HUB Byte – Chart of Accounts – Cost Categories

When establishing Chart of Accounts lists in Oilfield HUB, users can associate Day, Rental, and/or Mud Cost Categories for each GL account.  These settings are utilized to trigger how GL accounts are selected from picklists on the Cost Detail report when entering daily field project costs in Oilfield HUB.  Wellsite Supervisors can easily choose from a streamlined list of GL accounts for allocating Day, Rental, and Mud Costs.

HUB Benefit

Customized Chart of Accounts lists by region or project type, together with Cost Categories, makes data entry in the field simpler and quicker for Wellsite Supervisors. The need to search long lists of unrelated GL accounts is eliminated in Oilfield HUB and replaced by only those GL accounts required for accurate and real-time cost reporting. The potential for mistakes is reduced when allocating daily field costs, as are the extra head office overhead expenses to fix needless and avoidable reporting errors for Producers and EPCs.

Karen Keith
Product Manager
Oilfield HUB Inc.