Enter an oil and gas well asset
- Open the client.
- Set up the association for oil and gas information if you haven't already done so and then create any custom wells and cost centers as needed.
- In theAsset Listwindow, select the activity, if necessary, and select theAddbutton.
- Enter the information in the fields in theAsset Detailwindow.
- Before entering any information for the well in theDepreciationtab, place your cursor in theOil & Gasfield. This field may be in theAsset Detailwindow or in the Association group box on theOthertab depending on the choices you made on theSetup, thenAssociationswindow.
- Select the proper oil and gas well from theOil and gasfield.
- Select theDepreciationtab.
- In theCost/Basisfield of the Tax column, enter the cost/basis for the well.
- SelectUnits of productionfrom theMethodsfield in the Tax column. Notice that the title of theLifefield changed toLife/Cur Yr Units, and that the title of theADS Lifefield changed toADS Life / Tot Units.The application automatically enters the well's beginning reserves in theADS Life / Tot Unitsfield and the well's current-year production in theLife/Cur Yr Unitsfield as entered in theOil & Gaswindow.
- If the well is a prior-year asset, enter any prior depreciation taken on the well in thePrior Depreciationfield of the Tax column.
- SelectDoneto return to theAsset Listwindow.
