Oil Accounting System
A system with just FIVE modules is commonly used by oil companies where tenement accounting is required.
Each module links with the other to provide complete tracking of costs. It includes General Ledger,
Costing, Bank Reconciliation, Accounts Payable & System modules.
Click on the Module Flow Chart for more information on each module.
Module Flow Chart
Modules
Bank Reconciliation Module
The Bank Reconciliation application is designed to help you keep accurate records of your bank transactions by recording all bank transactions
automatically from the other Classic modules. You may however enter transactions in the module directly such as bank charges or unusual expense or
revenue items. Reconciliation is so easy and this powerful module can cater for up to 200 bank accounts per company.
General Ledger Module
With the emphasis on operational reporting and virtually unlimited capacity this module is one of the most flexible, powerful and easy-to-use
general
ledgers on the market today. It is designed to provide both standard and user defined reports for the users environment and has both multi-company
and multi-department capacity together with complete freedom of ledger number setup and several automatic ledger facilities.
Costing Module
This module is a true multi-activity, multi-phasing Estimating and Costing module. It embodies Classic's commitment to full integration linking
directly with Payroll, Inventory, Creditors, Purchasing, Debtors, Invoicing and the General Ledger. For the manufacturer involved in capital
projects
and both small and large jobs this module becomes the centre of the costing and purchasing side of the accounting system, including as it does some
project scheduling as well as costing.
Accounts Payable Module
This module can be clearly regarded in two parts - the creditor invoice processing section, and the payments and adjustments section. Again the
level
of integration enables Payroll deductions or allowances to be invoiced here automatically while Job Cost purchases can be entered directly through
the Creditor invoicing section. The invoicing section of the Purchase Order module can also directly access the Creditor to create invoice entries
where delivery includes the invoice. All cheques written through this module are automatically recorded in the Bank Reconciliation module for
statement reconciliation later.
As you would expect full professional accounting power enables the processing of future liabilities, unapplied and applied transactions, direct
debit
and credit memos, invoices in dispute and so on. User defined codes enable the module to easily cope with any number and variety of GL control
accounts, and groupings for reporting and transacting.
System Module
The System Module controls the features of the software which are set independently of each company installed. The controls on access to modules, the modules which can be installed, login passwords and inter-company functions are all controlled here.
