Use this dialog to enter information for oil and gas assets.
Note: The Oil & Gas dialog is accessible only if the client's entity type is 1040, 1120, 1065, or 1041. The Oil & Gas association does not appear in the Association field order list for any other entity types.
To open this dialog, in the Associations dialog, mark the Oil & Gas checkbox in the Association field order list and then click the Properties button.
To enter oil and gas setup information for a client, you must have either the Business or Rental folder selected.
Information for oil and gas assets is maintained at two levels: cost centers, which are aggregations of wells, and individual oil or gas wells. You can use this dialog to define up to 12 cost centers and 9,999 wells per activity.
- Enter setup information regarding oil and gas cost centers and wells for transfer to UltraTax CS in this dialog.
- To speed up data entry, move the Oil & Gas field to the top of the Asset Detail dialog. During data entry, this allows you to choose the well description from the Oil & Gas field, enter the Cost/Basis, and when you choose Units of Production from the drop-down list in the Method field, the application automatically enters that well's beginning reserves and current-year production amounts.
Fields & buttons
Displays the name of the current activity.
Lists all oil or gas cost center and well combinations that have been entered for the selected activity.
Displays the cost center (1 - 12) for the selected business activity and well.
- To add a cost center or well, click the Add button and enter a number (1 - 12) in the Cost center field. Enter the well number (1 - 9,999), description, beginning reserves, and current-year production, and then click the Enter button.
- To edit information for an existing cost center or well, highlight the item in the Well Description list and then click the Edit button.
- To delete an existing cost center or well, highlight the item in the Well Description list and then click the Delete button.
When adding a cost center or well, enter its number (1 - 9,999) in this field.
For existing cost centers and wells, this field displays the number of the selected cost center or well.
When adding a cost center or well, enter its description (up to 36 characters) in this field. This description will be included in the drop-down list for the Oil and gas field that is located either at the top of the Asset Detail dialog or in the Associations group box on the Other tab.
For existing cost centers and wells, this field displays the description of the selected cost center or well.
When adding a cost center or well, enter in this field the total amount of oil or gas reserves estimated to exist when the well was put into service.
For existing cost centers and wells, this field displays this information for the selected cost center or well.
When adding a cost center or well, enter in this field the amount of oil or gas produced in the current year.
For existing cost centers and wells, this field displays this information for the selected cost center or well.