Budgeting top
Can budgets be imported into the system?
Yes, BOLO provides an AFE import template that eliminates the need for keying the details of the AFE budgets into the system. This saves you time and improves accuracy of the budget information.
Can I control which accounts that can be booked to for a particular AFE?
In BOLO, you can set up AFE Profiles which tie specific accounts to an AFE type. For example, a completion account would not be valid for a drilling AFE. This tightens the controls and eliminates keying errors.
How is the Operational Budget information derived?
Operational Budgets, typically created in Aries and/or Excel, can be imported into BOLO for budget to actual reporting. This module lets you track administrative and operational budgets and provides budget to actual reports to managements.
Expenditure Accounting top
Can BOLO perform multi-level allocations?
BOLO can perform cost allocations from a summary level to a more detailed level. The allocations continue until such time as the detail reaches the lowest level properties. For example, allocations can be made to split costs from a district level to a field level and then down to the wells within the field.
Can owners be billed without setting up a division of interest?
Yes. There are times when costs to a well are for a particular owner, instead of to the joint ownership such as legal expenses and well insurance. While other systems let you set up billing division on interests where the single owner owns 100% interest in the deck, BOLO allows you to 'direct bill' a customer without the unnecessary deck setup.
How does BOLO handle retroactive ownership changes?
BOLO maintains ownership decks as owner-level effective dated division of interest decks. Most systems handle ownership changes by making a 'copy' of the entire existing deck. The appropriate change to the ownership is made to the new deck. Multiple decks remain in the system. BOLO typically has one deck per property, maintaining all ownership changes within that base deck. Owners are changed inactivated with an expiration date rather than removed entirely from the division of interest.
Are JIB receivables cleared at the cost center level?
BOLO provides several methods of clearing receivables. Users can clear receivables at the invoice level or at the cost center level, or the user can treat the receipt as an unapplied credit, showing the receipt on the account without clearing a specific invoice. This allows users to accurately record receivable balances without the risk of inappropriate receipt clearing.
How does BOLO handle cash calls?
Users create cash call invoices in the Accounts Receivable system as a manual invoice. The invoice creates a receivable and a payable. The payable invoice is applied against JIB charges, thus reducing the JIB invoice. Prepayments can be created at the cost center level and/or the AFE level.
Financial Accounting top
Is the Chart of Account company-specific?
BOLO allows a multiple companies to use a generic Chart of Accounts, yet separate business entities can have a specific Chart of Accounts, or specific accounts under the generic Chart of Account.
What controls are built into the Chart of Accounts?
Many, edits in the system are built into the Chart of Accounts. These edits include the type of cost centers that can use specific accounts (for example, LOE accounts should not be valid for Administrative cost centers), whether an AFE is required or is optional, if a volume is required and if sub-ledger data is required. Maintaining a controlled Chart of Accounts, BOLO can eliminate many of the coding errors that are typically made in this industry.
Can sub-ledgers become out of balance with the General Ledger?
No! We know that one of the biggest headaches is the inability to supply an auditor the supporting documentation of a General Ledger balance. BOLO maintains data integrity and auditability of sub-ledgers. BOLO does this by disabling the ability to code directly to a sub-ledger account without the proper sub-ledger detail.
Can BOLO handle multi-currency?
Yes. BOLO can handle multi-currency transactions.
How does BOLO handle intercompany transactions?
BOLO customers can generate intercompany transactions automatically. For example, during AP data entry, a two-line entry could book the payable to one company and the expense to a second company. BOLO, behind the scenes, makes the appropriate offsetting intercompany entries. These automated entries keep the intercompany accounts in balance between companies!
How are transactions traced back to their original source?
BOLO was designed with the auditors in mind. Each transaction can be tracked to the source transaction easily and readily. For example, transactions that are created from a cost center allocation or a JIB or Revenue cutback process are difficult to trace to their source in most systems. In BOLO, you can review a revenue record and see the remitter and check information. This auditability and transparency is a strength of the BOLO product.
Asset Tracking top
Does the system calculate DD&A for multiple reserve classes?
Yes, BOLO handles calculates DD&A for multiple reserve classes.
How does the system know which type of depreciation to use for an asset?
