DMS’s accounting solutions for oil and gas include Accounts Payable, Accounts Receivable, General Ledger and Fixed Assets. Discovery’s accounting modules support multi-currencies, multi-companies and are GAAP and IFRS compliant.
One of the key advantages of Discovery’s accounting Oilfield software is that the transactional modules are completely integrated to the accounting systems. This supports Discovery’s strategy to reduce manual Journals from accounting users by letting the software make the entries to provide efficiency and to give you confidence that you can trust the data on the reports.
At a high level, DMS’s Oilfield ERP accounting software delivers the following functions:
- Accounts Payable has a purchase variance module that provides a 3-way match between purchase orders, receipts and vendor invoices.
- Accounts Receivable supports Oilfield transactions such as parent companies who pay for their subsidiary’s invoices and customers who are also vendors.
- Fixed Assets depreciates your rental and traditional assets and supports transactions to dispose and sell your assets. Simple right clicks move rental assets to inventory that is then to be sold to your customer.