Standard Operating Procedure TSL Principal Posting

Document # / Title:
Principal Posting / Effective Date:
Revision #
0.0 / Prepared By:
Rajakumar / Date Prepared:
04-Nov-2016
Reviewed By: / Date Reviewed:
Approved By: / Date Approved:

Purpose: Steps to be followed by the Agent and Principal in order to process and approve the following transactions.

Manifest Posting

Scope: Posting manifest.

Responsibilities:

Respective Agents should prepare and post the above transactions.

Principal finance team should review and approve the financial entries.

Procedure:

1.0 Principal posting

1.1  PRINCIPAL POSTING SETUP

TSL is maintaining multiple principal books based on the Services operated, the entries will get posted to the respective principal books based on this setup. In order to handle this, system will have the following setup whereby user will define each service wise corresponding Principal books with the validity period.

At the same time, in agents books also system will post to the respective carrier accounts. The following transactions will follow this setup

§  Manifest and Demurrage/Detention Posting.

§  Disbursement Entries.

§  Other revenue Entries.

During the above postings, system always post to TSL books. If any entries to be posted to other principal books, it should be posted in a current Account in TSL books and also the corresponding JV will be posted in other principal Books automatically.

Current Accounts are defined in the configuration setup as follows, the below current account will be used when there is other carrier entries posted.

TSLTW_CURRENT_ACCOUNT will be used in TSL books, HKTSL_CURRENT_ACCOUNT will be used in other carrier books entries.

Posting Rules

Transactions / Agent/Branch Books / TSL Books / TSLTW Books
Manifest / Customer Account / Debit / Agent/Branch Account / Debit
Voyage Ledger -TSL / Credit / Revenue Account / Credit
Disbursement / AP Account / Credit / Agent/Branch Account / Credit
Voyage Ledger - TSL / Debit / Expense Account / Debit
Manifest / Customer Account / Debit / Agent/Branch Account / Debit / (TSL) Current Account / Debit
Voyage Ledger –(TSLTW) / Credit / (TSLTW) Current Account / Credit / Revenue Account / Credit
Disbursement / AP Account / Credit / Agent/Branch Account / Credit / (TSL) Current Account / Credit
Voyage Ledger – (TSLTW) / Debit / (TSLTW) Current Account / Debit / Expense Account / Debit

1.2  MANIFEST POSTING

Agents will post the manifest once the vessel is sailed using the below process, system will display all the BL’s with the reporting carrier details as shown below.

They can process for a period or for a particular vessel/voyage also. System will process and generate JV for each vessel/voyage and send to principal for approval.

Agent account user can verify the details, using the JV query and they can also check the JV Voucher printing.

Example I, the following BL has been posted in the system,

Carrier / Vessel / Voyage / Port / Reporting Carrier / BL Number / Charge / Mode / Currency / Ex Rate / Foreign Amount
TSL / YMHW / 169N / TWKHH / TSL / 220410001408 / DEM / C / NTD / 0.032795 / 1600
TSL / YMHW / 169N / TWKHH / TSL / 220410001408 / DEM / C / NTD / 0.032795 / 1600
TSL / YMHW / 169N / TWKHH / TSL / 220410001408 / LDOC / P / NTD / 0.032795 / 0
TSL / YMHW / 169N / TWKHH / TSL / 220410001408 / LTHC / P / NTD / 0.032795 / 14000
TSL / YMHW / 169N / TWKHH / TSL / 220410001408 / SLC / P / NTD / 0.032795 / 320

JV Query – TWTPE Location

Since the above BL service is belongs to TSL, system will generate a JV in the Agent side which will give Credit to the Principal TSL and Debit the Voyage Ledger.

In the principal books, it will Debit the Agent AR account and Credit the Revenue account.

Example II, the following BL has been posted in the system which the Service is belongs to TSLTW Carrier

Carrier / Vessel / Voyage / Port / Reporting Carrier / BL Number / Charge / Mode / Currency / Ex Rate / Foreign Amount
TSL / SGGO / QI626N / TWKEL / TSL TW / 310410008726 / DEM / E / NTD / 0.032785 / 7000
TSL / SGGO / QI626N / TWKEL / TSL TW / 310410008726 / DEM / E / NTD / 0.032785 / 7000

System will generate the JV as follows during the manifest posting.

Since the Service belongs to TSLTW, system will auto transfer the entries by passing another JV during manifest posting as follows,

Since the transactions belongs to TSLTW, system will give the Credit to TSLTW in agents books and Debit the TSLTW voyage ledger.

In the Principal books TSLHQ001, system will debit the Agent AR account and Credit the TSLTW Current Account.

In TSLHQ002, system will debit the TSL Current Account and Credit the Revenue Account.

JV Query – TWTPE Agent Location

JV Query – TSLHQ001

JV Query – TSLHQ002

1.3  Manifest JV Approval

In the principal books, authorized user can approve the Manifest JV and they can view the details in the approval screen as shown below.

All the JV approval happens in TSLHQ001, once its approved system will do the posting simultaneously in Agent and Principal books.

If it’s rejected, the JV will get cancelled automatically in the respective books and user can do the posting again.

1.4  Reports

User can generate the following reports to verify the entries,

Agent Books

Voyage Ledger

AP Statement of Account

JV Listing

JV Query

Pre GL Query

Principal Books

AR Statement of Account

JV Listing

GL Transaction List

JV Query

Pre GL Query

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