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REVBC-WEB Principles of Revenue Accounting Boot Camp: Virtual Classroom

The goal of our Principles of Revenue Accounting Boot Camp is to equip students with the foundational knowledge they need to get a solid grasp of industry-focused revenue accounting procedures. This course is designed to deliver engaging, relevant education to those new to the oil and gas arena and is also recommended for anyone who needs a refresher, and experienced accountants changing specialty focus into the revenue area.

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REVBC-WEB Principles of Revenue Accounting Boot Camp: Virtual Classroom

Description

Course Content

This course covers the following topics:

  • Industry History and Value Chain
    •  History
    • Exploration
    • Petroleum Products
  • Oilfield Operations and Production Accounting
    • Production
    • Flow
    • Measurement
    • Quality
  • Oil Lease Sales Accounting
    • Contracts
    • Volumetric Data
    • Oil Pricing
  • Oil Off-lease Sales Accounting
    • Off-lease Contracts
    • Pricing
    • Transportation and Downstream Requirements
  • Gas Operations Production Accounting
    • Production and Processes
    • Gas Types and Measurement
  • Gas Lease Sales Accounting
    • Contracts and Pricing
    • Volumetric Data
    • Accounting Entries
  • Gas Off-lease Sales Accounting
    • Contracts
    • Transportation
    • Nominations
    • Net-back Pricing
    • Sales Entries
  • Gas Plant Accounting
    • Processing
    • NGLs
    • Contract types
    • Gas Allocation
    • Accounting Entries
  • Producer and Pipeline Imbalances
    • Statements and Settlements
  • Production and Severance Taxes
    • Deductions
    • State Differences
    • Tax Incentives
    • Tax Audits
  • Private and State Federal Royalties
    • State Royalty Payments
    • ONRR payments
  • Check Stub Processing
    • Processing Checks
    • Operator Questions
    • Data Verification
  • Revenue Accountant Relationships
    • Data Needs
    • Inter-departmental Relationships
    • Partners and Working with Purchasers
  • Variance Analysis Analytics
    • Close Activities
    • Variance Analysis Process
    • Reconciliations
    • Period Adjustments

Learning Objectives

Upon completion of this course, you will be able to:

  1. Describe the upstream oil and gas industry
  2. Recognize past and current market regulation
  3. Describe the critical role of the revenue accountant
  4. Describe production processes of oil and gas products and by-products
  5. Recall various product measurement approaches, standards and product allocation methods
  6. Explain, interpret and execute the various types of lease agreements and provisions
  7. Apply the sales and entitlement methods of accounting
  8. Prepare complete accounting entries for common dispositions

 

 

 

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Additional information

Date / Location

October 25 – 28, 2021

Testimonials

Networking is so important. It will help with your job and career, and you will gain knowledge you can’t get sitting at a desk. The people in COPAS have mentored me, answered questions for me, and genuinely cared about me and my family.

Melissa Gruenewald
Rating: 5

COPAS has great learning opportunities, leadership opportunities, and ways to develop relationships with other accountants and oil and gas professionals. You will work hard when you get involved, but the experiences, people and benefits will be worth it.

Melissa Gruenewald
Rating: 5

For anyone searching for energy knowledge, professional industry contacts, peers with whom to discuss similar dilemmas, and access to energy experts—COPAS is the place to be!

Carolyn Sczepanski
Rating: 5
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OUR MISSION

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

COPAS

P.O. Box 21272
Wichita, KS 67208
Tel: 303-300-1131

Contact Us →

CONNECT WITH US

OUR MISSION

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

COPAS

P.O. Box 21272
Wichita, KS 67208
Tel: 303-300-1131

Contact Us →

CONNECT WITH US

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