First Purchasers
Claws is purchaser-centric with a workflow that corresponds to a purchaser’s monthly back-office business…
A self-contained system, Claws encompasses Run Ticket Management, Contracts and Pricing, Revenue Allocations and Payment, Severance Tax Reporting, General Ledger Interfacing – all of the features needed to perform your mission critical tasks.
Features
- 1Run Ticket Management
Claws manages purchases, sales and internal product movements. Tickets can be uploaded into the system from spreadsheets, Oildex CODE files and multiple third party e-ticketing systems. Claws can calculate gross and net ticket volumes for gauged, metered, raw volume and weight tickets. Learn More
- 2Contracts and Pricing
Claws contracts supports pricing for both purchases and sales. Each contract contains one or more pricing scenarios which contain both pricing and a list of trading points to which the pricing will be applied. Contract and pricing history is retained for the life of the system. Learn More
- 3Run Ticket Pricing
Ticket Pricing uses contract information to generate the value of purchases and sales using a batch processing window that can calculate a single ticket or all tickets for the month. Learn More
- 4Purchaser Statements and Invoices
Claws produces both purchase statements and invoices for all product buys and sells. Statements and invoices are sent to the company’s general ledger system in order to maintain the accounts payable and accounts receivable sub-ledgers.
- 5Division Orders
Division Orders track information used to pay lease owners and investors. View a snapshot of ownership for any point in the history of the lease. Withholding tax rates, owner suspense totals, ownership transfers and escheat payments are all stored within Claws division orders. Learn More
- 6Revenue Allocation and Payments
Revenue Allocation accumulates monthly production for each lease, then allocates the accumulated totals to lease owners and investors. The system generates payments for all owners meeting minimum payment requirements, producing a detailed pay statement for each owner. Learn More
- 7Reporting
The system produces comprehensive reporting for ticketing, pricing, revenue allocations, owner payments and all other aspects of the system. Learn More
- 8General Ledger Interface
The General Ledger Interface is a customizable process designed to export batches of Claws transactions to your company’s general ledger. Claws can interface with virtually any general ledger. Learn More
- 9Severance Tax Reporting
Claws produces severance tax filings for state and federal taxing authorities. Learn More
- 101099 Reporting
The 1099 Reporting system produces 1099-Misc statements for owners and investors. Claws creates an electronic file for upload to the IRS F.I.R.E. program and produces 1099-MISC electronic filings for several states. Learn More