Overview
The Multicurrency Time Charter (TC) feature allows you to record, manage, and invoice Time Charter contracts in several distinct currencies.
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We recommend using this feature and the line-item exchange rates feature together.
Usage
To set up Multicurrency Time Charter contracts, do the following:
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After enabling the configuration flag, you will see the changes in the following areas of the 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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You can assign currencies and exchange rates for CVE rate periods and lumpsum amounts.
Daily and monthly commission rates can be assigned currencies and exchange rates.
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Voyage Estimate
When you pull a TC into a Voyage Estimate, the currencies and exchange rates you set are converted to the estimate’s base currency.
Voyage P&L
When you pull a TC into Voyage P&L calculations, the set currencies are respected and maintained. The line items from the P&L calculation record base and currency amounts. The line items indicate the currency in which they’re expected to be paid in their descriptions.
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TC Invoices
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:
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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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Hire Statement
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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