Depreciation methods for lease and well equipment are defined at an account level. For example, all assets booked to a 'surface casing' account would be depreciated at the defined method for both book and tax. Assets such as furniture and fixtures have the depreciation method(s) tied to the individual assets.
How does BOLO transfer assets from one company to another?
The Material Transfers process allows transfers between companies.
How does BOLO transfer assets from one property to another?
BOLO keeps track of all inventory, and its present value for each property. The Material Transfer process allows you to select an asset from one property (or inventory yard) and transfer it to another property. At this point, you define the condition and the current market value of the asset. The system will calculate the book value of the asset as well as gains/losses on the sale portion of the transfer. Credit is given to the original property (and the appropriate owners) and billed to the new property and owners.
Production top
Can BOLO perform daily allocation?
Yes, allocations can be performed based on daily and monthly production volumes. Customers can choose whether or not to use the daily production allocation options.
Can BOLO Production be used for both onshore and offshore properties?
BOLO Production allocations are used for both onshore and offshore properties. The production system can handle the most complex of gathering system scenarios.
Can BOLO import daily production information?
Daily production information can be imported into BOLO using pre-defined templates. The information to be imported includes information such as tubing and casing pressures, down time, tank and meter data, run tickets and well tests. This data can be fed from a field data capture system into BOLO by using the import process.
What types of Production reports are available in BOLO?
BOLO provides a variety of production based reports. These reports include Daily Production (both gross and net), Monthly Production, Inventory Reports, and Well Test Reports. In addition to standard reports, AdHoc production reporting is available using Query or Advance Search features and production information is available of the Executive Dashboard.
Decision Tools top
Can I design my own reports in BOLO?
BOLO provides over 500 canned reports, but often times the questions that need answering is not easily answered by running a canned report. Knowing that, BOLO created tools to design your own reports. These tools include AdHoc Query, Advance Search Tools, a Report Write tool and user-defined Excel Reports that dynamically pull data from the database. So, yes! You can design your own if the canned reports don’t meet your needs.
Does BOLO allow any drill down reporting?
Yes, BOLO provides a few different types of drill down reporting features.
One feature allow users to view data on a report, click on a particular transaction the data entry screen used for the voucher is displayed.
A second way to drill down is to view a report online, click on an AP invoice number and drill down to the image of the invoice. This is most helpful when researching supporting documentation for audits or questions from operations.
Additionally, users can run reports at a summary level, such as a field level, and then drill down to the wells in that particular field…and down to the actual transactions.
Can reports be downloaded to Excel?
Many people use Excel as an analysis tool. BOLO helps you pull data into Excel for further analysis is a couple of different ways. Report data is downloadable to Excel, yet some reports are more complex than the simple row/column format that Excel expects. To solve this, BOLO can export data to Excel from Query or from their Advance Search Tool. These are simple enough to any user to accomplish. Additionally, BOLO’s Spreadsheet Interface tool, dynamically pulls data into Excel from the BOLO Database, allowing Excel to be the analysis tool without having to download into it. Contact mktg@wellpointsystems.com to find out more information about our tools.
With BOLO, can I set up more than one payment type for a lease?
Yes, BOLO allows as many user-defined lease payments types as are required for your leases.
Does BOLO create a report for obligations other than payment obligations?
In BOLO, the Rental Calendar details payment obligations. The Lease Obligations Report provides details of special obligations that have been set up on the leases. Finally, the Contract Obligations Report and the Property Obligations Report details contract and property obligations that have been set up in the system.
Can BOLO apply mass changes to leases?
Yes! In BOLO, you have the ability to mass change data. No longer do you have to get the IT department involved when data needs to be changed. Information, such as obligations, provisions, remarks, terminations and chain of title can all be updated easily in BOLO.
Does lease setup go through an approval process?
Customers can configure BOLO to insure that all leases go through an approval process. This approval process is optional in BOLO.
What lease reports can BOLO generate?
BOLO has over 20 standard lease related reports. These reports include Lease Data Sheets, Lease Schedules, Exhibit A Reports, Land Acreage Reports and many others. These reports all have selection criteria that allow you to customize the report to your specific needs. Additionally, BOLO offers tools for Ad Hoc report writing which provides land users with an unlimited, easy to use report tool.
Classroom Training top
How do I register for classroom training?
Contact us at training@wellpointsystems.com.
