The Joint Interest Billing application is primarily used to print and track JIB invoices. Furthermore, you can use this application to enter and post owner advance billing invoices, print the billing prelist, change the billing status of owner or well items, and close the JIB month. Billable items are typically automatically added through entries to accounts payable or the general ledger. However, advances are entered manually in the JIB menu. Some of the features of this application are:
- Billing more than once a month can improve your cash flow
- Generation and tracking of advance billings and prepayments
- Reduction of input time for recurring charges (i.e., overhead) using standard journal entries
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