Reconciliation

Note: Access to the Reconciliation application is not automatic for all users. To access, you need to have a user account that is granted the role 'Reconciliation/Reconcile' (see Roles).

Reconciliation provides integrated reserves management, maturation tracking, reconciliation and reporting. The application tracks migration of reserves from possible, to probable, to proved categories. It tracks replenishment of a company's resources and can measure reserves volumes or value. Reconciliation can be configured to provide a reserves management solution for the following standards: SPE PRMS, FASB, SOX, UNFC, COGEH, CCOP, AAPG, WPG. It targets these agencies and reports: SEC (US), NI-51 (Canada), ASX/ASIC (Australia), EIA-23L (US), SORP (UK), RF-2005 (Russia), PRO-2005 (China), NPD-2001 (Norway).

The workflow is based on a comparison of two points in time. The reserves position at one point in time (opening balance) is compared with the position at a second point in time (closing balance). The two points in time can be any two points: last year end vs. current year end, or last year end vs. current date in order to evaluate the effect of a recently-changed business condition. For each pair of opening and closing balances, a standard set of reconciliation reasons is used to explain the movements from the opening to the closing balance. There is an auto-classification workflow as well as integration with economic calculations.

A typical reserves workflow includes the following steps:

  1. Values for reserves variables are entered, stored and tracked in Dataflow.
  2. In the Reconciliation workspace, you create reconciliations and load data into them.
  3. The differences between the opening and closing balance are reconciled (see Reconcile data), and the results are taken through an approval process (see Submit changes for approval). To help you to keep track of things that need to be done, you can use Tasks.
  4. After changes have been approved, you can run Reserves Reports (in Dataflow, see Run a Reserves report).

For version 16.5 Update 16 and later: Permission controls can be applied at the reconciliation level. A user must be granted the 'Update' permission to change the node data during a Load Data operation. See Reconciliations.