Fixed Well Expenses

Fixed expenses are those like pumping and administrative fees that are the same each period. This window allows you to set them up as a template. Once you have a template of fixed expenses you can release them each month for allocation in one step instead of individually entering each one.

As fixed expenses are saved for a well they are added in the list at the bottom of the screen. Expenses can be chosen from this list and edited or deleted by selecting the detail line and then clicking the Edit Detail Line or Delete Detail Line button at the bottom of the screen. You may also copy one or more expenses to other wells by selecting the expense and then clicking on the Copy Expenses button.

It is not necessary to enter a fixed expense amount for each individual owner in the well, if the fixed expense should be allocated according to the division of interest for the well. You can simply enter the total fixed expense amount, and the system will allocate the expense according to the owners' interest within the well.

Well ID
The Well ID of the well to which these expenses apply. Look up the well ID by pressing F2 or the Well ID button. The Well Name will fill in with the wells description when the ID is chosen.

The two characters at the top of the screen to the right of the Well Name field indicate the well group that this well is associated with.

Expense Desc
The expense code of this expense. Lookup the code by pressing F2 or by clicking on the expense code button. Do not setup an expense as a fixed expense if it is marked as an AFE category.

Code
The Code will fill in automatically based on the expense description.

Vendor
Enter the vendor that this expense is paid to. Look up the vendor by clicking on the Vendor button or by pressing the F2 key. The vendors are available based on the vendors that have been defined within your QuickBooks company. If you do not see a vendor within the lookup list, be sure to synchronize your vendors with QuickBooks.

Total
Enter the total amount of the expense.

BBL
Enter the number of barrels that correspond to this expense. This is used for salt water hauling purposes. A number of barrels will not be able to be entered unless the expense code contains one of the following words: "H2O," "Salt," "Brine," or "Water."

Memo
Enter a note about this expense.

Ref ID
Enter a reference identification for this expense.

DOI Class
Choose the interest class this expense should be charged to. If left blank, the expense will be allocated using the interest class specified in the AFE/Expense Code record for this expense. Choosing the class here allows you to allocate this expense to owners based on a different interest class other than the default class specified for this expense code.

Allocate All To
If this expense should be allocated 100% to one owner, enter that owner's ID code here. The code can be chosen from the list of owners by clicking on the Allocate To button or by pressing the F2 key. Only an owner who is currently defined with interests in this well in the Division of Interests screen can be chosen here. If this field is left empty, then the expense amount will be allocated to the owners according to their interest within the expense class assigned to this expense code.

Save Detail
Click on this button to drop the detail line to the list of expenses at the bottom. Any information that has not been dropped to the bottom will not be saved.

NOTE:
When you enter a Fixed Expense it will always use the AFE/Expense Code as it was when you first entered it into the Fixed Expense Screen. If you change the class that the AFE/Expense Code is assigned to, the Fixed Expense will not be updated to be assigned with the new class. You will have to go through and re-select the expense and save for the change to process.

Think of this screen as a page in a book with each well having one page. To move between wells you will need to use the next and previous buttons to "turn pages." Setting up the fixed expenses in this screen does not charge the expense to the well. It simply stores this amount of fixed expense for the well in the database. The fixed expense will be charged to the well when you Release Fixed Expenses.