23 Jun 360 | Record of Quality (RoQ) Tool
Validere’s 360 platform now has new features live! The Record of Quality (RoQ) tool is an important new feature that helps improve communication and operational efficiency. Please read below to learn more.
Record of Quality (RoQ) Tool
Validere 360 is a platform that provides a common language for operations, traders, and accountants to increase operational efficiency, maximize product value, and reduce transaction costs.
The new Record of Quality (RoQ) feature uses the consolidated quality data in Validere 360 from various sources such as third party labs, field labs, and gas chromatography devices to provide accountants with the ability to select the optimal sample for a representative and commercially optimized balance.
Estimated Balance Value & Net Facility Balance
The Estimated Balance Value provides a financial snapshot of the monthly balance, while also aggregating all the streams into either receipts or dispositions. Doing so allows for a summary table of the plant performance and recoveries by component (C1, C2, C3, etc). The information displayed in the table is a reflection of a sample selection process that has been conducted on a stream-by-stream basis. The Net Facility Balance displays the same data in the table in graphical format.
See your estimate balance value and net facility balance in real time
Sample Selection Overview
The Sample Selection Overview gives insights into which samples are best to use for the production book period. At the end of every accounting period, Validere will auto-select samples for the monthly balance on receipts and dispositions. The final sample selected for a given stream will be the ‘Record of Quality’ for that stream during the latest month. Additional details include the composition by component of the selected sample and its associated market price.
Select details on the composition by component of selected sample and its associated market price
Production accountants can use the ‘Notes’ tab to enter any relevant commentary on how the sample was selected. For ease of reference, the previous month’s RoQ and the average of the past 4 RoQ’s (not including the current month’s) are also displayed.
Sample Selection Approval
In order to submit sample selections, they must be approved by the end user. This ensures that the accountant or manager has the final say on samples that are not in line with historical sample values. Gas plants often have hundreds of streams to account for every accounting period, the RoQ feature allows the user to choose from multiple samples. With support from Validere staff, the RoQ page facilitates the selection process using an auto-select tool for the majority of streams that have samples which fall within expected historical values.
Provide approval to outlier sample data
Approval of samples and even correct sample entries can be done manually. You may also choose to use a particular standard for calculating an RoQ.
- Average: uses the average of the available samples, equally weighted
- Earliest Sample: uses the earliest available sample
- Latest Sample: uses the latest available sample
- Volume Weighted Average: weights the available samples by the volumes in their effective periods
Choose your sample calculation method
Would you benefit from a walk-through of the new features? Please reach out and our 360 team would be happy to book a time with you. Both plant accountants and operators can use Validere 360 to ensure that quality data is transparent and communication is frictionless. The above information along with other useful explanations of the Validere 360 features can be found on our knowledge base.
We encourage you to suggest other features that will be useful as everything we’ve built is based on our client needs!
We’d love to hear from you – please email [email protected] to share your feedback.
- 360 | Record of Volume (RoV), Record of Balance (RoB) - July 31, 2020
- 360 | Record of Quality (RoQ) Tool - June 23, 2020
- 360 | Workflow Task Sheets, Field Instrument Serial Numbers - November 18, 2019