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Maritime Accounting – AISMSS

WE DO

Maritime Accounting

The strategic maritime accounting system

INTRODUCTION OF MARITIME ACCOUNTING

TRANS-Account is composed of various sub-modules as an auxiliary book centring on the core basic accounting system General Ledger (GL) and sub-modules, such as fixed asset and loan contract management etc.

Specialized Features For Shipping Accounting Needs

TRANS-Account is designed to suit the accounting requirements of international shipping companies. Equipped with plenty of functions and multi-lingual functions, this tool sets it apart from any other accounting system for the global clientele.

Internal Control Support & IFRS, GAAP Compliance

The system complies with accounting standards including IFRS and GAAP. Our Maritime Accounting system has some specific functions to support our client's internal control requirements. With access to the latest history record, our clients can also check updated accounting slip data registered status, and approved status among other attributes. Furthermore, it has some of the must-needed internal controls to match all our client’s requirements.

Multi-Currency / Multi-Language Support

The system supports the bookkeeping of foreign currency transactions, which is essential for shipping companies and balance management by currency and accounting. The system can be set up in multiple languages for each user and available globally by numerous overseas offices as a standard group accounting system.

Strategic Decision-Making & Credible Data Output

The accounting system has several output functions to generate reports. These reports are further transferrable to Excel for further analysis and interpretation. With data accumulation, the system enables historical data analysis and accurate management accounting. It accelerates the process of decision-making while adding to an increase in your business's operational efficiency.

System Configuration

TRANS-Account is composed of various sub-modules as an auxiliary book centring on the core basic accounting system General Ledger (GL). Sub-modules, such as fixed asset and loan contract management, etc., are seamlessly linked to GL. In addition to the daily journal entry operations function, the system fully supports settlement journals such as accrual and deferral based on prorate calculation. Our clients can freely import data from the external system through our standard journal import tool.

Submodule Overview

Accounts Receivable Management System (AR)

Account receivable schedules to various suppliers can be managed with our AR Management System. The system facilitates accounts receivable schedules along with the management of balances by suppliers and vessels. While performing receiving processing, the module caters systematic support to multi-payment operations. AR Management system benefits automatic reconciliation of receivable data by reducing any gap in the invoice currency such as USD, JPN indicating a difference between actual cash and invoice amount mostly seen with foreign currency revaluation gap and bank charges. This data is acquired from banks to prepare settlement receipt slips automatically. Besides, our flexible system enables partial offsetting for receivable balance and related offsetting after the suspense receipt is processed.

Accounts Payable Management System (AP)

Our module administers payment schedules for vessels and suppliers as per the payable balance. Our payment processing enables multi-payment operations using online bank payment per payment method. This method is effective for domestic and foreign remittances for the automated creation of payment slips per bank account. Debit account slips streamlines payment operations through multi-payment processes. Besides, the system perfectly links with ship management software through its seamless interface that identifies accrual accounts.

Forward Exchange Contract Management System (FX)

Get the perfect management of forwarding exchange contract transactions. While registering forward exchange contracts, the function facilitates varying registration types, including normal, range forward, put option, and call option. Our module supports numerous procedures, including execution, advancement, extension, and cancellation of registered Forward Exchange Contracts. Its features enable you to aggregate balances as per department. Besides, you can avail the correct output by specifying the date and duration. It will help you keep a quick check on the balances at the end of the period. In addition, you can automatically output the closing journal by entering the market value evaluation information at the end of the period.

Budget Management System (BG)

TRANS-Account offers a budget management module with budget creation features under multiple versions. One can choose from various options, such as initial budget, estimated budget, and budget review. These budgets can be compared to make predictions under real-time conditions for specific vessels. The module supports budgets of varying currencies with exchange rate conversion features. This system allows you to forecast and perform comparisons across currencies.

Main Functions

Complete Input Support

TRANS-Account has input support that allows the users from different departments to perform data input without any accounting know-how.

Journal Pattern / Slip Copy Function

Frequent transactions are recorded in advance as journal patterns. Furthermore, journal patterns are used while entering slips. The function also allows copying past slips for new entries.

Automated Foreign Exchange Gain & Loss

With a difference in the multi-currencies conversion amount, this feature allows identification of foreign exchange profit and loss for automated journalisation.

B/S Account Clearing Function

Retrieve the balance on B/S accounts concerning agency receivables and advance payments, etc.

Advance Reversion For Closing Journal

This function allows you to carry your closing journal balances to the upcoming fiscal year. It encompasses processes like deferred recording, accrual recording and automated reversal slip creation as per set date.

Workflow Approval

The approval function is used for two stages and has been enhanced for several levels. It applies anywhere between drafter to final approval with specifications including workflow, number of people etc. This feature in our TRANS-Account system has eliminated the use of paperwork. Get all the approvals on your system and achieve credible approval processes from remote locations.

