Period-End-Closing

A period-end-closing is an accounting procedure normally undertaken at the end of each month to close the current posting period. It is performed to ensure that all transactions of a period, i.e. all costs and revenues, are posted, reflected on reports and correctly allocated over the lifespan of a voyage. A period is officially closed when all of the month-end processes are complete. Dataloy VMS supports the process of closing accounting periods with the ability to calculate the periodic pro-rata voyage days (proration), estimate a period's costs and revenues based on proration and voyage estimates (estimation) and calculate and post accruals (accruals).

In Dataloy VMS all voyage related costs and revenues are estimated to a detailed level, per account/vessel/voyage, and the start and end of each voyage are tracked to minute level. The data forms the basis for calculating how much of the duration of a voyage takes place within each accounting period and calculation of accruals to correctly proportion costs and revenues into each period throughout the duration of a voyage is performed in the VMS by comparing estimated costs and revenues with actual amounts (obtained from an accounting system).

Estimation is an automated process utilising the voyage estimates, the collected actuals and the proration to generate accruals with which to adjust the periodisation of cost, revenue and profit/loss in an accounting system once posted. An estimated to-date amount and an actual to-date amount for each cost and revenue item for a voyage are calculated.

To successfully perform this process integration with an accounting system is required – this is usually done by Dataloy during initial system setup. Please contact Dataloy for further information.