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H
heysister
November 5, 2018
Question

Oil & Gas company

  • November 5, 2018
  • 5 replies
  • 0 views

I have a client who has an oil & gas company w/ approx 120-150 wells.  They need to track expenses for each well, they do approx 75-100 form 1099's each year, they are required to give income & expense reports for the individuals wells each quarter.  What desktop software do you recommend?  Thank you.

      5 replies

      Rustler
      Rustler
      November 5, 2018

      You need actual accounting software and a good tax accountant familiar with gas and oil production and depletion requirements.  Tax time for oil and gas well production and ownership is a nightmare.  QB is just not capable IMO

       

      So many 1099's?  Curious as to why you do not consolidate well services with fewer vendors.

       

      On the outside chance that he is issuing dividends or something like that, that is not a 1099 activity at all

      qbteachmt
      qbteachmt
      November 6, 2018

      You would use QB Premier, because Pro is entry level and does not manage Balance Sheet by Class.

       

      Tracking as you ask is done by Vendor Name (the well owner party that is issued the 1099-Misc); by Class tracking (to track income and expense) and by Customer Name (to assign Expenses and to have invoices for revenue against which you can apply credits on hand).

       

      This is the same process a Property Manager or Landlord firm uses.

       

      QB Premier works fine for this. I recommend installing it as the Contractor Edition, to have access to the better reporting tools.

        C
        CFrench07
        June 25, 2021

        @qbteachmt 

        Do I need Premier or Premier Plus.  They are different prices.  And I wanted to upgrade to one of these to handle the oil companies payments. 

        I get payments or checks daily from about 150 oil producing companies.  I need to track by oil company the gross amount, tax deducted on each check and the net amount paid to me.  Is this possible to do without Premier or Premier Plus?  

        So the person I spoke to today at Intuit told me that you could not upgrade from what I have to Premier.  Is that correct?

        currently i have a subscription with QB Desktop Pro Plus

          M
          mocherob
          May 30, 2019

          Darn Bear software has a great product. Its designed specifically for the industry. If your client is using QB already, it would be a great compliment because it works as sub-ledger and can manage and track all the run tickets, payments and sales, contracts and pricing. Its pretty rich and robust. Their website is https://darnbear.com

            G
            GCM-LLC
            June 27, 2020

            We own an oil and gas exploration/operating/production company and use SherWare as it interfaces with QuickBooks.

              J
              JSDVEN
              December 10, 2021

              SherWare is WolfePak, right. Do they have a cloud-based module or are you using pieces of their antiquated accounting system? 

              C
              CFrench07
              June 23, 2021

              We are on the other side.  We receive Royalty checks that have taxes deducted.  I am familiar with QuickBooks and would like a system to track the gross amounts, the taxes deducted and the net deposit on each check from each O & G operator.  I have about 150 O&G Operators that I track.  

              Can I use QB Pro, or is the Premier the way to go?

              thank you in advance for your thoughts

               

               

                C
                Catherine_B
                June 23, 2021

                Hello there, CFrench07.

                 

                You can use QB Premier to keep track of your gross amounts, tax deductions, and net deposit. It also helps you manage the Balance Sheet by Class as what qbteachmt shared. 

                 

                You'll also want to use the Class tracking feature. It lets you track account balances by department, business office or location, separate properties, or any other meaningful breakdown of your business. 

                 

                Feel free to use these articles that will get you started with your company file and set up the class tracking feature. 

                 

                Let me know if you have other questions by mentioning me in your reply. Take care!

                  C
                  CFrench07
                  June 25, 2021

                  I would like help getting started. 

                  I have about 150 oil producing companies that send my family checks several times a year. 

                  On the deposited check I need to track by

                  *)  first by oil company it is from

                  *) then the gross amount

                  *) then tax deductions

                  *) then other deductions

                  *) then specify amount of separate tax for Oklahoma and New Mexico

                  *) the deposited amount is the sum of the gross less these deductions. 

                   

                  Would the Oil Producing Companies be the Customers?

                   

                  How would I enter the individual checks from each company?

                   

                  thanks for your help getting started 

                  Cara

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