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Federal input screens

Screen OGCost - Oil and Gas Cost Center Information (1065)

Overview
Use this screen to enter oil and gas cost center information for a particular activity.
Enter oil and gas data on two levels: cost centers and wells. "Cost centers" represent an aggregation of individual oil and gas wells. Use the OGCost Screen, Oil and Gas Cost Center Information, to enter the overhead amounts associated with the cost centers and to designate the method used to allocate that overhead. Use the OGWell Screen, Oil and Gas Well Information, to enter information related to each individual well.
You can enter oil and gas information for Form 1065, Page 1; Schedule K, Royalty income; or Schedule K-1, Passthrough. On each unit of the OGCost Screen, enter information for up to 12 different cost centers. An activity can have cost centers with different amounts of overhead and different methods of overhead allocation.
General Information
Use this section to indicate if expenses are to be reported on Form 1125-A.
Enter
X
 if all expenses entered for Page 1 oil and gas wells and their associated costs should be reported on Form 1125-A, Other costs. If you do not enter
X
, the expenses you enter transfer to Page 1. This field is applicable only for Page 1 oil and gas wells that are not specially allocated.

Oil and Gas Cost Centers

Enter a description of the cost center. The application uses this description in a drop-down list in each unit in the OGWell Screen for the cost center to which the well applies. This field is mandatory.
Use the statement to enter overhead expenses associated with the cost center unit. The descriptions and amounts you enter in the statement transfer to the statement on Page 1, Other deductions; Form 1125-A, Other costs; or Schedule K, Other deductions.
Overhead depreciation and section 179 expense automatically transfer from the asset module to this statement if you selected the cost center in the
Oil & Gas
 association field for the applicable asset. If you did not enter assets in the asset module, use the statement to enter these amounts.
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