In this episode Phil and Tom host a virtual happy hour in which they discuss authority for expenditures or AFE’s. They discuss what they are, when they are used, and what they actually mean and what can be included in an AFE with a panel of three experts from the oil and gas industry. They also get into some Q&A after the discussion.
Highlights:
4:05 What is authority for expenditure?
8:08 When is an AFE required?
11:25 What happens when you overspend what’s on the AFE?
14:00 Some communication challenges when using the AFE
19:26 External AFE’s
28:23 Q&A
About SherWare, Inc.
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SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform -- and we’re the only software on the market that can integrate with your QuickBooks company.
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About COPAS:
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.