IMOS - Time Charter Payment

Just as the Voyage Manager handles the costs of the voyage, the Time Charter In (TC In) handles the costs for the use of the vessel.

Making a Payment

To create an invoice that reflects the bill sent by the vessel owner:

1. Do one of the following:

   • On the Operations menu 

     

     , under Time Charter In, click Time Charter Payment. Then, enter the TC Code.

   • On the Time Charter In toolbar, click Make Payment.

   • On the Time Charter Payment Schedule, click a bar.

   • Create the invoice in Financials on the Time Charter Invoice List.

   

2. On the payment, complete the information:
   

   1. Payment Type:

      • Period (default): A regularly scheduled payment for a specific amount of time, such as every 15 days.
        Note: IMOS will not allow raising a hire payment for a previous billing period that was reversed/deleted if a payment is already raised for the next billing period. To raise an invoice for the overlooked period, users can raise an incremental once upon vessel redelivery or reverse TC payments raised after the missing billing period.

      • Special: A payment outside the regular schedule. Period-based costs, such as the TC 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. All amounts due since the beginning of the TC contract are calculated, and all payments made are subtracted. The net difference then shows as the payment due. We recommend that you use this payment method once at the end of the TC to ensure that the accounts are correct; the incremental invoice does not allow you to include all the line items that a period invoice allows.

   2. Invoice No. and Issue Date: The number and date from the bill sent to you.

   3. Rate: Populated only for the TC 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.

   4. TC Rebill: This field can be used to rebill CVE, Miscellaneous, Voyage, Off Hire, or Port Expenses across TC 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 payment in the Item Select form.

4. When you save the payment, it appears in the Summary Tree on the Time Charter In.

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 TC In Owner’s Account, and with Cost on Delivery selected, any prepurchased quantity is deducted from the delivery quantity. You can also select Supplement to Delivery.

Notes:

• When posting a TC Payment, the Bunkers Redelivery quantity is negative to give an overview and a subtotal of the Accounts Analysis with Rate/Quantity for the relevant accounts.

• Fields such as Person In Charge populate their values by referencing the Security list in the Data Center. If you cannot find a user using the drop-down box and scroll bar, typing the target user's name will trigger the search algorithm to yield the most accurate result.

• Be sure to establish a Voyage No. column value for each line item; otherwise, the invoice or its line items will not be applied to the proper Voyage P&L.

Redelivery Date for Period TC Invoices

• If a vessel is redelivered, the Veson IMOS Platform (IMOS) uses the Actual Redelivery Date.

• If CFGPayHireBeyondMin is enabled, IMOS will allow TC In Hire Payments to be made after Min redelivery while the duration basis remains Min.

• If CFGTCUseProjRedelDate is enabled, IMOS will use the projected redelivery date for TC invoices and hire statements if such date is available.

• Or it can use Est GMT Redelivery Date.

Approving, Posting, or Rejecting Invoices

To approve, post, or reject invoices, you must have Module Rights Approve an Invoice, Post 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.

Multicurrency TC contracts

For more information about multicurrency contracts, see the IMOS - Multicurrency Time Charter contracts article.