IMOS - Withholding from Payments to Owners

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

Sometimes, the pool owner withholds some payment amount from the Pooling Distribution period and recovers it in future distribution periods. The Pooling module enables a workflow to settle this. To withhold and then recover a payment to an owner, follow these steps.

1. Set Up the Amount to Withhold from a Distribution Period

For example, to withhold 5% of the total payable to the pool Participant SEATIDE MARITIME from the distribution period Jan 2017:

When running the Pooling Distribution for Jan 2017, in the Pooling Result Distribution grid, either enter 5% in the Withhold% column or enter the corresponding dollar amount in the Withhold column. The withheld amount is then deducted from the payment. To check the withheld amount, right-click the line and then click View Payment Details.

Note: Eff Start Date and Eff End Date fields have been added to the Pooling Distribution form.

2. Recover the Withheld Amount in a Future Distribution Period

To recover the withheld amount for the pool Participant SEATIDE MARITIME from the distribution period Feb 2017:

1. Run the Pooling Distribution from Feb 2017.
2. In the Pooling Result Distribution grid, right-click the SEATIDE MARITIME line and then click View Payment Details.
   

   

   
   The previously withheld amount appears under Withhold Recovery.
3. In the Withhold Recovery grid, select the S check box to select withheld amounts from previous periods to recover in this distribution period.