Business Associates (BA) is a common repository for Lessor, Royalty Owner, Overriding Royalty Owner, Working Interest Owner, Vendor, and Purchaser static information such as name, address, tax id, email contact info, etc.
Developed to accommodate SSI users who have investors that own multiple interest types from leases to working interest that may even be vendors (and/or purchasers) so the setting up and address changes, etc. for interest owners/vendors/purchasers need be done only once.
Information mutual to the BA as an owner, vendor and/or purchaser is kept in the BA file. Anything applicable specifically in terms of the owner is kept in the AR01 - Owner Maintenance record (such as alternate mailing addresses, service charge conditions and revenue EFT information) and whatever is applicable only to the vendor (like vendor terms of payment and vendor EFT information) is kept in the AP01 - Vendor Maintenance record.
Benefits of Business Associates
Saves time - one associate can be set as a lessor, well interest owner, vendor, purchaser or any combination of the above.
Cuts redundancy. Adding or making changes doesn’t have to be done multiple times.
Can be global - all companies in SSI can share a single BA file. If the BA name/address is changed in one company the change will trickle down to all companies.
Minimizes errors. This in itself is helpful – minimizes typos because the same information doesn’t have to be entered multiple times.
Uniformity - the same number is used for the BA as an owner, vendor or purchaser.
When a BA is added, notice the Add To Company(s) Data Bases button at the bottom of the screen.
This is the part that makes implementing the Business Associates all worthwhile.
Add To Company(s) Data Bases
All companies set to using BA are listed along with options to: Add Owner, Add Vendor, Add Purchaser for each listed company.
Another neat feature…
X – Indicates Already Exists.
Once you’re up and going on BA, see the little X under Add Owner and Add Vendor for company 01? Applicable per company, that little X designates that the BA has already been copied down to the company.
Oh! And one more thing - Click On To Set ALL To Add, Off to Set ALL to Not Add. A single click adds the BA to ALL companies as owner, vendor and/or purchaser in one fell swoop.
In terms of ways to cut time and effort, we’ve thought of everything – all to make YOUR job EASIER.
If you aren’t using BA, consider converting over to it. SSI can help with the conversion process. Contact us. It’s well worth the time and effort to make the switch!