Oil & Gas Set up

Start with the tax forms you file. Your chart of accounts needs to meet this, as you can't report what you aren't tracking.

Then read in Help on Class tracking. Wells might be Customers or Class, or both. It depends on the operation, if you are the producer, or if there are Fields and then Well #s, or what data you are going to need to track and report, who are your customers, etc.

No matter which function you use, or both, you have 175 wells and therefore you have a lot of data. There is no getting around this unless you want to use a company file for each well, which still is a lot of data management and just further complicates the issue of data entry and management.

No, I would not use subaccounts.

You can create custom P&L reports, so you can report on all wells in one field, for example.

You can Collapse reports, if you decide to use Customer:job, or Class:subclass.

175 wells is no different than the rest of us that might have 175 customers or more.

Here is how I would do it:

If I have customers who get charged per well, then Well = Class.

If have vendors who get paid, such as ORRI from production, then Well can be customer or class.

Use Class or customer everywhere as the crossreference, once you decide if you are using one, the other, or both.

And now you also have to consider how using Items factors into your operational data, for Quantity tracking.

Hi Terri,

Did you ever get your QB set up?  I am in the exact same boat.  I am at a new job and have to set up QB for 175 wells.  I decided to use each well as a Job.  Not far enough in yet to know if it is correct or not, but thought I would ask you what worked for you.

Also, if I might ask, how do you set up AFE's?  I am thinking purchase orders are the way to go, but not positive.

Thanks,

Mel

I respond because I have helped set up files to do this. I married into a family with ORRI.

We can continue, or you can wait for someone else to contribute, I suppose. Sorry my info hasn't been useful to you.