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Home > Operations > P&L - Voyage

🔑  This is a Key Topic, with high value for all users.

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Info

You must have the Voyage P&L Summary Module Right selected, under Reports in the Operations module.

On the Voyage Manager, the P&L panel enables you to access detailed Profit and Loss information for financial monitoring, reconciliation, and auditing. It shows Estimated, Actual, Posted, and Cash columns, as well as Variance columns showing the difference and percentages between Actual and Estimated and Actual and Posted. You can use this information, along with the Estimate, to determine reasons for any variances and see how well you estimated or what you might be able to improve.

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To expand the panel, click . To collapse the panel again, click .

Views

To select Operations or Accounts view, at the top right of the expanded Voyage P&L, click its button.

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Operators use this view to see categories of revenues and expenses.

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Note: The expanded revenues/expenses will show different format types if users use different Locale languages across the company.

Accounts View

Accounting roles typically use this view to see the name and number of each ledger account affected by the voyage and how costs are allocated to them.

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Excerpt

Snapshot types include:

  • Snapshots you take (custom, P&L Snapshot Type Name, or exportXml); these appear with the date, time, and user.

  • initial: Depending on the value of configuration flag CFGInitialSnapshotTimeSelect, snapshots are automatically taken when a voyage is either scheduled or commenced. This snapshot is used as the basis for the Estimated column on the Voyage P&L and the estimated values in the Voyage P&L reports (Values will only display if snapshot is taken).

  • current: Snapshots are automatically taken when a voyage is saved.

  • closed: Snapshots are automatically taken when a voyage is closed; the date and time are followed by the text Closing.

  • accrual: Monthly Accruals Snapshots are taken while using the Daily Snapshot method to generate Accruals; the date and time are followed by the text Accrual.

  • deviation: Snapshots are automatically taken when creating a Deviation Estimate; the date, time, and user are preceded by the text Dev Est.

Estimated, Actual, Posted, Cash, and Variance Columns

  • Estimated: These figures come from the Estimate that this voyage originated from. If no Estimate exists, these figures are calculated from the initial data in the voyage when it is created.

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  • To expand an item to examine it in detail, click 

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    click the right arrow.

    . The calculations appear with the details. When an invoice is created, the Invoice Number appears as a link that you can click to open the invoice; each line item in the invoice is a separate item in the P&L.

  • To collapse an item again, click 

    Image Removed

    click the down arrow.

Totals

The following totals can appear at the bottom of the table:

  • Voyage Result

  • Net Daily (TCE) = (Net Income − (Total Expenses − (Vessel Expenses + Ballast Bonus + TC In Common Voyage Expenses − Address Commission))) / Voyage Days
    Note: TC In Common Voyage Expenses do not include ILOHC or INTHC; these two expenses affect TCE.

    • For Type G (Gas Carrier) vessels, Net Monthly (TCE) appears in addition to Net Daily (TCE).

  • Profit (Loss)

  • Market Profit (Loss): Appears if a value is entered in the Market Hire field; note Module Right Edit Market Hire on Voyages with Status Other Than Scheduled.

  • Net Voyage Days = Total Voyage Days − Off Hire Days − Waiting Days

    Note 1: Net Voyage Days is a rounded-up number. To use this number in any calculation, open to the Voyage Itinerary Port/Date tab and then hover over any value in the PDays, SDays, XSD, or TSday (SDays + XSD) column. The exact number appears, including decimals.
    Note 2: For continuous Off Hire it is important to exactly match the “To” with the “From” time on each line of the Off Hire screen in order to avoid unwanted Net Daily (TCE) spikes (since "Net Voyage Days" in in the denominator of the Net Daily (TCE) formula above)

  • Daily Profit (Loss)

  • With Profit Sharing:

    • Profit Share

    • Net Voy Profit: Total Voyage Profit minus Profit Share

    • Net Daily Profit (Loss)

  • Total/Off hire days

  • Port/Sea days

  • With configuration flag CFGShowWaitingCostInVoyagePnL enabled, and if applicable:

    • Waiting for Laycan

    • Waiting for Orders

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Expand
titleRelated Configuration Flags


Name/Flag

Description

Show a Linked Trades section in Voyage P&L CFGLinkedTradesPnLSection

When enabled, the Linked Trades on the Voyage P&L will show in their own section and will not impact the TCE calculation.

