🔑 This is a Key Topic, with high value for all users.
On the Voyage Manager, the P&L panel enables you to access detailed Profit and Loss information for financial monitoring, reconciliation, and auditing. It shows Estimated, Actual, Posted, and Cash columns, as well as Variance columns showing the difference and percentages between Actual and Estimated and Actual and Posted. You can use this information, along with the Estimate, to determine reasons for any variances and see how well you estimated or what you might be able to improve.
To open or close the panel, click .
To expand the panel, click . To collapse the panel again, click .
In either view, to create Voyage Journal Entries for Vessel Daily Cost (Hire), Voyage Bunker Cost, Bareboat Daily Cost, and TC In/TC Out Bunker Adjustments, click Voyage Period Journals to open Voyage Period Journals.
Operations View (Default)
Operators use this view to see categories of revenues and expenses.
Note: The expanded revenues/expenses will show different format types if users use different Locale languages across the company.
Accounting roles typically use this view to see the name and number of each ledger account affected by the voyage and how costs are allocated to them.
Note: You must have the Revise a Fixed Estimate Module Right selected, under Actions in Chartering.
To save a snapshot of the P&L:
Click Snapshot and then click Take Snapshot or Update Initial Snapshot.
Select a Snapshot Type:
custom or P&L Snapshot Type Name: Saves the snapshot to the database.
exportXml: Creates an XML notification when voypnlsnapshot/exportXml is added to the notificationsIncludeList configuration flag. For more information, see the Messaging Service Manual.
To view a saved snapshot, click on the Actual or Posted column heading and then click the snapshot.
Snapshot types include:
Snapshots you take (custom, P&L Snapshot Type Name, or exportXml); these appear with the date, time, and user.
initial: Depending on the value of configuration flag CFGInitialSnapshotTimeSelect, snapshots are automatically taken when a voyage is either scheduled or commenced. This snapshot is used as the basis for the Estimated column on the Voyage P&L and the estimated values in the Voyage P&L reports (Values will only display if snapshot is taken).
current: Snapshots are automatically taken when a voyage is saved.
closed: Snapshots are automatically taken when a voyage is closed; the date and time are followed by the text Closing.
accrual: Monthly Accruals Snapshots are taken while using the Daily Snapshot method to generate Accruals; the date and time are followed by the text Accrual.
deviation: Snapshots are automatically taken when creating a Deviation Estimate; the date, time, and user are preceded by the text Dev Est.
Estimated, Actual, Posted, Cash, and Variance Columns
Estimated: These figures come from the Estimate that this voyage originated from. If no Estimate exists, these figures are calculated from the initial data in the voyage when it is created.
Actual: When a voyage is scheduled, the estimated revenue and cost items from the Estimate populate the Actual column, being the best knowledge of the voyage result at that time. There may be a difference between estimated and actual P&L even when the voyage is originally scheduled. A difference can arise if changes are made on the Voyage Fixture or on the voyage itself before commencement. A common such case is when the commencing port is different between the Estimate and the voyage. Therefore, different bunker expenses apply.
Until the Voyage Status is set to Completed, all operational updates are reflected in the Actual column, indicating voyage revenue/expense variations based on updated information during the voyage (for example, an FDA, or a change in bunker consumption because of a deviation).
Posted: This column includes only amounts that are posted to the P&L using the Transaction Data Entry form. Although posted proforma port expense invoices appear in the Actual column, they are not included here because the amounts are typically posted to Balance Sheet accounts rather than P&L accounts.
Cash: This column includes payment and receipt transaction amounts against the amounts listed in the Posted column.
Act - Est displays the difference between Actual and Estimated.
Act - Est % is calculated as (Act-Est)/Absolute value of Est. This ensures that when Estimated and Actual are both negative, the Variance % is negative when Actual is less than Estimated and positive when Actual is greater than Estimated.
Act - Pst displays the difference between Actual and Posted.
Act - Pst % is calculated as (Act-Pst)/Absolute value of Act. This ensures that when Posted and Actual are both negative, the Variance % is negative when Actual is less than Posted and positive when Actual is greater than Posted.
Snapshot and Period Comparison
For P&L Snapshot comparison, two selection lists include all the snapshots taken of this voyage:
Basis (first column to the right of Estimated): The default value is Actual. When you select a different snapshot:
The Actual column displays the Actual values from the selected Basis snapshot.
For a selection other than Actual, the snapshot's date appears under the column title.
For a snapshot you take, if you add Remarks, they appear in the P&L Remarks field on the Voyage P&L.
Compare (second column to the right of Estimated): The default value is Posted. When you select a different snapshot:
The Posted column displays the Actual values from the selected Compare snapshot.
