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Joint Venture Management

Joint Venture Management

Classic’s Joint Venture Module allows the interest of each Joint Venture Party to be specified both in terms of their share of expenditure and their share of income. These interests are then used in the calculation of the cash calls or distributions. Joint ventures can be held in different companies and the Joint Venture Module will bring these together into a consolidated view by each AFE, each Company or each Joint Venture Participant.

The Classic Joint Venture module has been designed to operate as a fully integrated module of the Complete Classic software suite. It therefore uses integration with the following modules:

General Ledger

Accounts Payable

Accounts Receivable

Tenement/Costing

In addition, it also uses your current email facilities to allow email of reports. The software also allows export of reports to Excel, however, you will require Excel installed to enabled reading of the file produced.

The Joint Venture module has a set of master records which contains the details of the Joint Venture Agreement for each AFE and draws the details of the Joint Venture Partners from the Accounts Payable or Accounts Receivable modules. The AFEs themselves and the details of the income and expenditure associated with them are held in the Tenement/Costing module and may be held in multiple companies within Classic. The details of your Joint Venture partners are held in either the Accounts Payable module or the Accounts Receivable module.

Each module has its own editing and posting features. Integration features provide immediate lookup to the General Ledger, Tenement/Costing, Accounts Payable, Accounts Receivable.

Once fully setup, the Joint Venture module extracts information from the Tenement/Costing modules of the Companies included in the Joint Venture Definitions and combines it with the information stored in the Joint Venture module to allow viewing and analysis of the AFEs and Joint Venture Partners interests. It also allows calculation of the consolidated cash call for each Joint Venture partner and also the ability to view the details of the cash calls for each AFE.

Capacity

Like the other Classic modules this one has enormous capacity, with virtually unlimited transaction capability and many automatic and recurring features for easy use.

Links To Other Modules.

The module has direct links to Tenement/Costing in multiple companies to enable extraction of the detailed transactions for each AFE.

Reports

In addition to the standard operating reports, reports have been defined which allow analysis of the data gathered to provide management information. These include:

  • Joint Venture Listing
  • Cash Call Report
    • By Partner
    • By AFE
    • By Project
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