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This is a Key Topic, with high value for all users.
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- Complete your Chart of Accounts.
- Determine if you will be using Accrual By Ops or Accrual By Act.
- Complete your Accrual Business Rules.
- Set your accrual basis: always prorate or using an operations basis date (CFGVoyaccAccrualDate).
Calculating Accruals
- In the Financials module center
, 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 P&L tab of the Voyage Manager.
- 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.
- Select Lower Bound Date and Lower Value Limit filters.
- 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 the line 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
.- 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
.
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