Depletion

The WolfePak depletion module is a check stub add-on that automates and simplifies depletion allows calculations. It also summarizes reports for IRS tax reporting.

WolfePak Depletion

Automate and simplify depletion allowance calculations

The WolfePak depletion module is a check stub add-on that automates and simplifies depletion allows calculations. It also summarizes reports for IRS tax reporting.

Historically, the oil & gas industry has required in-depth, labor-intensive data duplication and calculations for depletion allowances. This module automates these calculations, using existing data from the WolfePak general ledger and oil & gas check stub modules.

Additional module features:

Calculates and reports percentage and cost depletion for a property, identifying the larger of the two deductions
Automates marginal/stripper determination
Calculates carry-overs, reserves, leasehold and accumulated depletion
Tests and limits the percentage depletion deduction to 65% of net taxable income
Pulls all necessary current year amounts from the GL

Tracks any unused percentage depletion carry forward
Supports different percentage depletion rates for oil & gas minerals, including marginal, non-marginal, gas fixed contracts and geo-pressurized gas wells
Supports user-defined allowable overhead costs
Creates annual GL entries to record depletions taken

The WolfePak depletion module automates and simplifies depletion allowance calculations and summarizes reports for IRS tax reporting.

Cost Depletion Report