IMOS - Including Laytime in the Voyage P&L

The Veson IMOS Platform is the market-leading cloud solution for commercial marine freight and fleet management.

The Laytime Calculation form offers the ability to choose when to include laytime in the Voyage P&L. Including laytime in the Voyage P&L is an important decision because demurrage and despatch amounts can have a significant impact on the overall voyage performance. Including demurrage and despatch can also affect month-end closing numbers. Thus, the correct time to include the amount is often a joint decision between the Operations and Accounting teams. Even when included, the Veson IMOS Platform (IMOS) offers functionality to control what percentage of the included amount is accrued at month end and what amount is provisioned as bad debt.

Demurrage and despatch amounts are displayed in the P&L based on factors in each Laytime Calculation. The Veson IMOS Platform contract type, counterparty type, and even selected transaction type affect how the number is displayed in the Voyage P&L. The table below outlines how different Laytime Calculation scenarios are handled from the perspective of the Voyage P&L.

*The Veson IMOS Platform does not support including these calculation types in the Voyage P&L. For these scenarios, see FOB/Delivered Cargo.

Table Legend

• Contract Type (Contract Role): The underlying contract type for the relationship with the counterparty. This will often correlate to the voyage Operation Type, except in cases of Cargo Relet voyages.

• Laytime Counterparty: The counterparty type of the counterparty in the Laytime Calculation. This is selected on the New Laytime Calculation Setup form for each calculation.

• Dem/Des: Whether the calculation results in a demurrage or a despatch.

• Trans. Type: The Transaction Type for the calculation. For Owner and Charterer counterparty types, you cannot select this value. For Supplier/Receiver types, you can select this on the New Laytime Calculation Setup form.

• Bill Source: The Bill Source for the demurrage or despatch invoice. This Bill Source determines how the calculation will appear on the Voyage P&L and will also determine the Business Rule used to post the transaction in Financials.

• Amount Sign: The sign of the demurrage or despatch amount on the Voyage P&L and its effect. For example, on a standard OVOV laytime, both demurrage and despatch are considered revenue (AR) transaction types, but demurrage is a positive revenue while despatch is a negative revenue.

• P&L Effect: The net impact on the P&L; positive being an increase to P&L, negative being a decrease to P&L.