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Short 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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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. It is, however, not possible to alter the payment terms once the invoice has been assembled. If changes to payment terms are needed, the invoice must then be dissolved and then re-assembled once changes have been made.

Also, when assembling an invoice for a voyage on a TC contract, the voyage cannot be closed. If it is, the Assemble Invoice button will automatically be disabled. To assemble invoices for closed voyages on TC contract the voyage must be re-opened be able to assemble the invoices in Hire Payable.

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