IMOS On-Prem - Time Charter Payment

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Just as the Voyage Manager handles the costs of the voyage, the Time Charter In (TC In) handles the costs for the use of the vessel.

Making a Payment

To create an invoice that reflects the bill sent by the vessel owner:

1. Do one of the following:
   • In the Operations module center , under Time Charter In, click Time Charter Payment. Then, enter the TC Code.
   • On the TC In, click .
   • On the Time Charter Payment Schedule, right-click a bar and then click Create New Hire Payment.
   

2. On the payment, complete the information:

   • Payment Type:
     • Period (default): A regularly scheduled payment for a specific amount of time, such as every 15 days.
     • Special: A payment outside the regular schedule. Period-based costs, such as the TC Hire, cannot be allocated this way. If the contract has no more Period payments remaining, the Payment Type defaults to Special.
     • Incremental: For an Incremental payment, a sort of reconciliation of accounts is performed. All amounts due since the beginning of the TC contract are calculated, and all payments made are subtracted. The net difference then shows as the payment due. We recommend that you use this payment method once at the end of the TC to ensure that the accounts are correct; the incremental invoice does not allow you to include all the line items that a period invoice allows.
   • Invoice No. and Issue Date: The number and date from the bill sent to you.
   • Rate: Populated only for the TC Hire lines, with the rate used for each line.
     • When the rate of an index-linked Hire line is changed after issuing the invoice (either due to a manually-entered value or new market data), the next issued invoice will include a reversal of the previous invoice/invoices and the current rate will be used for that period.
   • TC Rebill: This field can be used to rebill CVE, Miscellaneous, Voyage, Off Hire, or Port Expenses across TC contracts for the same vessel.
     • When rebilling between two TC contracts with different Company values, the amount is rebilled in the same sign as the original amount. If the two contracts are recorded under the same Company, the rebillable amount has the opposite sign of the original amount.
3. Click  to select line items to add to the payment in the Item Select form.
4. To create an invoice, click . The payment appears in the Summary tree on the TC In.

When you issue an invoice for bunker costs, the text refers to the entities as Charterer and Owner. The Item Select form has a separate check box for quantities For TC In Owner’s Account, and with Cost on Delivery selected, any prepurchased quantity is deducted from the delivery quantity. You can also select Supplement to Delivery.

Notes:

• When posting a TC Payment, the Bunkers Redelivery quantity is negative to give an overview and a subtotal of the Accounts Analysis with Rate/Quantity for the relevant accounts.
• Fields such as Person In Charge populate their values by referencing the Security list in the Data Center. If you are unable to find a user using the drop-down box and scroll bar, typing the name of the target user will trigger the search algorithm into yielding the most accurate result.
• Be sure to establish a Voyage No. column value for each line item, otherwise, the invoice or its line items will not be applied to the proper Voyage P&L.