IMOS - FuelEU Journaling
Introduction
To stabilize the Voyage P&L across voyages where certain voyages burn fossil fuels and other biofuels and maintain Fuel EU compliance, you can now use pooling and journaling workflows available within the Fuel EU tab of the TC Contract. This functionality has been enabled with the configuration flag CFGEnableFuelEUPoolJournals.
Setup
Go to the Data Center and select Settings. Select the + icon and type the configuration flag name, CFGEnableFuelEUPoolJournals, as shown in the following image.
On the Financials menu, under Setup, select Chart of Accounts. Add FuelEU Accounts for Rev/Exp, as shown in the following image.
On the Data Center menu, under Other, select Operations Ledger. Add a new record(s) with the new FuelEU category “FuelEU Pool,” as shown in the following image.
On the Financials menu, under Setup, select Business Rules. Add the following line that links to the Chart of Accounts added.
The Emissions UI on Contracts is now separated into EU ETS and FuelEU tabs so that the Journal account can be selected.
Vessel / Voyage Examples
Time Charter In
Only accounts set to the FuelEU Pool (FEU) category will be available to be selected in the FuelEU Journal table; once set up, the journals can be manually created and support both positive and negative values from the selected voyage.
A positive expense will create a journal from the Fossil Fuel Voyage to the Pool
A negative expense will create a journal from the pool to the Biofuel voyage
Voyage
The journals are created under the invoice list automatically and can be invoiced.
Invoice and Approve, and Post
Here is an example invoice with a Fuel EU Penalty.
The Journal Entry shows the correct Debit and Credit for the penalty result of the Voyage –
Voyage 1 example - Only fossil fuels are consumed, resulting in a penalty.
Voyage 2 example - Biofuel consumed, resulting in a negative penalty.
Here is an Account Analysis example report.
