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| Getting Started with IMOS Documentation |
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| Getting Started with IMOS Documentation |
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A TCI TC In vessel may have multiple voyages. Some period costs like TC Hire and Bunker expenses, although incurred during one voyage, may not be totally consumed in that voyage. IMOS allocates such Such costs are allocated among voyages by using using Voyage Period Journals to to match actual expenses and posted invoices from a financial perspective.
There are two models to do this.:
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Model A (Recommended): Invoices |
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Are Considered Prepayments & Suspended in the Balance SheetThe hire and bunker invoices are posted into the balance sheet, and the posted P&L shows no amounts. After running the Voyage Period Journals, |
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the balance sheet will be credited and |
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the P&L will be debited for the same amounts as the actual P&L (regardless of the balance of the Bunkers paid in advance and Hire paid in advance accounts). All hire and bunkers paid for, but not expenses against the voyage, remain posted in the balance sheet. Example: Posted cost during voyage 1: |
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| advance 250,000 | CREDIT: Account Payable 250,000 | | Hire payment bunkers on delivery: |
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| 000 | CREDIT: Account Payable 300,000 | | Bunker lifting invoice: |
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| 000 | CREDIT: Account Payable 250,000 | | Hire invoice 2: |
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| 000 | CREDIT: Account Payable 250,000 |
During the voyage: - Voyage 1 actual bunker expense:
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- 300,000
- Voyage 1 actual hire:
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At the end of the voyage, the voyage 1 |
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follows: P&L | Actual | Posted |
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Bunker Expenses | 300,000 | - | Hire Expenses | 350,000 | - |
The |
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follows: Balance Sheet |
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Bunkers paid in advance |
| 550,000 | Hire paid in advance |
| 500,000 |
After running the Voyage Period Journal |
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, the voyage 1 P&L will appear as |
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follows: P&L | Actual | Posted |
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Bunker Expenses | 300,000 | 300,000 | Hire Expenses | 350,000 | 350,000 |
The |
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follows: Balance Sheet |
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Bunkers paid in advance |
| 250,000 | Hire paid in advance |
| 150,000 |
The remaining prepaid amount (asset) on the balance sheet will be brought to the next voyage. Model B: Invoices |
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Are Considered Expenses & Immediately Posted in the P<he hire and bunker invoices are posted into the |
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Voyage P&L, and the posted P&L shows full invoice amounts. After running the Voyage Period Journals, |
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the voyage 1 P&L will be credited for |
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the unconsumed hire and bunkers, and |
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will be debited for the same amount. All hire and bunkers not consumed (and, through Voyage Period |
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Journals, no longer expensed) in voyage 1 are expected to be consumed in the consecutive voyage(s); thus, |
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the expenses are posted in the consecutive |
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Voyage P&L. Example: Posted cost during voyage 1: |
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| 250,000 |
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| DEBIT: Hire Expenses 250, |
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| 000 | CREDIT: Account Payable 250,000 | | Hire payment bunkers on delivery: |
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| 300,000 |
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| DEBIT: Bunkers Expenses 250, |
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| 000 | CREDIT: Account Payable 300,000 | | Bunker lifting invoice: |
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| 250,000 |
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| DEBIT: Bunkers Expenses 250, |
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| 000 | CREDIT: Account Payable 250,000 | | Hire invoice 2: |
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| 250,000 |
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| DEBIT: Hire Expenses 250, |
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| 000 | CREDIT: Account Payable 250,000 |
During the voyage: - Voyage 1 actual bunker expense:
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- 300,000
- Voyage 1 actual hire:
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At the end of the voyage, the voyage 1 |
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follows: P&L | Actual | Posted |
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Bunker Expenses | 300,000 | 550,000 | Hire Expenses | 350,000 | 500,000 |
After running the Voyage Period Journal: P&L | Actual | Posted |
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Bunker Expenses | 300,000 | 300,000 | Hire Expenses | 350,000 | 350,000 |
After debiting the posted expenses, the remaining 250,000 (550,000 – 300,000) bunker expenses and 150,000 Hire Expenses will be credited to the next voyage in the Posted column. |
Flags to control the model to use
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Note: The following configuration flags are set during implementation and should not be changed without first consulting the Veson Nautical Services team. | Name/Flag | Description |
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Allocate TCI Hire to Voyage
CFGAllocateTciHireToVoy | - When set to N, TC In Hire expense will be posted according to
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- TC In Hire expense will be posted according to
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| Allocate Bunkers to Voyage
CFGAllocateBunkersToVoy |
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- N, Bunker expense will be posted according to
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- Y, Bunker expense will be posted according to
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