SAP And Joint Venture Accounting

Course Contents:

Sales and Accounts Receivables

• How to raise a Sales Invoice
• Mapping correct accounts to Sales Invoice
• Component of Oil and Gas Sales
• Price
• Quantity
• Managing Accounts Receivable
• Customer Data Base Maintenance
• Aging Analysis
• Approval lines for Sales invoices
• Issuer
• Authorizer

Purchases and Accounts Payable

• Contract Set up in SAP
• Including Contract Terms
• Rates
• Taxes
• Map Purchase orders to Contracts
• Purchase order approval process in SAP
• Map Purchase order to cost ledger accounts
• Set up payment terms in SAP
• System to prompt for payment run

Fixed Asset Accounting

• Set up Fixed Asset parameters for :
• Exploration Wells
• Appraisal Wells
• Development Wells
• Subsea Equipments
• Flowlines
• Moveable Assets
• Determine Asset Classes
• Sub – classes
• Asset Description
• Set up Depreciation parameters
• Straight-line
• UOP
• Reducing balance
• Run monthly depreciation testing
• Maintain an Asset Register on SAP

Project Accounting

• Cost Centre, Resource codes set up
• Map GL accounts to Cost Centre and Resource Codes
• GL accounts to roll up to correct cost headings
• Map Cost Centres and or Resource codes to Projects
• Identifying all Project costs via cost centres or resource codes
• Report generation along project lines
• Generate Profit and Loss account by Projects
• Set up Project Reports that can be understood by Project Managers

Joint Venture Accounting

• Cut Back Process
• Partners share
• Billable and Recoverable
• Authorisation for Expenditure (AFE)
• Billable and Non-Recoverable
• Non-Billable and Non-Recoverable
• Exclusive
• Implementing Joint Venture accounting agreements within the SAP system
• Account Reconciliation
• Joint Venture Reports