Show Commissionable CVEs in Voyage P&L

CFGEnableCommissionableCVEs

When enabled, commissions from CVEs that are marked as commissionable in time charter contracts will appear in P&L.

Always Save Account Code in Snapshot
CFGAlwaysSaveAccountCodeInSnapshot

Saves the account code in the snapshot table.

Use Closing Snapshot for Closed Voyages
CFGUseClosingSnapshotForClosedVoyages

For closed voyages, always display information from the latest closing snapshot on the P&L panel.

Auto P&L Snapshot
CFGAutoPnlSnapshot

When enabled, current snapshots in the Voyage P&L are updated when Cargo and TC contracts connected to the voyage are updated.

For Time Charter contracts, snapshots are only updated for related voyages whose total revenues, total expenses, total profit/loss, or TCE have changed; the Estimate, Actual, and Posted columns of the P&L are checked.

An update is also done when voyage-related invoices/Bunker Requirements are created/updated/deleted and when changes are made to Bunker Swaps connected to Cargoes in the voyage.

When XML notifications are enabled and voyage and voypnl are specified as values for flag notificationsIncludeList, XMLs are exported in this order: voyage, voypnl (estimate), voypnl (actual), voypnl (posted).

TCO Voyex as Misc Expense
CFGTcoVoyexAsMiscExp

Displays TC Out Voyage Expenses under the Expenses section, instead of under the Revenues section.

Use Del Quantity Calc Bunker Adjustment Before Arr
CFGUseDelQtyCalcBnkAdjBeforeArr

The TC Out Bunker Adjustment is calculated against the CP Quantity until the vessel is delivered.

Rebs Dont Reduce Provisional Expense
CFGRebsDontReduceProvisionalExp

Rebillable port expenses are not counted against provisional port expenses in the Voyage P&L.

Cache Voyage P&L
CFGCacheVoyPnl

Enables caching the Voyage P&L in the database so that the Trading module can use the cached data to expedite the Trading P&L calculation. Flag CFGTraUseCachedVoyagePL (on the Trading tab) enables using the cached Voyage P&L in the Trading module.

Also enables saving the current P&L snapshot when the voyage is saved; these are saved into the "voypnl" table with the "snapshotType = 'current'. The saved P&L numbers are used in the Voyages list for columns Est P&L, Actual P&L, and Est-Act P&L.

Alloc TCO Misc Rev Expense to Period
CFGAllocTCOMiscRevExpToPeriod

When enabled, miscellaneous revenues and expenses on TCO voyages are not prorated but allocated to the period the invoice date is in for accrual calculations.

Show Running Cost
CFGShowRunningCost

When enabled, forces the Voyage P&L to break out the daily costs or the TC Hire in a section called Running Cost, separate from the expenses. For an Own voyage, the daily expenses will appear. For a TCI or TCO voyage, the Hire will appear.

Display Cost Per MMBTU
CFGDisplayCostPerMMBTU

If enabled, then for vessels of type L (LNG), the Estimate and Voyage P&L both display the cost per MMBTU (in addition to the usual TCE figure).

Hide Running Cost on P&L
CFGHideRunningCostOnPNL

Used with CFGShowRunningCost, hides the Running Cost, TCE, and final P&L value on the Voyage P&L. The Voyage Profit & Loss Report hides Running Costs in the same way as the P&L.

TCI Admin as Running Cost
CFGTciAdminAsRunningCost

Considers TC In Admin Fee items as Running Costs, not Expenses.

