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.