The Posted column title changes to Compare, with the selected snapshot's short name under it.
For a selection other than Posted, the snapshot's date appears under the column title.
Variance columns display the variance between the snapshots.
If monthly accruals are run for this voyage, the Period selection list includes the months during which the voyage ranges, and All. Selecting a month in this field shows all the Estimated and Actual values prorated until the end of the selected month. The Posted and Cash columns show the full transactions made until that date.
Revenues and Expenses
Items in the list are broken out into Revenues and Expenses, in a tree format. With a configuration flag enabled, Running Costs can be a separate category.
To expand an item to examine it in detail, click
. The calculations appear with the details. When an invoice is created, the Invoice Number appears as a link that you can click to open the invoice; each line item in the invoice is a separate item in the P&L.
To collapse an item again, click
The following totals can appear at the bottom of the table:
Net Daily (TCE) = (Net Income − (Total Expenses − (Vessel Expenses + Ballast Bonus + TC In Common Voyage Expenses − Address Commission))) / Voyage Days
Note: TC In Common Voyage Expenses do not include ILOHC or INTHC; these two expenses affect TCE.
For Type G (Gas Carrier) vessels, Net Monthly (TCE) appears in addition to Net Daily (TCE).
Market Profit (Loss): Appears if a value is entered in the Market Hire field; note Module Right Edit Market Hire on Voyages with Status Other Than Scheduled.
Net Voyage Days = Total Voyage Days − Off Hire Days − Waiting Days
Note 1: Net Voyage Days is a rounded-up number. To use this number in any calculation, open to the Voyage Itinerary Port/Date tab and then hover over any value in the PDays, SDays, XSD, or TSday (SDays + XSD) column. The exact number appears, including decimals.
Note 2: For continuous Off Hire it is important to exactly match the “To” with the “From” time on each line of the Off Hire screen in order to avoid unwanted Net Daily (TCE) spikes (since "Net Voyage Days" in in the denominator of the Net Daily (TCE) formula above)
Daily Profit (Loss)
With Profit Sharing:
Net Voy Profit: Total Voyage Profit minus Profit Share
Net Daily Profit (Loss)
Total/Off hire days
With configuration flag CFGShowWaitingCostInVoyagePnL enabled, and if applicable:
Waiting for Laycan
Waiting for Orders
To add remarks to the current P&L, edit the P&L Remarks field. These remarks are separate from those entered on Snapshots.
Missing Business Rule
If the description of one of your items is Missing Business Rule, find the Invoice type (Source) and item (Code), and add the account in the Business Rules. In this case, in Accounts view, the P&L totals display amounts that are
red and crossed out.
If you have the wrong account type set up for an item, an Uncategorized Adjustments category appears in Accounts view. For example, this can occur if you have VEXP/VOEXP set to post to a Balance Sheet account and create a miscellaneous expense.
Invariants occur when P&L items are incorrectly mapped to the balance sheet or income statement. A value that is
red and crossed out on the P&L has an invariant error if, when you hover over it, PNL, Invariant, and Differential values appear.
Reporting P&L Data in the Report Designer
Be sure to save the voyage then refresh the Report Designer report on a regular basis to ensure accurate data is being displayed. Failure to do so will cause inconsistencies and variances to arise between the Voyage P&L and Report Designer data.
Show Commissionable CVEs in Voyage P&L
When enabled, commissions from CVEs that are marked as commissionable in time charter contracts will appear in P&L.
Always Save Account Code in Snapshot
Saves the account code in the snapshot table.
Use Closing Snapshot for Closed Voyages
For closed voyages, always display information from the latest closing snapshot on the P&L panel.
Auto P&L Snapshot
When enabled, current snapshots in the Voyage P&L are updated when Cargo and TC contracts connected to the voyage are updated.
For Time Charter contracts, snapshots are only updated for related voyages whose total revenues, total expenses, total profit/loss, or TCE have changed; the Estimate, Actual, and Posted columns of the P&L are checked.
An update is also done when voyage-related invoices/Bunker Requirements are created/updated/deleted and when changes are made to Bunker Swaps connected to Cargoes in the voyage.
When XML notifications are enabled and voyage and voypnl are specified as values for flag notificationsIncludeList, XMLs are exported in this order: voyage, voypnl (estimate), voypnl (actual), voypnl (posted).
TCO Voyex as Misc Expense
Displays TC Out Voyage Expenses under the Expenses section, instead of under the Revenues section.
Use Del Quantity Calc Bunker Adjustment Before Arr
The TC Out Bunker Adjustment is calculated against the CP Quantity until the vessel is delivered.
