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A TC In vessel may have multiple voyages. Some period costs like TC Hire and Bunker expenses, although incurred during one voyage, may not be totally consumed in that voyage. Such costs are allocated among voyages by using Voyage Period Journals to match actual expenses and posted invoices from a financial perspective.
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Model A (Recommended): Invoices Are Considered Prepayments & Suspended in the Balance SheetThe hire and bunker invoices are posted into the balance sheet, and the posted P&L shows no amounts. After running the Voyage Period Journals, the balance sheet will be credited and the P&L will be debited for the same amounts as the actual P&L (regardless of the balance of the Bunkers paid in advance and Hire paid in advance accounts). All hire and bunkers paid for, but not expenses against the voyage, remain posted in the balance sheet. Example: Posted cost during voyage 1:
During the voyage:
At the end of the voyage, the voyage 1 P&L will appear as follows:
The balance sheet will appear as follows:
After running the Voyage Period Journal, the voyage 1 P&L will appear as follows:
The balance sheet will appear as follows:
The remaining prepaid amount (asset) on the balance sheet will be brought to the next voyage. Model B: Invoices Are Considered Expenses & Immediately Posted in the P<he hire and bunker invoices are posted into the Voyage P&L, and the posted P&L shows full invoice amounts. After running the Voyage Period Journals, the voyage 1 P&L will be credited for the unconsumed hire and bunkers, and the voyage 2 P&L will be debited for the same amount. All hire and bunkers not consumed (and, through Voyage Period Journals, no longer expensed) in voyage 1 are expected to be consumed in the consecutive voyage(s); thus, the expenses are posted in the consecutive Voyage P&L. Example: Posted cost during voyage 1:
During the voyage:
At the end of the voyage, the voyage 1 P&L will appear as follows:
After running the Voyage Period Journal:
After debiting the posted expenses, the remaining 250,000 (550,000 – 300,000) bunker expenses and 150,000 Hire Expenses will be credited to the next voyage in the Posted column. Related Configuration FlagsNote: The following configuration flags are set during implementation and should not be changed without first consulting the Veson Nautical Services team.
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