PowerPlan has released its latest version, which includes a module built specifically for Master Limited Partnerships (MLPs).
The MLP module allows for greater accuracy and availability of data for all stakeholders, which improves the K-1 filing process, and provides necessary financial visibility and reporting for general partners, auditors and unit holders.
Historically, the K-1 process is manual, labour intensive and error prone. However, with the PowerPlan MLP module, integration between accounting systems, the tax systems and the K-1 filing preparers is automated.
Exterran senior tax manager Khrissy Griffin said: "PowerPlan's tax solution is a great bridge for fixed asset data to flow from the accounting to tax departments. The new MLP module will create a more streamlined data flow from the tax department to the MLP K-1 processor.
"In our experience, PowerPlan consistently helps us improve our fixed asset processing and reporting of critical business transactions."
PowerPlan's version 10.4.2 includes new features and enhancements that make it easier to manage and run reports.
Specific improvements include:
- A lower level of accounting detail to enable the calculation of forecasted depreciation and forecasted tax depreciation
- Project-level comparison reporting for flexibility to create project revisions and see financial impacts of those changes
- New features and options for calculating ARO processing, project accounting and lessee accounting modules with specific improvements to month-end depreciation calculations.
PowerPlan vice-president of strategy Russell Groves said: "We are committed to the growing oil and gas industry and meeting and supporting their unique needs.
"In addition to our new MLP solution, with the addition of several oil and gas experts to our team, we are focused on strengthening our expertise in this area and creating value for our customers."
Existing customers can access the latest upgrade by contacting their PowerPlan representative.