April 2021 - Corptex Systems Ltd.

Why We Provide Live Support

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We provide live support for every Energy Corridor customer. If you need help, you can call us, and you’ll get an expert on the phone right away. If you prefer email, you can contact us that way, and you’ll get a timely response.

This level of support is standard for every Energy Corridor customer. It’s not part of our Pro package. You don’t have to pay extra for it. It’s just how we support our customers.

We provide live support because we know that accounting is a fast-paced profession. When you need an answer, you need it now. Filing a support ticket won’t help you. You can’t wait a day for someone to get back to you. You need a quick answer so you can get your report out, then move on to the next task

If you can’t get an answer right away, you might be forced to use some awkward workaround. Or worse, your results might be incorrect. We don’t want that to happen.

We believe live support makes us stand out. As far as we know, our competitors don’t offer it. In fact, we hear they’re cutting back on support, which means their ticket queues are getting longer and longer.

We also believe that live support simplifies our business. We don’t have to track customer service metrics because we know they’re already as low as we can make them. Ticket volume and ticket backlog: 0. Average reply time and average first response time: usually the first or second ring. Average resolution time: the length of our call.

But live support is not the only way we help our customers. Besides being fast, we’re also good. We keep our communications open. We want to know not just what you’re trying to do, but why you’re doing it. Knowing your end goal helps us find the best answer. Sometimes we can help you find simple.

What’s more, we’re personable. We get to know you and your business. That way, when we offer you technical support, it’s tailor-made for you.

Finally, we recognize that no software is perfect, including ours. Every system has its flaws and limitations. So when your support call reveals a defect in our system, we fix it promptly. If your call points to a desirable new feature, we’ll add it to our roadmap.

Live support, open communications, and custom solutions tailored to your business — we think these things make us stand out.

If you need help, you can reach us via our contact form. Or better yet, call 587-392-4021.

Book a Demo

To learn more about Energy Corridor, contact us for a demo.

Operated Cash Calls

Operated cash calls with Energy Corridor are simple. This post tells you how to cash-call non-operating partners in a joint venture project.

Cash calls are used when you have a joint venture capital project. The operator of the project would cash call non-operating partners for their share of expenses the project is expected to incur on their behalf. Essentially, you’re asking them to pay upfront for their share of the project.

Operated Cash Calls

Operated cash calls with Energy Corridor are simple. In this case, we have an authorization for expenditure (AFE) to equip a well. The total budget for the AFE is $94,200. We have two partners, each with a working interest percent of 25%, which means their budgets are $23,550. That is the amount that they’re expected to contribute to the project.

So, we’re going to cash-call Questfire. This project is starting in January, so that’s when I’m going to cash call them. To see the effect of the cash call, we’ll look at the voucher — that is, the voucher generated from the cash call.

You can see that we’ve debited the 1435 cash call receivable account, so that’s the amount you’re expected to receive from Questfire, and credited the 6310 cash call payable. The cash call payable is a liability that will be drawn down as the operator incurs the expenses. Now, when you make a cash call, generally you’ll invoice the partner. So you create an invoice, and when you receive payment for that invoice, the entries are a credit to the 1435 cash call receivable, and you debit your cash account. So that, in a nutshell, is the basic cash call and how to handle it.

Joint Interest Billing

Now, to see the effects of the cash call, we’ll run our joint interest billing (JIB) for January. The project started in January and has been incurring expenses. For Questfire, you can see that they won’t owe anything this month because of their cash calls. So, there’s their cash call. These are their share of the expenses for the month and because the $4,500 is covered by our cash call, you can see that they are not billed anything for January.

Now, to make this a bit more clear, we’ll run the JIB for February, and you will see that the cash call amount has now been drawn down by January’s expenses. It’s been drawn down from the $23,550. Again, expenses for February, $3,200, result in no billing because the cash call covers it. Eventually, your cash call will be exhausted and billing will commence.

Conclusion

So, that in a nutshell, are the cash call basics. Of course, there are many situations that occur that you need to account for. For example, projects are usually over or under budget. Refunds and additional funding requests are common. Partners don’t always pay the full cash call amount or pay too much. We provide more information on these situations in our post Operated Cash Calls.

Thanks for visiting us, and see you next time.