VMS - TC Invoicing

Invoicing is crucial in maritime operations, particularly in managing Time Charter (TC) voyages. Accurate and timely invoicing ensures that revenue streams are properly accounted for and that all financial transactions are transparent and traceable. This article provides a detailed guide on managing invoicing using the TC Invoicing modal within the Revenue modal, emphasizing key features such as periodic invoicing, invoice frequency, and handling revenue items.

Accessing the TC Invoicing Modal

To begin invoicing, open the Revenue module and click on the TC Invoicing tab. This tab is exclusively available within the context of a TC Voyage, reflecting the specialized needs of charter operations. The TC Invoicing module is designed to facilitate invoicing various revenue items associated with a voyage, ensuring that all financial aspects are managed efficiently.

Managing Revenues

The top-left section of the TC Invoicing module lists all the revenue items associated with the voyage. A notable feature in this section is the ability to set a revenue item to be invoiced periodically by clicking the "periodic" checkbox. This functionality is particularly useful for items like Hire, which can be invoiced in installments rather than a single lumpsum. Periodic invoicing allows for better cash flow management and aligns with the operational realities of many maritime businesses.

Invoice Frequency and Bunker Invoicing

In the top-right section, the Invoice Frequency field enables users to set the frequency of automated invoicing. This field allows for customization of both the value and the unit of measurement, which can be in days or months. Adjusting the invoice frequency ensures that invoices are generated according to the specific terms of the charter agreement, providing flexibility and precision in financial planning. Additionally, managing bunker invoicing in this section ensures that fuel costs, a significant expense in maritime operations, are accurately captured and billed.

List of Invoiced Revenue Items

The bottom section of the TC Invoicing module displays a list of all invoiced revenue items. This comprehensive list provides a clear overview of what has been invoiced, enhancing transparency and accountability. Hovering over an invoice will highlight the revenue items mapped to that specific invoice, allowing users to quickly see which charges have been included. This feature aids in verifying the accuracy of invoices and ensures that no revenue item is overlooked.

Adding an Invoice

To add a new invoice, click the "Add" button, which opens the Add Invoice module. In this module, you can select the specific revenue items you wish to invoice. By default, all periodic revenue items are automatically selected, streamlining the process for items invoiced regularly. This automation reduces the administrative burden and minimizes the risk of errors, ensuring that recurring charges are consistently billed.