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IMOS - Complete Operations and Financials AP/AR Workflows

Note: As with all suggested workflows, before implementing this workflow, review and approve it with your Business Process Owner or Administrator. Due to the integrated nature of Veson Nautical products, if one user makes changes in the Veson IMOS Platform, it may have unintended impact on other users.

This workflow is based on the following flowchart, steps, roles, and responsibilities.


Roles & Responsibilities

  • Voyage Operator
  • Post Fixture Specialist (PF)
  • Create AP/AR invoices
  • Create Time Charter Invoices
  • Create Bunker Invoices
  • Operations Manager
  • Approve AP/AR invoices
  • Accounting team
  • Control team
  • Post AP/AR invoices
  • Track AP/AR invoices


Creating an Invoice

Creating an invoice is the most variable step of this workflow. Based on the roles and responsibilities defined above, the first responsible party will be the Voyage Operator or PF. As a Voyage Operator or PF, it is your responsibility to ensure that all voyage-related documents are properly managed, including creating AR documents and recording AP documents received from vendors, suppliers, or counterparties.

Different Invoice Types

The process for creating an invoice depends on which invoice type you want to create. To learn how to raise common invoice types, see the following pages:

Reviewing an Invoice

In this workflow, approving an invoice is a much more standard process than creating an invoice. Based on the roles and responsibilities defined above, invoice approval will be performed by an Operations Manager. An Operations Manager will be responsible for several Operators and voyages, and therefore efficiency is important when dealing with many voyage invoices awaiting approval.

  • User rights can be set to enable specific users to approve invoices of a certain Type.

To review an invoice, do so from the Voyage Invoice List or do the following:

  1. On the Financials menu 
    , under Invoices, click Approve Invoices.
  2. Create and save a list view that meets your needs.
    Note: You only have to do this once; saving a view enables you to retrieve it later.
  3. In the Approve Invoices list, click the row of the invoice you want to approve.
  4. Depending on your configuration, you may need to select a Remittance Bank; if you do, select the correct bank and then click OK.
  5. Review the invoice.
  6. Do one of the following:
    • Click
      and then enter a Comment, if required.
    • Click
      and then enter a Comment that tells the reason for the rejection.
    The Approve Invoices list auto-refreshes with the approved or rejected invoice removed.

Posting an Invoice

In this workflow, posting an invoice is similar to reviewing an invoice because you can complete all of the steps from one list (unlike creating an invoice). Based on the roles and responsibilities defined above, users in the Accounting or Control team typically post invoices. This conservative approach accommodates the fact that posting an invoice is the first time Operations has an impact on the financial ledger.

To post an invoice:

  1. On the Financials menu
    , under Invoices, click Post Invoices.
  2. Create and save a list view that meets your needs.
    Note: You only have to do this once; saving a view enables you to retrieve it later.
  3. In the Post Invoices list, next to the invoice you want to post, click Post in the Action column.
    Note: If you have not configured your Business Rules correctly, messages will notify you of the missing rules. If you encounter one of these warnings, inform your Administrator.
  4. Review the Accounting Date and Due Date of the invoice to ensure that it is posted into the correct financial period and the AP/AR team can track the invoice aging correctly. For more items to check before posting, see Complete Operations and Financials AP-AR Workflows#Items to Check before Posting.
  5. To officially recognize the transaction on your financial ledger, click

Items to Check before Posting

Each company has its own validation criteria before posting a transaction. Here is a list of common items to validate before posting to the financial ledger:

  • Accounting Date: Make sure your Accounting Date is within the account period in which you want recognize the transaction.
  • Line item Account code: Make sure the line item Account code is the correct Ledger Code for the specific line item. Once posted, you cannot undo without reversing the whole transaction.
  • Tax Codes: Many Accountants are required to enter Tax Codes for each line item; you can do this in the Operations View tab of the Transaction Data Entry form.

Tracking Outstanding AP/AR Invoices

The Platform offers AP/AR Control teams many built-in tools for tracking outstanding AP and AR invoices as well as compiling vendor statements. The standard process for AP/AR tracking is built primarily around the concept of invoice aging, and it is around this that AP/AR teams may find the Platform tools most powerful.

