Time Correction

The Time Correction module enables a user to calculate periodic pro-rate voyage days (or proration) for a selected period per business unit/s. The Time Correction module is part of the Period-End-Closing process and must be run (to update/refresh data) prior to closing a period.

The records in the Time Correction module, once generated, will display the total number of days of a voyage/vessel that occurred during each month of a selected time period. It will also display the total number of each type (or category) of day a voyage has consisted of during each month of a selected time period. The categories are:

• Onhire Days

• Repair, Breakdown, Supply, Delay (RBSD) Days (Viewed as Offhire)

• Dry Dock Days (Viewed as Offhire)

• Ballast to Dry Dock Days (Viewed as Offhire)

• Idle Days (not Viewed as Offhire)

If a voyage begins prior to or runs longer than the prorated period, a breakdown of days/month for the time before/after the prorated period is also displayed. Example: A voyage lasts from mid-January to the end of May. Proration is generated for the month of March. The module will display a breakdown for the entire voyage/vessel/month because a part of it crosses the prorated month.

The amount of days of a voyage calculated in the module is used to calculate a portion of a voyage’s result during a particular period (month). Each time proration is generated for a period the number of days are updated/re-calculated. The days are estimates, as a voyage might still be in progress when proration is generated, but they found the basis for all other types of accounting estimation, i.e. Accruals, Internal Allocations, Bunker Stock Adjustments and Running and Overhead Costs. When verifying that proration has been executed correctly, ensure that the breakdown days of each row matches its total number of days and that the total number of days/month for a vessel matches the number of days/month.

The Time Correction module also contains the Freeze and Freeze and Transfer options. The Freeze option allows a user to prevent the re-calculation of a voyage’s days for a specific month when time correction is generated (for the next period). If the days of a specific month are frozen, its status will change from Not frozen to Frozen in the Status column and the days of the frozen period will remain unchanged when proration is re-generated. If the actual number of days differ from the estimate for this period come next period the difference in days (positive and negative) will show as part of that period, as the total number of voyage days must always match the total duration of the voyage.

The Freeze option is useful for, for example audits and accounting purposes, where it can be beneficial to keep the days as estimated figures, ev en if the actual number of days is established the following month or later. To simultaneously freeze a period in Dataloy VMS and send the frozen days to an accounting system select the Freeze and Transfer option. The Time Correction module can also handle overlapping voyages to ensure the correct number of days are calculated.

In the Time Correction module only offhire records marked as Deduct Against Owner are counted as offhire. All other days will fall under Idle Days.