General Process Flow
The process flow of the Product and Profit Account (PRA) product begins in the product operation area. This is where allocation rules are defined and master data is processed for key elements, such as well completions, dimension points, and delivery networks.
Key Features of PRA
- Allocating Volumes: The Production application area allocates material volumes (e.g., oil or gas) from a dimension point to all applicable well completions.
- Processing Master and Transactional Data: Master data is entered with start and end dates, preserving the original record interpretation. Each subsequent version of the record is also stored, ensuring accurate data management.
Reporting Features of PRA
- Period Adjustments: The system includes applicable previous period adjustments (PPAs) when calculating quantities due. Amended reports can be generated when PPAs arise from incorrectly reported volumes, values, or master data assignments (e.g., incorrect property assignments).
- List Viewer: After recycling a report, the system generates reports as flat lines in the List Viewer. These reports can be published directly from the List Viewer or as count entries.
Profit Distribution in PRA
Profit Distribution allocates volume and value deals entered from the valuation operation element of PRA. The system:
- Disburses funds to owners
- Generates accounting distributions
- Allocates supplier charges to working owners
- Determines net payables for owners and records outstanding income and charges
- Processes previous period adjustments
- Maintains payment history
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