Expense Section Codes

The ability to summarize expenses for tax purposes can be accomplished with Expense Section Codes. Each expense can be associated with one of these "sections". Various reports can then be viewed that will total or summarize expenses by section.

The default codes in your program will be:
IC - Intangible Completion
ID - Intangible Drilling
LC - Leasehold Costs
OE - Lease Operating Expense
TC - Tangible Completion
TD - Tangible Drilling

Each expense section code has a two character code and a 20 character code description. A new expense section code can be added by clicking the New button on the toolbar.

The reporting within the software will be looking for the 2 letter code when populating the report. So you can edit the description of each section but will probably want to keep the 2 digit code the same. You can create additional codes, but they will report as an "other Expense".

Code
Enter the two-digit code for the expense section.

Description
Enter the description of the expense section.