1.

This registration includes analysis of what specific type of expense the invoice should be
registered.
2. So once the invoice registered is already approved by the specific department, it is now subject
for payment. We will pay it through our system and we should double-check the details such as
the invoice number, amount, bank details before proceeding with the payment.
3. Mostly our counterparts are from crewing and technical team. Since this is a Shipping company,
there is a crewing team assigned for any crew related concerns such as the details in embarkation
and disembarkation, wages, travel expenses, crew insurances, etc. There is also a technical team
assigned for any technical costs of the vessel such as the spares, delivery of spares, luboils,
repairs and maintenance, upgrading etc.
4. We are also checking the variance report and if we noticed that the expenses is larger than the
budget, it will result in negative variance which needs to be investigated if those variances are
valid.
5. So, the allotment is the amount requested by the crews to be remitted to their bank accounts
enrolled in the system. This allotment amount would be deducted from their current wages
balance. We process Special and Regular allotment once per month.
6. Every month end closing, we process and pass the entries for payroll closing. Once the payroll is
processed, the system will automatically compute their wages balances. With that, we can also
generate the payslips to be sent out to the vessel for their checking and confirmation. These
include their earnings and deduction such as basic wages, leave pay, OT, additional OT, bonuses,
allowances, allotment deductions, slopchest deductions and any adjustments.
7. This is the cash on board that needs to be supplied to the vessel. We need to coordinate with the
agent as they are the one who will personally supply the cash to vessel. We need to pay the agent
the amount of CTM plus the handling cost so that they can arrange and deliver the same.
8. These includes passing of all the necessary entries such as the prepaid insurance, other prepaid
expenses, generating accrual entries, reversing those accruals that already has an actual invoice,
posting of slopchest, provision and cash account report transactions through JV. We also need to
ensure that we will book expenses and other balance sheet accounts to its correct account codes to
avoid reconciliation items and maintain clean records in books. Closing and posting of payrolls
which I mentioned earlier, and checking the correctness and completeness of reports provided by
the captains as this will be the attachment in the JV.
9. We have two books that need to be reconciled. The owner’s books and the company books. This
reconciliation helps us to monitor if there are any transactions that missed to book. Also, if there
are any discrepancies, we will investigate to execute adjusting entries to correct the figures.