Versions Compared

Old Version 4

changes.mady.by.user Carl Schlehr

Saved on

compared with

New Version Current

changes.mady.by.user Melanie Whitelock

Saved on

Key

  • This line was added.
  • This line was removed.
  • Formatting was changed.

...

Intercompany workflows facilitate the existence of multiple separate legal entities within a single database.

Workflow Models

The following workflow models can be used in mirroring. These examples refer to Time Charter contracts, but the concepts apply to all contracts.

Two Internal Companies (Model A)

When the W record entered in the Company field on the contract and the W record in the Counterparty field are both specified as Internal in the Address Book:

...

  • After this mirrored link is established, any entry into either of the contracts passes to the other upon save. This includes brokers and XADDCOMM.
    • If the company in the mirror contract does not have LOB or Department specified in the Address Book, these are copied from the original contract.
  • Disabling the Intercompany option on either of the contracts and saving breaks the link; updates no longer flow through.
  • The automatic creation of mirrored contracts and subsequent updating is allowed even if you do not have Security Object Rights to the company of the linked contract. (You can enter details from X's perspective and have it flow through and update Y's contract, but you cannot change anything in Y's contract directly if you do not have rights to Y.)

One Internal Company and One External Company (Model B)

When the W record entered in the Company field is Internal, but the Counterparty is not Internal:

  • The Intercompany check box is not selected by default.
  • Selecting it selects the IC Company and IC Adj % fields on the form.
  • IC Company refers to the secondary intercompany counterparty; IC Adj % allows a numerical entry.
  • If the IC Company is entered, a total of three contracts are created, all mirrored with one another.
  • If the Freight Type is Worldscale, VC In freight is calculated as follows, and IC Adj % can be negative: VC In WSC % = Cargo WSC % − (Cargo WSC % × IC Adj %)

...

  • X has a TC In with Z (parent contract)
  • X has a TC Out with Y (child contract 1)
  • Y has a TC In with X (child contract 2)
  • The IC Adj % value is applied automatically to the Gross Hire Rate on the two child contracts, that is, the contracts between the internal counterparties. This is always applied as a mark down on a buy and mark up on a sell.
  • If the Hire Rate is index linked, the same process applies. If a floor/ceiling is specified, they increase/decrease along with the rate, according to the IC Adj % value.
  • After this mirrored link is established, any entry to any of the three contracts passes to the others upon save (except for the IC Company and IC Adj % fields, which are not mirrored). Note that broker entries in the parent contract are not mirrored onto the child contracts (although broker entries are mirrored between the child contracts); XADDCOMM is mirrored among all contracts.
  • Disabling the Intercompany option on any of the contracts breaks the link on all; updates no longer flow through.
  • The automatic creation of mirrored contracts and subsequent indirect updating (through mirroring) is allowed even if you do not have security access to the company of the linked contracts.

TC Mirroring

  • When contract A (connected to voyage 1) is mirrored with contract B (connected to voyage 2), and voyage 1 is scheduled/commenced, port, time, and bunker information flows from the voyage to contract A to contract B. Voyage 2 needs to be manually synced with voyage 1. There is no voyage mirroring in this case.
  • On a TC In or TC Out, to open its mirrored contract, click .

Voyage Mirroring

Voyages created through two mirrored Intercompany contracts are mirrored with each other. For example, if a Cargo is mirrored with a VC In, the two corresponding voyages are mirrored with each other. The voyage corresponding to the Cargo contract is the master, while the other is the mirror voyage. The master has to be scheduled before the mirror, and information flow is one way only: master to mirror.

Cargo Mirroring

On a Cargo or VC In, to open its mirrored contract, click  and then click Open Mirrored Contract Type and ID.

Cargo Mirroring between Two Internal Companies

  • Scenario:

    • Company A has a Cargo contract with third party Y.
    • Company B has the TCI vessels that will lift the contract Cargoes.
    • Company A and Company B are internal companies, and the relet is back-to-back.
  1. Address Book:
    1. Enter Company A as Types C, O, and W, and with the Internal check box selected.
    2. Enter Company B as Types C, O, and W, and with the Internal check box selected.
  2. Cargo form:
    1. Create a Cargo with third party Y and company A.
      Note: For two internal companies, Cargo mirroring is also supported when the Cargo is created indirectly, through an Estimate.
    2. Other Info tab: Select the Intercompany check box and select the IC who will lift this cargo (B).
    3. Save. The following contracts are created:
      1. Cargo between A and third party Y
      2. Cargo between A and B
      3. VC In between A (Charterer) and B (Owner)
  3. VC In: Make sure the Cargo is set as Confirmed.
  4. The parent vessel/voyage will be the voyage between A and B (ii., above), either as TCOV (if the vessel is a TCI) or OVOV.
    1. Create the Voyage Fixture and schedule the voyage from the Cargo.
  5. Create the relet voyage:
    1. Open the third-party Cargo form (between third party Y and A).
    2. Click Add Relet and then click Existing VC In.
    3. Schedule the voyage and use voyage type RELT.
    4. Do not use the Consecutive voyage option, but set the start date equal to the start date of the parent voyage TCOV (OVOV).
    5. Any changes made to the parent voyage (between A and B) will be reflected on the RELT voyage, including the exact start/end date/times.

Source Codes for Invoices

invoices with the following Source Codes can be mirrored:

  • POOL
  • OREB
  • CREB
  • CREV
  • FINV
  • DEMP
  • DEMR
  • DESP
  • DESR
  • PTSH
  • MPAC

Summary Tree for Mirrored Voyages

The Voyage Manager Summary tree includes links to any mirrored voyages. To open a voyage, at the bottom of the tree, next to , click  to expand the list, and then double-click the voyage.

...