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Expenditure Monitoring, Cost Dissection & Tracking

Expenditure Monitoring, Cost Dissection & Tracking

Expenditure monitoring is essential to any exploration company. This is one of the strongest features of Classic, as it enables our clients to keep very strict controls on expenditure right from the time of ordering through to actual payment of goods and services. Expenditure monitoring enable the following to be seen:

How much has been ordered on Purchase Orders but not yet supplied?

How much has been supplied but as yet we haven’t been invoiced?

How much has been invoiced but not yet paid?

How are we going compared to budget?

Have we met our tenement expenditure requirements?

Cost Dissection provides the ability to dissect transactions to very detailed levels and therefore track expenditures by job/phase/requirement or project over multiple fiscal years.

Classic’s Tenement/Job Costing module is used to collect costs against tenements and projects. It is particularly good for tenement/costing. controlling AFEs, Capex projects, Construction, Equipment costing and Joint Venture accounting.

Classic’s Tenement/Costing enables you to report your expenditure against three separate Budget Types – four Whole of Life Project Estimates, for each Fiscal Period within a 3 year Fiscal Calendar (both Budget and Forecast) and finally and Anniversary Budget. Anniversary Budget is provided so exploration companies can monitor costs from the anniversary of the tenement’s grant date and ensure their tenement expenditure meets the commitment set by the Department of Mines and Petroleum. history is also kept which enables you to see full transaction detail for multiple years unconstrained by the rollover of the General Ledger each financial year.

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