Period-End-Closing
Short Description
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).
Estimation is an automated process utilising the voyage estimates, the collected actuals and the proration to generate accruals with which to adjust the periodisation of cost, revenue and profit/loss in an accounting system once posted. An estimated to-date amount and an actual to-date amount for each cost and revenue item for a voyage are calculated.
The Period-End-Closing process page provides step-by-step instructions on how to perform a full period accounting closing with links to relevant modules for performing tasks related to the process.
To successfully perform this process integration with an accounting system is required – this is usually done by Dataloy during initial system setup. Please contact Dataloy for further information.
Chapters:
Long Description
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 retrieved from Modules > Accounting > Time Correction > Run time correction (or proration), Step 1-7.You do not have a valid <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">MultiExcerpt</a> app license. Please sign up for a free trial or purchase a license through the <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">Atlassian Marketplace</a>.
To verify time correction (or proration):
Note: This step is retrieved from Modules > Accounting > Time Correction > Verify time correction (or proration), Steps 1-2.You do not have a valid <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">MultiExcerpt</a> app license. Please sign up for a free trial or purchase a license through the <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">Atlassian Marketplace</a>.
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 retrieved from Modules > Accounting > Accruals > Verify actuals have been transferred correctly, Steps 1-4.You do not have a valid <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">MultiExcerpt</a> app license. Please sign up for a free trial or purchase a license through the <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">Atlassian Marketplace</a>.
- To generate, verify and post accruals (with accounting system integration):
Note:This step is retrieved from Modules > Accounting > Accruals > Generate, verify and post accruals (with accounting system integration), Steps 1-4.
Without integration: Go to Generate, verify and post accruals (without accounting system integration).You do not have a valid <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">MultiExcerpt</a> app license. Please sign up for a free trial or purchase a license through the <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">Atlassian Marketplace</a>.
To verify accruals have been posted correctly:
Note:This step is retrieved from Modules > Accounting > Accruals > Verify accruals have been posted correctly, Steps 1-5.You do not have a valid <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">MultiExcerpt</a> app license. Please sign up for a free trial or purchase a license through the <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">Atlassian Marketplace</a>.
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: Furthering the accounting period closing process.
Furthering the Accounting Period Closing Process
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).- run internal allocations (if applicable) by following the step-by-step instructions:
Note:This step is retrieved from Modules > Accounting > Internal Allocations > Generate, verify and post accruals (with accounting system integration).
Without integration: Go to Generate, verify and post accruals (without accounting system integration).You do not have a valid <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">MultiExcerpt</a> app license. Please sign up for a free trial or purchase a license through the <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">Atlassian Marketplace</a>.
iv. Go to Step 2. - run bunker stock adjustments (if applicable) by following the step-by-step instructions: on the page.
Note:This step is retrieved from Modules > Accounting > Bunker Stock Adjustments > Generate, post and store bunker stock adjustments (with accounting system integration).
Without integration: Go to Generate, post and store bunker stock adjustments (without accounting system integration).You do not have a valid <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">MultiExcerpt</a> app license. Please sign up for a free trial or purchase a license through the <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">Atlassian Marketplace</a>.
iv. Go to Step 2. run running and overhead cost (if applicable) by following the step-by-step instructions:
Note:This step is retrieved from Modules > Accounting > Running and Overhead Cost.You do not have a valid <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">MultiExcerpt</a> app license. Please sign up for a free trial or purchase a license through the <a href="https://apps.appf.re/me/mp/cloud?hosting=cloud&tab=overview">Atlassian Marketplace</a>.
viii. Go to Step 2.
- run internal allocations (if applicable) by following the step-by-step instructions:
The Period-End-Closing Process is complete.