Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Associations > Oil & Gas dialog

Show all hidden content
Use this window to enter information for oil and gas assets.
note
The
Oil & Gas
 window is accessible only if the client's entity type is 1040, 1120, 1065, or 1041. The Oil & Gas association doesn't appear in Association field order list for any other entity types.
To open this window, in the
Associations
 window, mark the
Oil & Gas
 checkbox in the Association field order list and then select
Properties
.
To enter oil and gas setup information for a client, you'll need to have either the
Business
 or
Rental
 folder selected.
There are two levels of information to maintain for oil and gas assets: cost centers, which are aggregations of wells, and individual oil or gas wells. You can use this window to define up to 12 cost centers and 9,999 wells per activity.
  • Enter setup information regarding oil and gas cost centers and wells for transfer to UltraTax CS in this window.
  • To speed up data entry, move
    Oil & Gas
     to the top of the
    Asset Detail
     window. During data entry, this lets you select the well description from
    Oil & Gas
    , enter the Cost/Basis, and when you select
    Units of Production
     from the dropdown list in
    Method
    , the application automatically enters that well's beginning reserves and current-year production amounts.

Fields and buttons

Activity
Displays the name of the current activity.
Well Description
Lists all oil or gas cost center and well combinations entered for the selected activity.
Cost center
Displays the cost center (1 - 12) for the selected business activity and well.
  • To add a cost center or well, select
    Add
     and enter a number (1 - 12) in
    Cost center
    . Enter the well number (1 - 9,999), description, beginning reserves, and current-year production, and then select
    Enter
    .
  • To edit information for an existing cost center or well, select the item in the Well Description list and then select
    Edit
    .
  • To delete an existing cost center or well, select the item in the Well Description list and then select
    Delete
    .
Well number
When adding a cost center or well, enter its number (1 - 9,999) in this field.
For existing cost centers and wells, this field displays the number of the selected cost center or well.
Description
When adding a cost center or well, enter its description (up to 36 characters) in this field. This description will become part of the dropdown list for
Oil and gas
 that is located either at the
Asset Detail
 window, or in the Associations group box on the
Other
 tab.
For existing cost centers and wells, this field displays the description of the selected cost center or well.
Beginning reserves
When adding a cost center or well, enter in this field the total amount of oil or gas reserves estimated to exist when the well began service.
For existing cost centers and wells, this field displays this information for the selected cost center or well.
Current year production
When adding a cost center or well, enter in this field the amount of oil or gas produced in the current year.
For existing cost centers and wells, this field displays this information for the selected cost center or well.

This article applies to:

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close