Short Description
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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). |
In Dataloy VMS all voyage related costs and revenues are estimated to a detailed level, per account/vessel/voyage, and the start and end of each voyage are tracked to minute level. The data forms the basis for calculating how much of the duration of a voyage takes place within each accounting period and calculation of accruals to correctly proportion costs and revenues into each period throughout the duration of a voyage is performed in the VMS by comparing estimated costs and revenues with actual amounts (obtained from an accounting system).
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Chapter Contents:
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Long Description
The Period-End-Closing process
Run and verify time correction (or proration) for relevant period by following the step-by-step instructions:
To run time correction (or proration):
Note: This step is located under Modules > Accounting > Time Correction > To run time correction (or proration), Step 1-7.Multiexcerpt include nopanel true MultiExcerptName period1 PageWithExcerpt Time Correction To verify time correction (or proration):
Note: This step is located under Modules > Accounting > Time Correction > To verify time correction (or proration), Steps 1-2.Multiexcerpt include nopanel true MultiExcerptName timeperiod2 PageWithExcerpt Time Correction
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.Verify actuals to ensure they have been transferred correctly and run and verify accruals by following the step-by-step instructions:
To verify the actuals have been transferred correctly:
Note: This step is located under Modules > Accounting > Accruals > To verify actuals have been transferred correctly, Steps 1-4.Multiexcerpt include nopanel true MultiExcerptName accrualsperiod1 PageWithExcerpt Accruals - To generate, verify and post accruals (with accounting system integration):
Note:This step is located under 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).Multiexcerpt include nopanel true MultiExcerptName accrualsperiod2 PageWithExcerpt accruals To verify accruals have been posted correctly:
Note:This step is located under Modules > Accounting > Accruals > To verify accruals have been posted correctly, Steps 1-5.Multiexcerpt include nopanel true MultiExcerptName accrualsperiod3 PageWithExcerpt Accruals
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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