Introducing Division Order 2.0: Streamlined Functionality for On Demand Accounting Users
Watch the presentation, “On Demand Suite: Unveiling Future Division Order Functionality in On Demand Accounting” from Qnections’24 Las Vegas. You will join Michael Stoklosa, Product Owner at Quorum Software, as he explores the current state of the oil and gas industry and the tools that help it evolve.
Take a look at the video below.
At Quorum Software, we’re excited to bring a set of essential enhancements to the On Demand Accounting software, a core solution within the Upstream On Demand suite, aimed at making day-to-day division order management simpler, more efficient, and aligned with industry standards. Division Order 2.0 is the next evolution in Quorum’s cloud powered accounting solution, delivering practical improvements that make a real difference in your workflow.
What’s New in Division Order 2.0?
Division Order 2.0 brings targeted updates to the features you rely on, emphasizing usability, accuracy, and control across core tasks. Here’s a breakdown of what’s in store:
1. Multi-Product Support
Say goodbye to managing separate decks for oil, gas, and condensate. With multi-product support, you can handle all products in a single interface, streamlining assignments and minimizing redundancies. This integration allows you to easily reflect multiple product types within your revenue decks, reducing complexity and making your operations more cohesive.
2. Introducing the Bearer Burden Deck
To help you maintain accuracy in calculating burdens and royalties, we’re adding the Bearer Burden Deck. This feature lets you assign owners to specific bearer groups, enabling more precise calculations of Net Revenue Interest (NRI) based on unique entitlements. With this added flexibility, you can ensure clarity and efficiency across your accounting processes.
3. Owner Level Effective Dating
With Division Order 2.0, you can now set effective dates for individual owners, offering a more granular approach to managing entitlements. This improvement makes it easy to track changes over time, ensuring your records stay accurate and compliant with industry requirements.
4. Manage Expired Interests with Ease
Keeping historical records is crucial, and our new expiration date feature enables you to retain information for past owners within the deck. If an owner’s interest has passed to another, you’ll have a complete view of the chain of title while also having the option to hide expired entries for a cleaner view when needed.
5. Enhanced User Experience
Usability is a priority for us, and the Division Order 2.0 module includes a refined interface with intuitive design elements. Hover-over explanations for acronyms, clear visual cues for items needing attention, and streamlined navigation make managing your division orders easier and more efficient.
6. Market Exemption Groups
With Market Exemption Groups, managing deductions is now easier than ever. Instead of manual deduction entry, calculations are based on relationships between bearer burden groups and market exemption groups, automating processes and reducing errors.
Designed with Your Workflow in Mind
Division Order 2.0 was created to enhance your experience with Quorum’s Upstream On Demand’s Accounting by making improvements where they matter most to daily operations. While Quorum’s Enterprise Accounting software remains our most advanced division order solution, we’re committed to bringing highly practical features to On Demand Accounting that make your processes smoother and more integrated. By focusing on user-requested improvements, Division Order 2.0 offers a seamless upgrade for teams looking to simplify workflows and improve record accuracy.
Join Us on This Exciting Journey!
As we continue to develop Quorum’s On Demand Accounting solution, we’re focused on delivering quality-of-life improvements that keep pace with your needs. The Division Order 2.0 release is part of our commitment to ensuring that your operations stay competitive, efficient, and accurate in a rapidly evolving landscape.
To see Division Order 2.0 in action and learn more about On Demand Accounting, request a demo to see how it integrates seamlessly into your existing workflows.