JIB is the mechanism for the operator to report joint account charges for a well or facility to the working interest owners (COPA). The JIB process for oil and gas accountants needs to be in compliance with the JOA and COPAS' accounting procedures, yet produce clear and concise costs information for operations and management.
Baker Tilly oil and gas specialists help make the process seamless, so you can stay on top of payables and get your partners their JIB statements on the same day each month in a user friendly format.
Accounts payable
Our accounts payable process includes receiving, entering, scanning and routing vendor invoices. This invoice work flow includes coding and approval as well as electronic paperless options. Our oil and gas accounts payable services also include a variety of allocation options such as straight percentage volume or sales based, baseline chart of accounts and system configurations, vendor check runs and 1099 processing and IRS filing.
Authorizations for expenditures
In addition, we create and maintain authorizations for expenditures (AFEs) and track actuals to estimates each month. Our team has the ability to maintain and report pre-payments per AFE for each owner alongside their existing JIB accounts receivable balance. We can also apply specific charges to an AFE for a well but not all charges, and we can support multiple AFEs and phases for a given well, including creating AFE templates.
JIB and accounts receivable
Our team maintains an up-to-date balance of what your working interest partners owe you by well and AFE with a variety of options for accounts receivable (AR) aging and statements reporting. We maintain a ledger of owners’ billable expenses and a ledger at summary level as well as the well 88’s expenses in detail. We provide multiple reporting options and will run a simulation JIB to see your results and reconcile issues prior to finalizing.
Joint interest billing and accounts payable are essential to maintain accurate records.
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