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WolfePak Revenue Distribution
A system that handles suspense information for each owner and allows real-time entries to the general ledger. The WolfePak revenue distribution module gives you the detail and control you need with an audit trail for investor oversight.
WolfePak Revenue Distribution
The detail and control you need to manage extensive holdings with changing ownership
If your company’s growing and managing extensive holdings with multiple owners, you’ll need a system that handles suspense information for each owner and allows real-time entries to the general ledger. The WolfePak revenue distribution module gives you the detail and control you need with an audit trail for investor oversight.
- Maintains detail-level suspense information for each owner and real-time entries to GL with changes made to suspense (automated suspense detail to GL control account checking with every revenue run)
- Cash flow and historical reporting
- 1099 detail reporting summarized by lease and state of each check for owner updates
- Easy correction of distribution problems for multiple months at the same time, including prior month distribution with different effective decks in error — handles owners in legal/petty suspense and those already paid
- Multiple netting options with special programming
- Print separate or combined revenue and JIB statements
- Simple company option can change as your business grows
- Send revenue statements electronically using multiple criteria
- When owners sell or pass away, WolfePak utilities handle mass ownership changes (DOI) across selected or all properties quickly and easily
- Perform detailed or mass changes of pay status by owner or well
- Owner summary screen shows last two payments and displays if they have cleared, been voided or are outstanding (also shows owner’s minimum payment code, netting options, A/R accounts, pay status, suspense, etc.)
- State/federal backup withholding
Suspense
- Place interests in legal suspense with up to 99 different reason codes
- Set petty suspense limits for each owner
- Automatically adds voided check detail to suspense
- Petty suspense can be flushed at any time
- Unlimited product distribution
- Combine multiple partnership payments on a single check or print multiple checks to one owner from separate bank accounts for each partnership
- Send payments via ACH or wire and send detail via email
- YTD check stub totals include working and royalty interest
- Maintains audit trail of amounts in or out of petty and legal suspense
- Uniform holding of all transactions to owner at lease level
- Calculates severance tax automatically
- Handles distributions:
- Less than 100% leases
- To non-taxable entities
- To entities that don’t pay specific types of marketing deductions
- Redistribution of owner suspense entries to another owner(s)
- Automatic computation/deduction of lease-level plugging fund
- Investor interface creates entries when revenue and billing cycle posts to account for individual owner shares of billing or revenue
Revenue Reports
- Summary by check
- Distribution by lease
- Petty and legal suspense list
- Historical distribution
- Owner check stub detail printed for any date range
- Owner-level trend reports
- Reprint historical owner statements
The WolfePak revenue distribution module has been refined over 30 years to handle the most detailed requirements.
WolfePak Scales with your growth
Your WolfePak conversion sets up post-conversion implementation and training, to ensure that your new system scales and supports your growth.
See how you can run with WolfePak
To see how WolfePak can help your growing business run leaner and faster, call us at (325) 677-1543 or contact us.