QuickBooks for Oil & Gas

Quickbooks can be amazing tool. But with certain industries (like oil and gas) it doesn't always play nice.

In our family business we were juggling both QuickBooks and OGsys (yeah, don’t ask). We weren't alone; I’ve heard similar gripes from small operators nationwide. Typically, you're cornered into one of two options:

1. Upgrade to an O&G-specific system: This might be Quorum ODA, W Energy, Wolfpak, etc. This is normally expensive, time consuming, and requires training on the new systems. Not necessarily a bad option, but it is a big lift.

2. Attempt to adapt QuickBooks to your needs: In the past this has been difficult due to the manual work required with JIBs, Division of Interest, etc.

To address this problem we built a native integration with Quickbooks online to make this process easier. It won't work if you are a larger operator, but if you are a smaller business like we were it could be a good fit.

How Joltly Solves the Quickbooks Problem

In Joltly we track you expenses, Wells, AFEs, and Well Allocations. We also track the division of interest for each well. This means we have all the info needed to do things like create JIBS.

The Process‍

Because you're tagging each expense to a specific well, Joltly leverages that data to create Joint Interest Billings (JIBs) for your partners. Here's a step-by-step breakdown of how it integrates with QuickBooks (QB):‍

Scenario: Let's say you have a $10,000 expense for a work over done on an oil well, which we'll call Meyers Farms 2-12. You bill out 50% of that expense to your partners.‍

Workflow in Joltly:

• Code out the invoice in Joltly.
• Send the entire expense detail into QuickBooks.
• Joltly automatically creates and sends the JIBs for you.
• Once the JIB has been paid, Joltly credits the original expense

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By integrating Joltly with QuickBooks, you eliminate the manual hassle of JIBs and maintain precise financial oversight over each project. We handle the JIBS and allow for QB the handle the accounting.