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Accounts ReceivableShort Description

Excerpt

The Hire Payable module automatically retrieves all payable items to an Owner on a detailed level from across Dataloy VMS for Time Charter Contracts (all other payables are handled in Accounts Payable). Once retrieved, the payable items can be reviewed, assembled into invoices and posted to an accounting system. The module provides information about each payable item, based on already available data in Dataloy VMS, for example type of invoice, who the invoice is from, the amount, etc.

Hire payables can, for most business organisations, be defined as accounting transactions handling the invoices due/owed to Owners of vessels under a time charter contract - but is yet to be paid. All invoices are required to be paid within an established timeframe (or payment terms). As time charter contracts are set for a specific timeperiod - not voyage or voyages, the charter hire payables can span multiple vessels and voyages.

 The module consists of three sections:

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The bank account for payables used in the module can be set once a bank account is linked to a business partner (or Owner) (Business Partners, Bank Accounts tab). If another account appears when assembling an invoice or the incorrect business partner bank details appear on the payment advice/Statement of Account, then the proper defaults are not correctly set or the correct account is not linked to the business partner.  If the incorrect bank style is stated on an invoice, the invoice has been posted with incorrect bank account. To rectify, first ensure relevant bank account is entered in the VMS (Bank Accounts module) and second, ensure the bank account is linked to correct business partner. Corresponding banks (where applicable) are stated on invoices/Statement of Accounts (unless not registered in the Bank Accounts module). VAT rates and codes will appear on invoice lines as added in the VAT Rates and VAT Codes modules respectively. Also, a owner's bank account to be used for a particular charter party (CP) can be entered through Time Charter Contracts. Note: If an expected invoice or invoice item does not appear in the Hire Payable module it has usually not been entered into the system or it has already been assembled and/or posted.

Note
Form Dataloy VMS version 3.12 /wiki/spaces/DLREL/pages/923656609: Various Cost items without an Invoice Party will no longer automatically register under Hire Payable with the Owner or Business Partner, but under Accounts ReceivablePayable. To add a Various Cost to Hire Payable - set the Invoice Party item to the Owner.

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