  • Reports are ran on a lease or interest owner basis

  • Special Investor Reports are maintained for monthly and yearly reports by operator and state

  • Monthly and Year to Date Report by Operator
  • Monthly and Year to Date Report by State
  • Monthly and Year to Date Report by Operator and Lease/Well
  • Monthly and Year to Date Report by State and Lease/Well
  • Cash Flow Summary
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Master Meter

The Master Meter system attaches individual gas wells to a master meter for tracking the purchase of gas. The system provides for recording daily well readings to monitor actual well production. Once the purchaser’s statement is entered an allocation program goes through the wells to compute an adjusted sales volume. The Master Meter Production Tally Sheet Report shows each well on the master meter with MCF production, MCF purchased, severance tax computations and a variance between production vs. purchased. The tally sheet creates a revenue entry batch for the Revenue Distribution module.

  • Fully integrated with the GOALSIII Master Files
  • Fully integrated with the GOALSIII Revenue Distribution System
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House Meters

The House Meters system is a billing module for the retail sales of Natural Gas. It records meter readings of natural gas to compute usage to customers, creates the invoice and posts to accounts receivable.

  • Fully integrated with GOALSIII General Ledger
  • Fully integrated with GOALSIII Accounts Receviable
  • Fully integrated with GOALSIII Master Files
  • Special Free Gas features
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Oil and Gas Production

The Oil and Gas Production system compiles data from the Revenue Distribution system and provides an oil and gas production report for each lease.

  • Lease Operating Statements can be generated by unit, program, project, prospect and lease/well
  • Quick production entry for 8/8ths, Owner’s Net and Company Share with variance reports
  • Used in calculating depletion
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Bank Reconciliation

The Bank Reconciliation System manages the balance of each bank account.

  • Clear, Void, Replacement Checks
  • Outstanding Deposits
  • Bank Entries not on books
  • Reconciliation Reports for outstanding, paid and void

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Master Files

Master Files contain the cost centers, names and division of interest. GOALSIII uses the term End Use to describe a cost center. This allows for all cost centers to flow through the accounting transactions. Typically an End Use is a Lease or Well that GOALSIII refers to as a lease/well through the Lease Reporting Module.

  • Each lease/well can be attached to a unit, program, project and prospect
  • Lease Operating Statements can be selected on any of these fields

There are also two allocation types of End Use codes. EndUse Codes (with allocation) are used for the redistribution of expenses that are commonly associated with many Lease/Wells and not just one specific one. The EndUse (no Allocation) is used primarily as cost tracking centers for items that are usually Assets of the Company.

The division of interest for Joint Interest Billing and Revenue Distribution is also part of the Master Files Module.

  • Interest is entered on a Lease/Well basis

There is also a Billing Deck field when multiple interest breakdowns occur on a lease/well. A series of yes/no questions configure each interest owner for distribution, suspense, taxes and net check.

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