RFS can provide a full suite of comprehensive accounting services. These services may include the following:

Controller Functions

• Develop and implement accounting policies and procedures
• Create and co-ordinate the dissemination of management, operating and financial reporting packages
• Communicate with investors, banks and any other financial institutions
• Supervise all accounting functions and processes

General Ledger & Other

• Monthly recurring journal entries
• Fixed asset depreciation schedules
• Work in process cost review and re-class
• Depreciation, depletion & amortization calculation and posting
• Hedge accounting
• Asset retirement obligation accounting
• Monthly account cost reconciliations

Accounts Payable

• Code, input and index invoice images into system
• Review and pay invoices on weekly basis
• 1099 reporting
• Input manual check detail and apply
• General and administrative accruals

Accounts Receivable

• Input purchaser statements into A/R system
• Apply joint interest owner payments to outstanding A/R invoices
• Code, input and index receipt images into system

Joint Interest

• Determine and record COPAS overhead
• Run cost allocations, review and create invoices
• Prepare and mail joint interest invoices
• Prepare and monitor payout statements
• Facilitate netting of revenues and joint interest invoices
• Lease operating expense and capital expenditure accruals

Oil & Gas Revenues

• Input purchaser details and severance taxes into disbursement system
• Review and process gross and owner sales
• Review reports prior to creating owner payments
• Revenue accruals and accounting for all associated revenue deducts
• State and Federal royalty reporting
• Production volume reconciliations

Production Taxes

• Calculate and prepare monthly severance tax reports
• Review severance tax reports prior to payment
• Setup the payment for monthly severance taxes due
• Calculate and prepare state and federal royalty reports
• Input annual ad valorem taxes into system
• Allocate ad valorem taxes into proper occurrence months
• Reverse corresponding ad valorem tax accruals

Sales Taxes

• Review all vendor invoices for proper sales tax charges
• Notify vendors of sales tax issues and resolve future invoicing issues
• Prepare sales tax reports to state
• Review sales tax reports and setup payments

Master Files

• Develop and implement master file layout and reporting hierarchy
• Set up initial name & address information on joint interest owners, revenue owners, vendors and customers
• Set up and maintain cost center files, well masters and chart of accounts
• Open and close accounting periods

Management Reporting

• Prepare balance sheet, income statement and statement of cash flows
• Prepare trial balance
• Prepare lease operating statements on a gross and net basis
• Prepare AFE variance reports
• Prepare budget variance reports for lease operating expense, produced volumes and capital expenditures