Associations > Oil & Gas dialog

Alerts and notices

Use this dialog in the asset module to enter information for oil and gas assets.

Note: The Oil & Gas dialog is accessible only if you purchased a license for the Oil & Gas module and 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