Use TC Invoice Exchange Rate in Voyage P&L
CFGUseTCInvoiceExchangeRateInVoyPNL

For TC In/TC Out in non-base currency, the Hire Statement, Statement of Account, and Statement of Account Recap use the invoice exchange rate for delivery/redelivery bunkers.

Allocate TCI Hire to Voyage
CFGAllocateTciHireToVoy

When enabled, voyage number is a required field for all hire-related lines in TC In; block incremental payment completely. See Allocating Period Cost to Voyages.

Allocate Bunkers to Voyage
CFGAllocateBunkersToVoy

When enabled, posts voyage bunker cost as the difference of bunkers used - bunker inv - accrue. See Allocating Period Cost to Voyages.

Show Waiting Cost in Voyage P&L
CFGShowWaitingCostInVoyagePnL

When enabled, for TCOV voyages only, the Voyage P&L handles waiting delay bunker and vessel costs the same as Off Hire costs.

  • Waiting Bunkers is shown as a new P&L expense category below Off Hire Bunkers.

  • Waiting Cost is shown as a new P&L Running Cost category below Off Hire.

  • The TCE Calculation excludes Waiting Bunkers the same way that Off Hire Bunkers is excluded.

  • The same Allocate to Period logic is used for waiting costs (bunker and hire) as is currently used for off-hire costs.

To use this feature, the following config options must be disabled: CFGAllocateTciHireToVoy, CFGAllocateBunkersToVoy.

Initial Snapshot Time Select
CFGInitialSnapshotTimeSelect

Set the time of the initial snapshot to either:

  • When commencing

  • When the voyage is created

This snapshot is used as the basis for the Estimated column on the Voyage P&L and the estimated values in the Voyage P&L reports. The Snapshot button can also be used to update the initial snapshot.

Enable VI Form P&L Snapshots
CFGEnableVIFormPnlSnapshots

When enabled, a P&L snapshot is taken for the voyage every time a Voyage Instructions form is submitted. The name of the snapshot is the date, time, and form name. Example: 11/20/2017 2:22:44 PM Voyage Completion Report. The snapshot is available for selection in the snapshots drop-down menu on the Voyage P&L.

Voyacc Accrual Snapshot Selected
CFGVoyaccAccrualSnapshotSelected

When enabled, accrual snapshots are saved only for selected records in Monthly Accruals rather than for all retrieved.

Apply Accrual Percent to Demurrage Comm
CFGApplyAccrualPercentToDemComm

When enabled, the accrual percentage on the underlying invoice is also applied to the P&L demurrage commission calculation.

Enable World Scale Differentials
CFGEnableWorldscaleDifferentials

Automatically calculates World Scale Differentials for Rotterdam, Panama Canal, and Suez Canal in the Estimate/Fixture Note/Voyage.

Enable TC Lease Accounting
CFGEnableTCLeaseAccounting

When enabled, the TC Lease Accounting functionality is available.

Hide TC Lease in Voyage P&L
CFGHideTCLeaseInVoyPnl

Note: CFGEnableTCLeaseAccounting must be set to Y.

Y = Hides TC lease expenses from the Voyage P&L.

N (default) = TC lease expenses appear on the Voyage P&L under Financial Profit (Loss). The standard Profit (Loss) section also appears, retaining the operating P&L of the voyage.

Calculate Waiting Days Using W Port Days
CFGCalculateWaitingDaysUsingWPortDays

When enabled, Wait Laycan/Orders days in the Voyage P&L snapshot will be calculated based on the W port days. Otherwise, they are based on the WAITING FOR LAYCAN/WAITING FOR ORDERS Delay details.

Complete Periods on Voyage P&L
CFGCompletePeriodsOnVoyPnl

When enabled, the months that a voyage is in a Complete status will additionally be displayed in the Periods drop-down menu on the Voyage P&L. Selecting one of these periods will update the Posted column to display the values that were posted by the end of the period according to the Accounting Date.

P&L Calc Check Cash Variance
CFGPnlCalcCheckCashVariance

When enabled, refreshing the P&L snapshot checks for a cash variance in addition to a calculated one.


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