| CMM |
Crew Management Manual (CMM) Vessel Accounts |
Doc No.: CMM-6.5
Revision: 01 Date: 15 Oct 2024 Issued by: DPA Approved by: MD |
6.5 VESSEL ACCOUNTS
These processes shall be supplemented by fleet specific work instructions authorised by the MD.
6.5.1 Cash to Master (CTM)
Cash to Master payments are normally remitted in US Dollars.
Upon receipt of the Master’s request for funds, the Financial Officer evaluates such requests. Local agents should be contacted for their bank account details, availability of $USD, agency fees, and bank commission. The Financial Manager shall approve all cash to Master requests and remit the approved funds. In addition, the Master is advised.
The Finance department then remits funds to the agent’s bank and agents deliver CTM.
The Master sends confirmation of receipt of CTM to Financial Officer and Financial Manager is advised.
6.5.2 Portage Bill
It is essential that monthly shipboard payroll documentation submitted by the Master is accurate.
The signed and stamped copy has to be electronically forwarded to the Financial Officer by the 5th day of the following month.
The Financial Officer checks the portage bill for accuracy of calculations. If irregularities are found, the Master and FLP Department are advised.
The Financial Department ensures that Portage Bills received from the master incorporate the corrections agreed with the FLP department prior to posting.
6.5.3 Vessel Cash Accounts (VCA)
The monthly shipboard payroll submitted by the Master in the form of a Portage Bill is checked by the Financial Officer. These accounts are also received when there has been a change in Master.
Allotments / Single Payments which are deducted onboard in accordance with the seafarer’s terms of employment are submitted by the Master in writing on, or around, the 20th of each month, giving name, rank, amount, and type of remittance.
The Vessel Cash Account (VCA) is calculated by the Master and submitted to the Financial Officer by the 5th of the following month.
The Financial Officer checks the VCA along with supporting invoices, vouchers, and documents etc. ensuring consistency with the previous month’s carried forward amounts.
Vessel account documents are passed to the Financial department.
6.5.4 Allotments / Single Payments
To ensure that Allotments and/or single payments (SPs) are remitted to the beneficiary as requested by seafarers.
Allotments / Single Payments which are deducted onboard, in accordance with the seafarer’s terms of employment are submitted by the Master in writing on, or around the 20th of each month, giving name, rank, amount, and type of remittance.
The Financial Officer reviews and approves Allotment / SP requests made by seafarers and advises the Financial Manager to release the required funds.
The Financial Officer attends to queries related to Allotments / SPs as requested, keeping all concerned informed.
6.5.5 Victualling Accounts
To ensure that Victualling Accounts are checked and maintained within budget.
The Master sends Victualling Accounts to the Procurement Officer & Financial Officer at every month end and at the time of Change of Command.
The Financial Officer checks the Victualling Accounts along with supporting invoices, vouchers, and documents ensuring consistency with the previous month’s carried forward amounts.