Well Equipment

Source: E.B. Archbald & Associates Inc.
SSI Accounting Systems Well Equipment Overview Developed, Marketed and Supported by E.B. Archbald & Associates, Inc.
SSI Accounting Systems Well Equipment Overview Developed, Marketed and Supported by E.B. Archbald & Associates, Inc.

Use of SSI Well Equipment Facilitates:

  • On-line inquiry into item groups, such as pumps. This would display all yard pumps available for sale or transfer.
  • On-line inquiry into well. This would display all items for the well showing original item value, quantity, "owner" (the well), location (the well) and total value of the well's equipment.
  • Yard personnel accurately controlling equipment and tracking costs to prevent a lost/incorrect entry that could cost thousands of dollars.
  • Increasing the value of equipment via re-working, painting, cleaning, repairing, inspecting etc. This can be dependably recorded through the Well Equipment "Add Basis" Option, ensuring that sales from inventory are accomplished profitably.
Basic Design Concept of Well Equipment:
  • Module is designed to account for tangible equipment.
  • Equipment items are associated by user-defined product group such as engines, pumps, pipe rods, etc.
  • Product groups are predefined upon set-up as either an "Item" Type or a "Tubular" Type.
  • "Item" Types counted in a quantity of one. "Tubular" Types counted in multiple quantity/feet and joints.
  • All Item Type Masters allow multiple descriptions and maintain the last reference used to receive or transfer, the last activity date, serial number (if applicable), the manufacturer, the vendor purchased from, current unit value and (if in a yard) the aisle, bin and rack.
  • All Tubular Goods maintain number of joints as well as the diameter, weight grade, thread type and length, condition, pressure rating and range.
  • Each item is assigned an "owner" which may be either a well or one of multiple user-defined yards.
  • Current locations are assigned, providing transfer of items from location to location without requiring a change in ownership.
  • Allows equipment to be transferred to a yard while still being "owned" by a well. Maintaining the item's location allows location totals by item and/or by owner to be printed/displayed any time.
Fully Integrated to the Accounting System:
  • Material Transfer/Receipts Option is completely integrated to the SSI General Ledger System, making Single Transaction Management of received equipment and/or transfers of equipment.
  • Change of Ownership of well equipment is updated through the single entry transaction.
  • Transactions may be processed by the Joint Billing System, automatically expensing the appropriate dollar share to the well investors.
  • Items received to a yard and owned by the yard will automatically generate the accounting entry to the operator's General Ledger Inventory Control Account.
  • Items may be transferred from and to different wells/yards at a different cost. This allows the company to realize income or allocate freight/labor charges.
Click here for the complete overview document.

E.B. Archbald & Associates Inc., 6701 N. Broadway, #310, Oklahoma City, OK 73116. Tel: 405-840-4411; Fax: 405-840-7026.