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Generate AFEs
- User-defined templates by AFE type such as drilling, abandonment and work-over
- Generation of supplements and amendments
- Copy and edit capabilities
- System-generated or user-defined AFE numbers
- Single or multiple cost centers per AFE
- User-specific internal entities for processing, booking and reporting
- User-defined system parameters to establish customized guidelines for AFE behaviors or variances
- Hot key to cost center detail and division of interest detail
Track and Monitor Project Progress and Expenditures
- Multiple levels of AFE expenditure tracking - detail, summary and project level
- Gross and net amounts
- User-defined AFE system thresholds for tracking and reporting variances
- Exception reporting and viewing, such as over-expended AFEs, pending AFEs exceeding user-defined spending/time limits, AFEs exceeding user-defined soft-close time limits
AFE Accruals
- Creation of automated accruals and accrual reversals based on comparison of field estimates to inception-to-date costs
- User-defined accrual minimum thresholds
- User-defined tangible/intangible split for field estimates used in accrual calculation
- User-defined accounting parameters for posting entries generated by AFE accruals
AFE Capitalized Interest
- Recording of interest expense as part of capital costs for qualifying assets
- User-defined interest rate
- User-defined flag at AFE level indicates if capitalized interest should be posted
- User-defined accounting parameters for posting entries generated by capitalized interest
AFE Capitalized Overhead
- Recognition of certain general and administrative expenses associated with capitalized activities
- User-defined capitalized overhead rates
- User-defined accounting parameters for posting entries generated by capitalized overhead
Close an AFE
- User-defined hard and soft close parameters; date/time period sensitive
- Integration with Oracle Assets - automated closing and clearing of work-in-progress to permanent investment or expense accounts
- Integration with Oracle General Ledger - automated closing and clearing of work-in-progress to permanent investment or expense accounts
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