Account Receivables Summary

For AR teams, the Receivables Summary is a recommended home base. Here are the Receivables Summary features you should make use of:

  1. List Views: It is most important to design a list view that meets your needs; only show the columns you want to see, hide anything that is not important, and make sure to sort by Invoice Age.
  2. Invoice Aging Buckets: To configure Invoice Aging Buckets to be the ranges you want, your Administrator must modify the following configuration flags: CFGActAgingBucket0, CFGActAgingBucket1, CFGActAgingBucket2, and CFGActAgingBucket3.
  3. Collection letters: To create, send, and track collection letters to a counterparty, next to the invoice you want to send a collection letter for, click Remind in the Action column. To change the text of the collection letter, your Administrator must modify the collection letter stylesheet. The system does not currently support automatically sending reminders. 
  4. Invoice Actions (with configuration flag CFGEnableInvoiceNotes): Invoice Actions enable you to create an action log per invoice for tracking and audit purpose.
    1. Use the Financials Invoice Actions form to create categories for your Invoice Actions.
    2. On the Receivables Summary, click the Notes link for an invoice.
    3. On the Invoice Notes form, add rows to add new actions and perform invoice tracking.

Account Payables Summary

The Payables Summary offers almost all of the same functionality as the Receivables Summary. However, you cannot send a collection letter for an invoice from the Payables Summary. For advanced payables workflows, see the following pages:

Accounts Payables/Receivable Report

The Platform offers a pre-built static report for details on payables and receivables.

To run the report:

  1. On the Financials menu 
    , under Statements, click Accounts Payable/Receivable.
  2. Enter filters and parameters; for options, see Accounts Payable-Receivable.
  3. Click Print.

Vendor Statements

Though you can modify the Accounts Payable/Receivable report to show specific vendor statements, the Platform also offers the specific Vendor Statements report. This is a pre-built static report.

To run the report:

  1. On the Financials menu 
    , under Statements, click Vendor Statements.
  2. Enter filters and parameters; for options, see Vendor Statements.
  3. Click Print.

Tracking Cash Payments & Receipts (Optional)

Not all clients will use the Platform to track cash payments and receipts, for many possible reasons. For example, cash transactions may be handled by a separate team that does not report back or by a separate system that interfaces back to the Platform. However, if needed, it is possible to use the Platform for cash payment and receipt tracking.

Entering a Cash Payment or Receipt

Payments and receipts are treated very similarly. Therefore, whether you are paying or receiving cash, you will follow the same workflow:

  1. In the Payables or Receivables Summary, next to the invoice transaction you want to pay or receive, click View in the Action column.
  2. On the Transaction Data Entry for the invoice, click
  3. Complete the Receipt Instructions form by selecting the P&L Company and the Bank Ledger Code (that is, your Ledger Code that is properly linked to the same company).
  4. You may also want to specify an individual Invoice Number; otherwise, all outstanding invoices will open against that vendor.
  5. On the Payments and Receipts form, enter the cash amount to record.
    • To register a partial payment, enter a partial amount in the Amount to Pay field.
    • After you enter a cash payment or receipt, the Amt Outstanding will be reduced for the particular transaction.
    • To enter details for an individual invoice line, right-click its line.
      Edit and then close the Pay Invoice Details form; updates appears in Payments and Receipts.
  6. Optionally, enter any additional Bank Charges or Other Charges.
    • If you have not entered Bank Charges, you will be prompted to confirm.
  7. Click 

Bank Reconciliation

If you are tracking cash transactions in the Platform, you may want to also perform bank reconciliations. The Platform offers a Bank Reconciliation report in the form of the Cashflow Report.

To run this report:

  1. On the Financials menu 
    under Statements, click Cashflow Reports.
  2. Enter parameters; for options, see Cashflow Reports.
  3. Do one of the following:
    • For a cash-level breakdown of the cashflow, click Summary.
    • For a per-invoice breakdown of cash transactions, click Details.
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