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Short Description

Excerpt

A period-end-closing is an accounting procedure normally undertaken at the end of each month to close the current posting period. It is performed to ensure that all transactions of a period, i.e. all costs and revenues, are posted, reflected on reports and correctly allocated over the lifespan of a voyage. A period is officially closed when all of the month-end processes are complete. Dataloy VMS supports the process of closing accounting periods with the ability to calculate the periodic pro-rata voyage days (proration), estimate a period's costs and revenues based on proration and voyage estimates (estimation) and calculate and post accruals (accruals).

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Chapter Contents:

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Long Description

The Period-End-Closing process

  1. Run and verify time correction (or proration) for relevant period by following the step-by-step instructions:

    1. To run time correction (or proration):
      Note: This step is located  under Modules retrieved from Modules > Accounting > Time Correction > To run time correction (or proration), Step 1-7.

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    2. To verify time correction (or proration):
      Note: This step is located  under Modules retrieved from Modules > Accounting > Time Correction > To verify time correction (or proration), Steps 1-2.

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  2. Transfer actuals (or actual year-to-date costs and revenues) from an accounting system into Dataloy VMS. Actuals will appear in the Posted folder and are identified as document type ACC (Accounting) under Type. 
    Note: The process of transferring actuals may vary depending on the accounting system used. Please contact your organisation's Accounting Department for further information.

  3. Verify actuals to ensure they have been transferred correctly and run and verify accruals by following the step-by-step instructions:

    1. To verify the actuals have been transferred correctly:
      Note: This step is located under Modules retrieved from Modules > Accounting > Accruals > To verify actuals have been transferred correctly, Steps 1-4.

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    2. To generate, verify and post accruals (with accounting system integration):
      Note:This step is located under Modules retrieved from Modules > Accounting > Accruals > To generate, verify and post accruals (with accounting system integration), Steps 1-4. 
      Without integration: Go to To generate, verify and post accruals (without accounting system integration).
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    3. To verify accruals have been posted correctly:
      Note:This step is located under Modules retrieved from Modules > Accounting > Accruals > To verify accruals have been posted correctly, Steps 1-5.

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  4. The Period-End-Closing Process is complete (unless further actions are needed regarding internal allocations, bunker stock adjustments or running and overhead costs. If so, go to: To further the accounting period closing process).

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To further the accounting period closing process

  1.  To further the accounting period closing process:
          a. run internal allocations (if applicable).
          b. run bunker stock adjustments (if applicable).
          c. run running and overhead cost (if applicable).

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      run internal allocations (if applicable) by following the step-by-step instructions:
      Note:This step is located under Modules retrieved from Modules > Accounting > Internal Allocations > To generate, verify and post accruals (with accounting system integration).
      Without integration: Go to To generate, verify and post accruals (without accounting system integration).
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         iv. Go to Step 2.
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      run bunker stock adjustments (if applicable) by following the step-by-step instructions: on the page.
      Note:This step is located under Modules retrieved from Modules > Accounting > Bunker Stock Adjustments > To generate, post and store bunker stock adjustments (with accounting system integration).
      Without integration: Go to To generate, post and store bunker stock adjustments (without accounting system integration).
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         iv. Go to Step 2.

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      run running and overhead cost (if applicable) by following the step-by-step instructions:
      Note:This step is located under Modules retrieved from Modules > Accounting > Running and Overhead Cost.
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         viii. Go to Step 2.

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    The Period-End-Closing Process is complete.

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