Owner Master

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Owner Master

Owner Setup - See Sub-Account Maintenance for more information on setting up the Name and Address fields. Also, for common tabs and options.

 

Owner Maintenance is very similar to Sub-Account Maintenance and contains all necessary information needed to distribute revenue to and/or pay an owner. The Revenue / Billing tab in particular dictates the Payment Code, Payment Method, 1099 Options, and whether the owner will be netted or not. This information ensures that the owner’s interest is processed correctly in a cycle and that the 1099’s are correct at the end of the year.

There are two sub-tabs that we will use. The first is the Summary tab. This will give an overview of different settings including company settings. The General tab is where changes can be made to the Owner setup.

 

Revenue/Billing Tab:

Summary sub-tab

General sub-tab

hmtoggle_plus1         Addresses sub-tab

This screen allows you to define a different address for the check to be mailed to and/or for the tax information to be mailed to.

 

Address:  Pay, Tax1 digit code: 1, 2 or 3.  The code represents the address to be used for the given function.  Normally all three address types are the same and you would use a 1. If different, change here and the click on then related address Edit button. NOTE:  The address under the owner is considered Sub-Table 101 and will always be the Settlement Statement address.  If you want the check to go to a different address, enter a new address in Sub-Table 102 and change "Pay" to go to #2. You also have the ability to code an additional email address for the Pay address. This will allow the billing and revenue statements to be emailed to different addresses but will only be honored if Revenue cycles are run separately from Billing cycles.

 

hmtoggle_plus1        Other sub-tab

Owner Master - Other Tab

Quick Pay

(Check mark and rate) - This is used to identify which owners are to be paid when starting a Quick Pay Revenue Cycle.  The rate is the penalty per BBL that the owner is charged for getting paid their share early. Note:  a special QCKPAY property must be setup with a Rev Deduct for the system to know how to code the Quick Pay deduction.

Pay Group codes

This can be used to restrict which owner(s) are getting paid on a revenue cycle. Define an alphanumeric code for each group needed. There can be only one pay group code per owner.

Deduct G/L Balance from

net check amt options

Sometimes it is required to deduct a certain percentage of a revenue owner’s net check each cycle. Net check would be after all other deductions including federal/state backup withholding or deductions for netting of JIB (accounts receivable). You may be allowing a working interest owner to pay off a notes receivable created by an IRS code section 1031 like kind exchange or perhaps for general business reasons. Use the Fund Deducts feature to create an owner level reserve for future drilling activities.

 

hmtoggle_plus1        Reporting sub-tab

Enter in options for reporting. Also see Financial Rep/Broker to send the report to a 3rd party and Royalty Reporting for state royalty reporting.

 

hmtoggle_plus1        Statement sub-tab

Print on Paper

Select the circumstances in which you would like a paper check to print.

•“If receiving a check” will still print a paper statement to be included with the check even if they are set up for email. 

•“Never Print” it will only send them their statement via email and will not print a statement to mail with their check (email address must be populated). 

•“If receiving a check” includes a paper check or an ACH.

 

Upload to Connect

Works in conjunction with the Connect Add-On. Gives the option to upload owner statements to the Connect owner relations system.

Send Via E-mail

See Emailing statements (creates a .pdf file owner copy)

Print each property billing detail on a New Page

When the option is checked, the system will print a settlement statement, followed by Billing Detail (unless detail is set to no for this owner), then followed by all the revenue.  

Print Billing Summary by Category

Prints a recap of the owner's billing by category to the end of the settlement statement.

Print Revenue Detail Separate from Billing

Selecting this option will print the revenue detail on the settlement statements separate from the billing detail for the owner. Check this box prior to running a revenue and billing cycle together.  Doing so will enable you to simultaneously run cycles for revenue/billing and the system will print the revenue detail separate from the settlement statement. Typically, this feature is used to send billing and revenue to two different departments so that each can later be processed separately.

Print Detail

Included detail printed settlement statements without the detail in After Check Reports / Settlement statement only

No detail

Excludes detail printed settlement statements without the detail in After Check Reports / Settlement statement only.  Note:  Non Working Interest owners will receive revenue detail always.

Sum by acct

Instead of printing detail prints a summary of the detail by account number.

 

(Note - regardless of the method selected above, historical cycle PDF copies retain detail always)

 

Warrant Tab

 

hmtoggle_plus1        Fees Tab

Use this tab to setup fees related to Checks and ACH. See Check Fee for complete setup.