IMOS - TC In Hire Statement

🔑 This is a Key Topic, with high value for all users.

The Hire Statement for a Time Charter In lists all the amounts invoiced or paid; you can make a payment from it. You can also view reports.

To view the TC In Hire Statement, do one of the following:

Click Hire Statement on the Time Charter In.
On the Operations menu … > under Time Charter In > click Hire Statement.

If you have bunker adjustment lines due to offhire, the offhire time period information is included in those lines.

On a Time Charter In Hire Statement:

To select Invoiced or Paid items, click the radio button at the bottom.
To make a payment, click Make Payment.

Reports

To view a report, click Report and then click a report name. You can view three reports that show Hire information in slightly different ways:

Hire Statement: Includes all the details of the contract so far: Gross Hire, Hire Commissions, Bunker Values, Owner's Expenses, Other Adjustments, and Payments. It also lists any inconsistent items. At the end of the contract, a charterer might send the owner the Hire Statement, showing the balance. It is a calculation of what should have been billed until the last invoice date.

On a Hire Statement Report for bunker costs, the text refers to the entities as Charterer and Owner.
- Configuration flag CFGTcItemsFlag enables you to print out, as both Outstanding Items and Inconsistent Items, certain TC items, including Rebill, ILOHC, and INTHC.

Statement of Account: Is used to determine whether any outstanding amounts remain to be paid or received over a defined billing period for a Time Charter (TC) that has already been invoiced.

Key Characteristics

The reporting period is defined from the "From Date" of the first hire or bill to the "To Date" of the last hire or bill.
The system calculates the net amount due to or from the Owner/Charterer based on the TC In/Out fixture terms, then deducts any amounts already invoiced, paid, or received.
Upon running the report, in the SoA Setup form, allows users to optionally include uninvoiced items for visibility.
- Off Hire value is derived from the TC contract.
- Delivery/Redelivery bunker values are pulled directly from the TC contract.
- The CVEs (victualling period) is based on the Projected/Actual GMT fields on the TC contract.

SoA Recap: Provides a comprehensive summary of all invoiced items under a Time Charter (TC) contract, including those in both Posted and Pending status. It categorizes and displays the invoice data for clear reconciliation and tracking.

Key Characteristics

Displays a detailed breakdown of all posted and pending invoices within the contract.
Uses the Start Date from the TC contract and the latest "Period To" date from the hire invoices to define the reporting range.
- In Hire invoice, the recap reflects the actual billed days (e.g., an invoice covering 27 days will include all 27 days in the recap).
The balance shown is calculated based on the Estimated Expenses configured in the TC contract. Providing a snapshot of invoiced activity, the SoA Recap is a valuable tool for reconciling projected versus actual expenses.

If discrepancies arise between the Statement of Account (SoA) and the SoA Recap, they are often due to differences in how bunker values are sourced (contract vs. invoice) or variations in date logic.

Multi-Currency

When CFGEnableMultiCurrencyTCContracts is enabled, the hire statement can output reports in the different currencies used in the time charter contract it is associated with. The line item amounts in these reports will reflect the exchange rate of the currency selected. The reports will also filter information from the TC to only show the items relevant to the selected currency. The filtering mechanism works differently depending on the line item type:

Invoices - Only invoices specified in the selected hire statement currency are shown in the hire statement reports.
Hire, commissions, and CVEs - These items will only appear in hire statement reports when specified in the currency selected in the hire statement.
- Note that percentage-based commissions, which do not require a currency to be specified, will appear in hire statement reports for all currency options.
Rebillables - A rebillable will initially only appear in a hire statement report generated using the TC contract currency. After the rebillable has been invoiced in a particular currency, it will only appear in the hire statement reports generated for the currency it was invoiced in.
Bunkers - Like rebillables, bunkers will also initially only appear in hire statement reports generated using the TC contract currency. After being invoiced in a particular currency, the bunker will only appear in hire statement reports generated for the currency it was invoiced in.
- Note that bunkers can be specified in a non-base currency under special configurations. In hire statement reports, the bunker line item amount will be calculated to reflect the exchange rate between the bunker currency and the selected hire statement currency.
Offhire - Percentage-based offhire will be shown in hire statement reports for every currency containing hire. Lumpsum and daily rate offhire are only shown in hire statement reports when the selected currency matches the TC contract currency.

Related Configuration Flags

Name/Flag	Description
TC Use Proj Redel Date CFGTCUseProjRedelDate	Uses the Proj/Act Redelivery date on the Hire Statement rather than the Est Redelivery date.
Bank Select on Hire Statement CFGBankSelectOnHireStatement	Enables bank selection when generating TC In, TC Out, and Bareboat Hire Statement reports.
Enable Detailed Hire Statement CFGEnableDetailedHireStatement	Makes a Statement of Accounts (Detailed) option available in TC Hire Statement reports. Details of invoices related to the TC are exported to an XML file but not displayed in the UI.
Show Offhire as Adjustment in TC Reports CFGShowOffhireAsAdjInTCReports	When enabled, the full delay details are displayed in the adjustment section of the Hire Statement.
Show Offhire details on Hire Statement and SOA CFGShowOffhireDetailsInTCReports	When enabled, will show offhire-related items in detail on the Hire Statement and SOA.
TC Items Flag CFGTcItemsFlag	Controls which billable items from the TC will appear on the Hire Statement report, even if not included in an invoice. This flag is a bitflag, meaning that each option has a value, and summing up those values allows for different combinations. 0 = Default functionality. 1 = In Lieu of Hold Cleaning (ILOHC) items will appear, even if not already included in an invoice. 2 = Intermediate Hold Cleaning (INTHC) items will appear, even if not already included in an invoice. 4 = Rebillable items (e.g., Owner's Expenses) will appear, even if not already included in an invoice. Possible bitflag combinations: 3 = Both ILOHC and INTHC will appear. 5 = Both ILOHC and Rebillable items will appear. 6 = Both INTHC and Rebillable items will appear. 7 = ILOHC, INTHC, and Rebillable items will appear.
Allocate TCI Hire to Voyage CFGAllocateTciHireToVoy	When enabled, voyage number is required for all hire-related lines in TC In; block incremental payment completely. See Allocating Period Cost to Voyages.
Def Voyage No to TCO Bill CFGDefVoyNoToTcoBill	For TCO Bills, line items will have the voyage # pulled through the payment screen and the subsequent Transaction Data Entry form when posting. If set to Y, then by design, the Voy column on the TC In Payment or Billing form defaults to the corresponding voyage per line item. You can set the Voy column to zero or any existing voyage number to make changes. This works with multiple voyages linked to a contract.
Def Voyage No to TCI Pay CFGDefVoyNoToTciPay	Auto-assigns the voyage number to a TC In payment.
Enable Multi-Currency TCs CFGEnableMultiCurrencyTCContracts	When enabled, Time Charter contracts now support hires with different currencies. This flag is incompatible with CFGUseTCInvoiceExchangeRateInVoyPNL.