Home >Financials > Monthly Accruals
🔑 This is a Key Topic, with high value for all users.
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On the Financials menu
, under Period Closing, click Monthly Accruals.
Select the accruals Basis:
Recalculation
Daily Snapshot: Specify the snapshot Type and, for noncurrent snapshots, specify the Date. For journals created using this method, the Invoice Date and Accounting Date are the same as the Accruals Year/Month on this form.
Accruals snapshots appear in the Snapshot and Period Comparison selection lists on the Voyage P&L.
To accurately account for these items based on your company's policies, the following Calculation Options can be used with accruals-based snapshots created with IMOS v7.10 or later: Apply Additional Hire to Period, Apply TC Bunker Adjustment to Period, Apply TC Expenses to Period, Apply Other Revenues/Expenses to Period, Apply Port Expenses to Period.
Select filters to limit accruals by Trade Area, Company/LOB, Vessel Fleet, Vessel Type, Operation Type, or Pool, or select a specific Vessel. If a Vessel Name has been updated in the system, the new vessel name should be entered in the field instead.
Select Lower Bound Date and Lower Value Limit filters.
Lower Bound Date is applied to determine the earliest date to look at for generating the Accrual journals. The system will provide results only from that date forward.
Lower Value Limit is applied on individual items and is only applied upon saving. Anything greater than the lower value limit will still appear in the Preview but it won't be saved as part of the monthly journals. As a result, Accrual journals that have been created should not display the Monthly Closing Accruals amount with values under the Lower Value Limit.
To apply P&L calculation options, select the appropriate check boxes.
Click
.To select the records you want to post, select their check boxes in the S column, at the right, or select the Select All check box.
To take and save a P&L snapshot for every result line, regardless of whether there are accrual items, select the Save Snapshots for All check box.
To view a record in the Bill Viewer, including the details to be included in the Journal, right-click its line item and then click Preview Journal.
To select the records for which you do not want to create a reversal of the accrual, clear their check boxes in the R column.
Click Create Accrual Journals.
If a record's S check box is selected, a Journal Entry is generated with two lines, one for accrued revenue, and one for accrued expense. The accrual transaction is generated on the last date of the accounting period (typically the end of the month).
If a record's R check box is selected, a reversal of the accrual is generated for the first day of the next month.
To view Summary or Account Analysis reports, click Report.
Calculation Method for Accruals (Revenue and Costs)
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When running Monthly Accruals for voyages with Bunker Liftings that are not bound to invoices, the Veson IMOS Platform (VIPIMOS) will only accrue the costs of the Bunker Liftings if they have been consumed.
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In some instances, there is a need to calculate accruals using a different configuration for reporting purposes but not actually posting the records down to the general ledger in the Veson IMOS Platform. When the CFGCreateSimulatedAccrualNotifications flag is set to Y, a Create Simulated Notifications button will be present on the Accruals form. Clicking this button instead of the Create Accrual Journals will generate invoice messages to be sent do a downstream system without actually creating the journal in the Veson IMOS Platform.
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