File Attachment

This feature allows you to upload pdfs for invoices and excel documents while entering slips. The attached files are available for preview during approval or inquiry of the slip. This feature allows one to manage and organise their papers and sheets by viewing the attachments on their computer desktop, which helps avoid all the hassle.

Journal Entry - Excel Import

TRANS-Account has a feature that allows you to upload and download journal details in Excel sheets. These sheets are added to every slip on the entry and further minimize journal entry work. It’s specifically effective for large inputs.

Download

Get the journal details on the slip input screen as your import format to download the data.

Upload

Import Excel sheets made in the system using the set import format with the upload function.

Update History

It’s possible to look into historical data and check the status of slips. This function allows you to keep an update or correction, new registration, denial and approval of slips and further strengthens the internal control function.

Abundant Aggregation

TRANS-Account system allows you to manage multiple account structures as per management accounting. Our accounting reports are segregated as per specific vessel reports, category reports, voyage reports, port reports and many more.

Hierarchical Aggregation at Department

The system plans the organizational hierarchy to compare and aggregate financial form output at varying hierarchical levels of the organization.

Multiple Account Structures

While adding to the core system of financial accounting, the management documents in different formats are used for several purposes like creating different operating income statements per voyages and vessels. Such statements help in evaluating profitability, assessment of marginal profit, and break-even analysis per vessel, voyages, etc.

Multi-Management Item Function

TRANS-Account facilitates basic accounting of varied items, breakdowns, subsidies, business partners, and departments. It also works with 6 types of management codes: voyage code, vessel code, port code and time charter contract number etc. The feature also allows you to set desired non-accounting items for analysis. Its features also allow you to manage profit and loss per several item combinations.

Coordinate Transactions Within Foreign & Key Currencies

The system allows you to transact in foreign currencies. Moreover, it provides a record of foreign currency balances simultaneously. You can also automate the revaluation of foreign currency while supporting slips creation. As the system performs the data processing at the closing time, it further minimises the data entry requirements. Our system also facilitates the creation of foreign remittance request forms and foreign remittance online banking data files through the system. With Maritime Accounting software, you can enhance the overseas subsidiaries' accounting process.

Debt / Credit Management Function

The debt or credit balance management feature supports several operations, including recording debt, processing payments, and managing receivables. Furthermore, it streamlines the procedures using the automation of comprehensive foreign remittance data records. The data is automatically transferred, and the payment slips are also generated instant. In the deposit process, the system acquires the data through the bank, deposit data record and other balance records. It is automatically aligned to clear the balance and create the deposit slips accordingly.

Multi-Languages

At TRANS-Account, you will have the option to set the language to any languages, be it English, Japanese, Chinese or any other. Hence, the system is suitable for international operations across standardised accounting systems.

Journalized Interface

The system has an interface that depicts journal data in the most organized and well-represented way. With TRANS-Account, you can operate the interface with integral external access.

Automated Clearing of B/S Account

It is pretty straining to manage B/S transactions that encompass the management of advance payments, agency receivables/payables, and other unsettled accounts. The journalized data is automatically presented in list form for debit and credit transactions. Further, the system enables automatic matching through keys, including ship name, business partner, and route. On the other hand, unmatched data is termed unsettled data.

Journal Finder With Multi-Condition

TRANS-Account offers its users the ability to look for conditional journal using the journal query function. The system also provides the option to save past conditions for searching and further simplify their search using retrieve action.

Voyage Balance Settlement

You can register the voyage schedule with attributes like completion date, departure date as per the vessel name. The settlement journals are suited for the Time Charter Equivalent (TCE) and further allow periodic assessment of the changes in the performance of the shipping company

Off-set Settlement

Using the Off-set Settlement feature, you can settle your advance payments, hire, port charge and outstanding while creating a settlement statement. It will further use the settlement date for payment processing.

Security

While you enter the TRANS-Accounting system, you will pass the password authentication stage. The system is restricted to other departments, and only the accounting department will have access to avoid any data leak.

Program Privilege Role

It allows displaying programs available for use in the menu using authority in advance.

Slip Update Permission Level

This feature allows you to prevent slips access by different departments and another input user at the time of copying and modifying.

Disclosure Authority Role

The system allows the users to establish accounting subjects and departments for disclosure by the concerned department or users.

Group Accounting

At TRANS-Account, accounting for a varied business is performed using a single system. We know that every company will have a distinct management strategy and course of action. However, our TRANS-Account is a standard system set for all shipping companies. We bring you a Group Accounting feature that enables in-group transactions to be accounted as a whole. It also supports the generation of intercompany replacement slips. This system is perfect for the Special Purpose Company (SPC) /Special Purpose Vehicle (SPV) model. The former will create slips, and the latter's slip input is automatically created while eliminating double entries. Operating company founds a special purpose company in international boundaries like Liberia and Panama. It helps charters and only ship-owned vessels from SPC to attain operational efficiency. Group Accounting simplifies the complex accounting transaction of inter-related companies.

Electronic Book Support

With this function, a history of slip correction and deleting is attained. Furthermore, you can track the correction history as well.

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