Do I need to bring payment?
No, your company will be billed after completion of the training.
Who should I contact if I need to cancel?
Contact training@wellpointsystems.com to discuss the cancellation policy.
Will lunch be provided?
Contact training@wellpointsystems.com to discuss whether your training does include lunch.
What should I bring with me?
Just bring yourself, paper and a writing utensil!
Online Training top
How do I review a course agenda or course objectives?
- Access bolosystems.webex.com
- Click on a course title
- Enter the Training password (To obtain a password contact training@wellpointsystems.com)
- Click on View info
How do I register for an online class?
- Go to bolosystems.webex.com
- Click on the course title you wish to attend or review objectives
- Click on Registration
- Enter bolotrain
- Click on ok
- Provide name and email address
- Click on Register
How much does Online Training cost?
The cost for each session can be found by clicking on the course title and reviewing the course description. Sessions are billed per connection or registration. Many of our clients have found it beneficial to have a group of participants use one connection and participate from a conference room. A projector and speaker phone will be required. Invoicing will occur after the session. There is a $10.00 fee for registered participants who do not connect to the session and do not inform training@wellpointsystems.com of the cancellation.
What do I do the day of training?
If this is your first web conference we suggest trying to connect to the session at least 15 minutes prior to the start time to ensure you are able to connect. If you experience connection problems please call into the conference call number provided by your instructor for assistance. The day of the conference you will need the connection instructions sent to you via email when you registered. Often times you will receive a reminder email with the connection information the day of training.
Do On line courses carry CPE Credit?
Currently our online courses do not carry CPE Credit. Many of our classroom sessions carry CPE Credit. For a listing of these courses please contact training@wellpointsystems.com. BOLO is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville TN, 37219-2417. Web site: www.nasba.org.
Self Study top
How do I access the Self Study tutorials?
What is the cost associated with a Self Study tutorial?
Currently, Self Study tutorials are free to clients.
Onsite Training top
How do I register?
Contact your Service Delivery Manager to discuss topics and scheduling.
How much does an onsite training cost?
Contact your Service Delivery Manager for an estimated cost. Costs are dependent upon: hourly consultant rates, number of participants and travel costs.
How do I make payment for an onsite training?
You will be billed at the completion of the training.
Who should I contact if I need to cancel?
Contact training@wellpointsystems.com to discuss the cancellation policy.
Revenue Accounting top
Can BOLO import revenue data?
Revenue Data can be imported into BOLO. This automates the input of data. One BOLO customer said they save 40 hours a month importing data instead of keying it in. Additionally, BOLO imports (and exports) data via CDEX.
How does BOLO handle rebooks?
Revenue rebooks are handled automatically in BOLO. Rebooks prompted from ownership changes are easy to do. BOLO identifies transactions that need to be rebooked from retro-active ownership changes – allowing the customer to select the identified transactions and automatically create the reversal and rebook. Better still, the rebooked transactions only show on the affected owners check detail – eliminating royalty owners calls which questions rebooks that net to zero.
Rebooks caused by purchaser restatements are automated as well. Processes allow customers to identify transactions that are affected by the change, and BOLO will create a reversal of the original entry. Customers may choose to have BOLO automatically create the ‘rebook’ entry as well.
How does BOLO handle revenue netting?
BOLO Netting Process takes Joint Billing charges and net those charges against revenue based on specific criteria defined by the customer. Netting can be done by cost center or owner, including or excluding specific types of interest ownership or expenditure types.
Does BOLO automate Revenue Accruals?
Revenue Accruals are automated in BOLO with several different options. Customers can set accrual criteria, or rules, by cost center. This enables high exposure properties to be accrued on different basis than other properties. Accruals can be system generated, imported or keyed into BOLO. Monthly accruals are automatically reversed the following month.
Treasury Management top
Can BOLO make partial payments of invoices?
Yes, invoices that are not paid in full can be partially paid in BOLO.
How does BOLO net Accounts Receivable balances against revenue?
In BOLO, the Netting Process nets Accounts Receivable activity against Revenue Distribution. The netting is based on specific criteria defined by the customer. Netting can be done by cost center or by owner, including or excluding specific types of interest ownership or expenditure types as well as by AFE.
Can BOLO print signatures on the checks?
