IMOS On-Prem - Intercompany Payments

Intercompany payments can be configured, with the following capabilities.

• Time Charter In (TC In) and Time Charter Out (TC Out) contracts can be made against another internal company, and internal payments are created to settle the books.
• An internal company can pay invoices on behalf of another internal company, with IMOS settling the books.
• TC Rebilling can be done between a TC In and a TC Out contract for the same vessel.
• Journal Entries can be posted between different companies, using the intercompany account.

Setting Up Intercompany Payments

To set up intercompany payments, follow these steps:

1. In the Chart of Accounts, enter the new Account Codes to be used for intercompany payments, with a Y in the I/C (intercompany) column.
2. In Account Periods, enter the account number for the default intercompany account to use.
3. In the Address Book, enter an internal company as owner, type = O (or charterer, type = C), and select the Internal check box.
4. Open the Address Book record of a company whose payments are taken care of by another company, and add the other company as the Payment Company.

When TC In Payments/TC Out Bills are posted against internal owners/charterers, the internal payment is automatically created against the default intercompany account.

When a company has a Payment Company set in the Address Book, the payment/receipt form defaults to the Payment Company. The intercompany account is used as the credit account, and a Journal Entry is automatically created for the Payment Company to transfer the amount from the intercompany account to the bank account.

The Transaction Data Entry form has an I/C (intercompany) column for the line items.

Creating a Journal Entry

When you post a transaction with a value in the I/C column, a message asks if you want to create a Journal Entry for the transaction. To do this, there must be an I/C account set up for both companies. The Journal Entry is created in the following format:

When saving a Journal Entry for a multi-company transaction (a different company per line item) the intercompany lines are automatically added if the accounts are intercompany accounts.