Accounts ReceivableShort Description
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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. |
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.
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Form Dataloy VMS version 3.12: Various Cost items without an Invoice Party will no longer automatically register under Hire Payable with the Owner or Business Partner, but under Accounts Receivable. To add a Various Cost to Hire Payable - set the Invoice Party item to the Owner. |
Under Pending, where all unprocessed invoice proposals are displayed, it is possible to review and edit the Document Line Text, Currency, Exchange Rate Date, VAT Rate and Invoice Party fields of invoice items before - complete or in part – assembling the invoices. If an invoice is assembled only in part, the remainder of the unprocessed items will remain in the Pending section for later processing. Also, if an amount invoiced earlier is greater than the estimated/final amount, a credit note line will appear under Pending. If, however, the invoiced amount is less than the estimated/final amount, an additional invoice line with available data will be generated. Once assembled, i.e. details such as bank account, payment terms, etc. have been entered, an invoice is complete and ready for posting. When posting an invoice (or payment advice) to an accounting system Dataloy VMS automatically generates an invoice number (with sequential numbering depending on year and type of transaction (for set-up and control: Fiscal Years)).Note: Form Dataloy VMS version 3.12 various cast items without an Invoice Party will no longer automatically register under Hire Payable with the Owner or Business Partner, but automatically under Accounts Receivable. To have the Various cost added to Hire Payable - set the Invoice Party item to the owner.
When Assembling an invoice, Dataloy VMS allows for two types of payment terms - either in full (100%) or partial (for example: 95% first, 5% later). The payment terms can be set up in two ways: the default mode where one document line is generated with the full amount (and posted to accounting where there is integeraton) with the amount to be paid later automatically deducted when the initial invoice is printed. A second document line or invoice for the remaining amount cannot be generated. Only in a printed Statement of Account (SoA) will the remaining amount be visible (and from there collect the remining amount). The second option will generate two document lines, one for each payment that will be posted to accounting (and printed) separately showing the respective percentage and amount to be paid. Note: To activate this option, please contact Dataloy.
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