I have a client who has an oil & gas company w/ approx 120-150 wells. They need to track expenses for each well, they do approx 75-100 form 1099's each year, they are required to give income & expense reports for the individuals wells each quarter. What desktop software do you recommend? Thank you.
You need actual accounting software and a good tax accountant familiar with gas and oil production and depletion requirements. Tax time for oil and gas well production and ownership is a nightmare. QB is just not capable IMO
So many 1099's? Curious as to why you do not consolidate well services with fewer vendors.
On the outside chance that he is issuing dividends or something like that, that is not a 1099 activity at all
You would use QB Premier, because Pro is entry level and does not manage Balance Sheet by Class.
Tracking as you ask is done by Vendor Name (the well owner party that is issued the 1099-Misc); by Class tracking (to track income and expense) and by Customer Name (to assign Expenses and to have invoices for revenue against which you can apply credits on hand).
This is the same process a Property Manager or Landlord firm uses.
QB Premier works fine for this. I recommend installing it as the Contractor Edition, to have access to the better reporting tools.
Darn Bear software has a great product. Its designed specifically for the industry. If your client is using QB already, it would be a great compliment because it works as sub-ledger and can manage and track all the run tickets, payments and sales, contracts and pricing. Its pretty rich and robust. Their website is https://darnbear.com