Invoice coding and JIB billing
Bills coded right. Partners billed on time.
Invoice coding: tying each vendor bill to the right well. JIB (joint interest billing): the monthly bill that splits well costs among the working interest owners. We do both for you.
20 clients and hundreds of wells operated
What you get
What lands on your desk.
- Vendor bills entered Each bill coded to the right well.
- Costs split by working interest Each partner's share of well costs worked out from their working interest.
- JIB statements A JIB for each partner, sent after you approve it.
- Balances tracked What each partner owes, kept up to date.
- Vendor payments recorded Every payment to a vendor, on the books.
October JIB draft, ready for your OK
Vendor bills for October are coded by well, with each partner's share by working interest.
Nothing goes out until you OK it.
Reply OK and we send it to your partners.
How it works
Three steps.
Give us access to your books.
We are WolfePak proficient and can help you convert from QuickBooks or any other accounting software.
Send bills and statements as they come.
Forward vendor bills and buyer check stubs to your RedBird address. Or reply to our text with a photo or a file.
You approve. We close the month.
You approve every payment before it goes out, unless your agreement says otherwise. We close the books, and you get the Monthly Compliance and Close Report.
Compare
The old way vs RedBird.
The old way: Bills sit in a pile until someone has time.
With RedBird: Each vendor bill entered and coded to the right well.
The old way: Partner bills built by hand in spreadsheets.
With RedBird: A JIB for each partner, split by working interest, after your OK.
The old way: No one knows who still owes.
With RedBird: Each partner's balance tracked month to month.
The terms, in plain English.
- Invoice coding
- Tying each vendor bill to the well and cost it belongs to.
- JIB (joint interest billing)
- The monthly bill that splits well costs among the working interest owners. Each partner pays their share.
- Owner balance
- What a partner still owes on past JIBs.
Questions.
What is a JIB?
JIB stands for joint interest billing. It is the monthly bill that splits well costs among the working interest owners. If you own a quarter of a well, you pay a quarter of its costs.
Does anything go out without my OK?
No. You review and approve every payment before it goes out.
Get started
Get your back office off your desk.
Tell us what you need. We look up the public record the state keeps on your operator number. Then we reply to set up a call.
20 clients and hundreds of wells operated