Rebs Dont Reduce Provisional Expense
Rebillable port expenses are not counted against provisional port expenses in the Voyage P&L.
Cache Voyage P&L
Enables caching the Voyage P&L in the database so that the Trading module can use the cached data to expedite the Trading P&L calculation. Flag CFGTraUseCachedVoyagePL (on the Trading tab) enables using the cached Voyage P&L in the Trading module.
Also enables saving the current P&L snapshot when the voyage is saved; these are saved into the "voypnl" table with the "snapshotType = 'current'. The saved P&L numbers are used in the Voyages list for columns Est P&L, Actual P&L, and Est-Act P&L.
Alloc TCO Misc Rev Expense to Period
When enabled, miscellaneous revenues and expenses on TCO voyages are not prorated but allocated to the period the invoice date is in for accrual calculations.
Show Running Cost
When enabled, forces the Voyage P&L to break out the daily costs or the TC Hire in a section called Running Cost, separate from the expenses. For an Own voyage, the daily expenses will appear. For a TCI or TCO voyage, the Hire will appear.
Display Cost Per MMBTU
If enabled, then for vessels of type L (LNG), the Estimate and Voyage P&L both display the cost per MMBTU (in addition to the usual TCE figure).
Hide Running Cost on P&L
Used with CFGShowRunningCost, hides the Running Cost, TCE, and final P&L value on the Voyage P&L. The Voyage Profit & Loss Report hides Running Costs in the same way as the P&L.
TCI Admin as Running Cost
Considers TC In Admin Fee items as Running Costs, not Expenses.
Use TC Invoice Exchange Rate in Voyage P&L
For TC In/TC Out in non-base currency, the Hire Statement, Statement of Account, and Statement of Account Recap use the invoice exchange rate for delivery/redelivery bunkers.
Allocate TCI Hire to Voyage
When enabled, voyage number is a required field for all hire-related lines in TC In; block incremental payment completely. See Allocating Period Cost to Voyages.
Allocate Bunkers to Voyage
When enabled, posts voyage bunker cost as the difference of bunkers used - bunker inv - accrue. See Allocating Period Cost to Voyages.
Show Waiting Cost in Voyage P&L
When enabled, for TCOV voyages only, the Voyage P&L handles waiting delay bunker and vessel costs the same as Off Hire costs.
To use this feature, the following config options must be disabled: CFGAllocateTciHireToVoy, CFGAllocateBunkersToVoy.
Initial Snapshot Time Select
Set the time of the initial snapshot to either:
This snapshot is used as the basis for the Estimated column on the Voyage P&L and the estimated values in the Voyage P&L reports. The Snapshot button can also be used to update the initial snapshot.
Enable VI Form P&L Snapshots
When enabled, a P&L snapshot is taken for the voyage every time a Voyage Instructions form is submitted. The name of the snapshot is the date, time, and form name. Example: 11/20/2017 2:22:44 PM Voyage Completion Report. The snapshot is available for selection in the snapshots drop-down menu on the Voyage P&L.
Voyacc Accrual Snapshot Selected
When enabled, accrual snapshots are saved only for selected records in Monthly Accruals rather than for all retrieved.
Apply Accrual Percent to Demurrage Comm
When enabled, the accrual percentage on the underlying invoice is also applied to the P&L demurrage commission calculation.
Enable World Scale Differentials
Automatically calculates World Scale Differentials for Rotterdam, Panama Canal, and Suez Canal in the Estimate/Fixture Note/Voyage.
Enable TC Lease Accounting
When enabled, the TC Lease Accounting functionality is available.
Hide TC Lease in Voyage P&L
Note: CFGEnableTCLeaseAccounting must be set to Y.
Y = Hides TC lease expenses from the Voyage P&L.
N (default) = TC lease expenses appear on the Voyage P&L under Financial Profit (Loss). The standard Profit (Loss) section also appears, retaining the operating P&L of the voyage.
Calculate Waiting Days Using W Port Days
When enabled, Wait Laycan/Orders days in the Voyage P&L snapshot will be calculated based on the W port days. Otherwise, they are based on the WAITING FOR LAYCAN/WAITING FOR ORDERS Delay details.
Complete Periods on Voyage P&L
When enabled, the months that a voyage is in a Complete status will additionally be displayed in the Periods drop-down menu on the Voyage P&L. Selecting one of these periods will update the Posted column to display the values that were posted by the end of the period according to the Accounting Date.
P&L Calc Check Cash Variance
When enabled, refreshing the P&L snapshot checks for a cash variance in addition to a calculated one.