When managing a pool, some non-voyage expenses/revenues can be generated, such as office purchases and insurance. Admin Fee Distribution captures these expenses/revenues and distributes them to the pool partners along with the VIP - Pooling Distribution.
To distribute Admin Fees, do the following:
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Set Up the Accounts for the Admin Fee
For Admin Fees to be captured, the accounts for these fees must be set up in the Chart of Accounts. The screenshot below includes the following accounts for pool admin expenses:
| Code | Account Name |
|---|---|
| 20130 | Admin Cost - Office Purchase |
| 20131 | Admin Cost - Insurance |
| 20132 | Admin Cost - Other Pool Admin Expenses |
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Select the Pool Admin Accounts
After the accounts are set up, on the Pools form, select them in the Pool Admin Accounts column. Make sure that all the accounts that you want to capture for Admin Fee Distribution are entered.
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Create a Non-Voyage Exp/Rev or a Journal Entry for the Admin Fee
When expenses/revenues related to these accounts are incurred, they must be entered as Non-Voyage Expenses/Revenues or Journal Entries. In the Financials module, you can create them as Transaction Data Entries with Invoice Type Non-Voyage Exp/Rev or as Journal Entries. For both types, the Accounting Date must be in the Pooling Distribution period for which you want to distribute the Admin Fee.
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Run Pooling Distribution
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