BOLO can automatically print signatures on checks, saving the manual process of check printing. Keep in mind, that this process is password protected and requires the appropriate authorization.
Does BOLO generate positive pay files for banks?
BOLO creates positive pay files to send to the banks to verify check amounts as they are presented to the bank. This helps eliminate check fraud.
What type of cash forecast reports are available in BOLO?
As part of the Accounts Payable check process, cash disbursement reports are available on-line, allowing dynamic interaction to easily change payment statuses to meet the cash needs of your company.
Division of Interest top
How does BOLO perform mass changes to DOIs?
BOLO uses a process call Ownership Change Authorizations to set up ownership changes and assign these changes to specific cost centers. These authorizations are applied to the cost centers based specific criteria set up in the Authorization.
The mass change automatically inactivates the old ownership and setup the new ownership of all affected cost centers in a one-step process, saving you time and increasing accuracy.
Can revenue DOIs handle special tax and deduct sharing?
Special sharing of taxes and other deductions are handled easily in BOLO. BOLO provides options to exempt owners as well as share the deduction among specific owners based on several options.
Are revenue DOIs product specific?
Revenue Division of Interests can be generic – used for all products, or can be product specific if the ownership is different for the products.
How does BOLO capture true ownership when distribution is different than true ownership?
In BOLO, you can manage ‘Master Decks’ that maintain the true 8/8th ownership in the well. The Master Deck may house different ownership than the Revenue Distribution Deck since revenue sharing may be contract based.
Which department maintains ownership decks in BOLO?
Division of Interest responsibilities vary by company. In some companies, DOI’s are managed in Land, some in a separate Division Order department and others in Revenue and JIB departments. In BOLO, responsibility for Division of Interests can be setup the way your company is organized. During implementation, our highly trained consultants will provide you with best practices we have gained from working with over 100 customers. We will tell you the advantage and disadvantage of different configurations and let you decide what works best for your situations.
Contract top
How does BOLO indicate what contract obligations exist?
A contract obligations report can be run to determine which contract obligations exist for a given time frame.
What types of contracts can be set up in BOLO?
Any type of contract can be set up in BOLO. Customers define contract ‘types’ during the implementation, defining the types of contracts that can be tracked in the system. Reports can then be run for specific types of contracts.
Typically, customers set up JOA’s, Assignments, Purchase and Sale Agreements, Farm in and Farm out Agreements and Unit Agreements.
Does BOLO store contracts digitally?
Customers can scan contracts and attach the digital image to the contract screens. This allows your remote workers instant access important contract information.
How does BOLO store contracts that cover multiple wells or leases?
Contracts can be linked to well, leases and other contracts. This enables customers to have up-to-date, accurate information when reviewing their data.
Audit Portal top
How are changes to data logged in the system?
BOLO track changes to a multitude of data elements in the system. In addition to these, BOLO allows customers to set ‘triggers’ that can log any change to the system that the user requests. These logs are retained for a user-defined period, and most importantly, the log keeps track of the original value. For example, changes to an address line of the name record can be logged, with the old value retained as well as who made the change and the date the change was made. Optionally, customers can require comments be entered to capture the reason the change was made. These logs are great tools for internal controls and auditors.
What reports can be generated to substantiate that the proper controls are in place?
To ensure that the proper controls are in place, BOLO provides a variety of reports. These include security profile reports, approver profile reports, Database Audit Log reports, and AdHoc reports generated on a user, company, application files which prove the security is in place.
Describe the security that is setup in BOLO
The BOLO application has multiple levels of security:
A.User level security validates that the user has access to the BOLO applications.
B. Menu security provides access to the appropriate screens, either as read only or with update rights.
C.Company security ensures specific users have access to the appropriate company information.
D. Cost Center security ensures specific users have access to the appropriate cost center information. For example, the Permian Basin Operations Manager should have access to the Permian Basin cost centers, but not cost centers in another district.
E. Application Prompt level security sets limits on particular fields or prompts within an application.
Can users have read only access to certain information?
Yes, BOLO users can be setup with Read-only access
Who can advice our company on best practices in security setup?
Yes, BOLO can advise your company on the best practices for security setup. During the implementation process, we provide detailed information on security so that the setup ensures property internal controls are met.
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