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IMOS - Time Charter Bill

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Making a Bill

To create a Time Charter Bill to send to the charterer:

  1. Do one of the following:
  2. On the bill, complete the information:
    • Payment Type:
      • Period (default): A regularly scheduled payment for a specific amount of time, such as every 15 days.
      • Special: A payment outside the regular schedule. Period-based costs, such as the Time Charter Hire, cannot be allocated this way. If the contract has no more Period payments remaining, the Payment Type defaults to Special.
      • Incremental: For an Incremental payment, a sort of reconciliation of accounts is performed. It calculates all amounts due since the beginning of the Time Charter Contract, and subtracts all payments made. It then shows the net difference as the payment due. You can use this payment method once at the end of the Time Charter to ensure the accounts are correct, or use it for every payment.
    • Rate: This field is populated only for the Time Charter Hire lines, with the rate used for each line.
      • When the rate of an index-linked hire line is changed after issuing the invoice (either due to a manually-entered value or new market data), the next issued invoice will include a reversal of the previous invoice/invoices and the current rate will be used for that period.
    • TC Rebill: This field can be used to rebill CVE, Miscellaneous, Voyage, Off Hire, or Port Expenses across Time Charter Contracts for the same vessel.
      • Generate the line item that must be rebilled, then populate the TC contract you would like to rebill to (you can select any TC contract associated with the vessel) in TC Rebill. The item created will be available in the  TC Rebillable section of the Item Select screen on the contract you selected.
      • When rebilling between two TC contracts the sign convention will adjust automatically to create the correct debit and credit offset entries depending on whether the item is a payable or a receivable.
  3. On the toolbar, click Create/Add Details to select line items to add to the bill in the Item Select form.
  4. When you save the bill, it appears in the Summary Tree on the Time Charter Out.
  5. To approve, post, reject, export, or email an invoice, on the toolbar, click Invoice

    When you issue an invoice for bunker costs, the text refers to the entities as Charterer and Owner. The Item Select form has a separate check box for quantities For Operator’s Account, and with Cost on Delivery selected, any prepurchased quantity will be deducted from the delivery quantity. You can also select Supplement to Delivery.

    Note: When posting a Time Charter Bill, the Bunkers Redelivery quantity is negative to give an overview and a subtotal of the Accounts Analysis with Rate/Quantity for the relevant accounts.

Approving, Posting, or Rejecting Invoices

To approve, post, or reject invoices, you must have Module Rights Approve an InvoicePost an Invoice, or Reject an Invoice. Approving, posting, and rejecting invoices can be limited to particular invoice types with configuration flags.

In the top right corner of the invoice viewer, click one of the following:

  • : Enter a Comment, if required.

  • : Enter a Comment, if required. The Transaction Data Entry form or Journal Entry form opens, so you can post immediately.

  • : Enter a Comment that tells the reason for the rejection.

Estimated Owner's Expense Summary Report

The Estimated Owner's Expense Summary Report shows the expense amounts billed in advance and the current balance for each Bill Code. To run the report, on the toolbar, click Report.

Related Configuration Flags
Lock TCOB Invoice No

When enabled, the Invoice No. field is disabled on the Time Charter Billing form.

Tax on Tax PST

Causes PST Tax to consider all items on the invoice as taxable, including other tax lines, rather than applying only to non-tax invoice items.

Incremental Xml Export Diffs

When enabled, the TC incremental hire invoice XML will only show lines for amount differences per category.

Include Invoice Attachment Base64

When enabled, includes a base-64 encoded version of the invoice attachments in the XML output.

Enable Invoice Accrual Percentage

When enabled, an Accrual % field appears and can be used to anticipate bad debt on the following receivable invoices: Freight Invoice, Claim Invoice, Time Charter Billing, Voyage Other Revenue, and Voyage Expenses Rebill.

  • Accrual % defaults to blank. Blank is interpreted as 100%. You can manually set Accrual % to any value greater than 0.
  • An Update button appears so that you can modify Accrual % on invoices that are posted; prior to posting, you can save the invoice to update its Accrual %.
  • The Accrual % value has no effect on posting; the full invoice amount is always posted.

On the Voyage P&L:

  • Invoices with Accrual % values of 100% or blank are handled normally.

  • Amounts for invoices with Accrual % values other than 100% are split between three lines:

    • The top summary line shows the accrual amount = (original invoice amount × accrual %).

    • If you expand the summary line, the next line shows the original invoice amount.

    • The line below shows Provision for Bad Debt = (original invoice amount − accrual amount).

On Monthly Accruals, for invoices with Accrual % less than or greater than 100, the amount accrued = original invoice amount less provision for bad debt.

Auto Adjust Accrual Percentage

Applies only when CFGEnableInvoiceAccrualPercentage is enabled; as invoice payments are received, the invoice Accrual % is automatically evaluated and increased when necessary to ensure that the sum of payments is not greater than the accrual amount.

Access TDE Form from Operations Invoice

Note : CFGEnableTaxGroup must also be enabled.

When enabled, you can access the Transaction Data Entry form by clicking TDE on the toolbar of receivable Claim, receivable demurrage/despatch, Time Charter Bill, Voyage Other Revenues and Expenses (Types Revenue and Rebillable Expense), Other Revenues And Expenses By Daily Rate (Type Revenue), and Freight Invoice forms, which can be useful for entering multicurrency tax information.

Def Voyage No to TCO Bill
For TCO Bills, line items will have the voyage number pull 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. To make changes, you can set the Voy column to zero or any existing voyage number. This works with multiple voyages linked to a contract.
Default Unactual

When enabled, the status of a newly created Bunker, Freight, Equipment, Hire, and Commission invoice is set to Pending by default.

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