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A contract under which hire will be paid in two different currencies
A contract under which hire will be paid in one currency, and CVEs will be paid in another
A contract under which hire and CVEs are paid in one currency while bunkers will be paid in another
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After enabling the configuration flag, you will see the changes in the following areas of VIPthe Veson IMOS Platform.
TCI or TCO
You can associate several currencies with the contract in a Time Charter In (TCI) or Time Charter Out (TCO).
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When you create TC Invoices, we recommend maintaining concurrent billing schedules for each currency you set. When the TC Invoice form is opened to create an invoice, do the following:
Select a currency from the contract. If there are periods remaining to invoice, the invoice type will default to Period; if there are no remaining periods, the invoice type will be set to Special.
You can add additional line items to the invoice using the Create/Add Details form. Line items that can be invoiced in any currency, like rebillable voyage expenses or off-hire bunker deductions, can be included regardless of the currency
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but only once across all invoices.
If you need to record incremental invoices, you can select the Incremental invoice type after specifying a currency. Only components that make sense to invoice in the selected currency – reversals for previous invoices in the same currency, rates defined in the same currency, and adjustments previously invoiced in that currency – can be included in the incremental invoice.
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The billing schedules should line up for each currency. If one currency’s invoices are issued on the 15th of each month, then the other currencies' invoices should also be issued on the same date. |
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The Hire Statement reports work similarly to invoicing. When you open the Hire Statement form, you should select a currency; if no currency is selected, the default currency is selected by default. After selecting a currency, you can view any of the Hire Statements reports. The reports are filtered to only include line items whose financial impact is , or is expected to be, recorded in the selected currency.
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