Vessel Fund Setup
Vessel Funds are paid into, according to a variety of formulas and time frames. For example, some funds tally all income of every kind from a fishing operation and then distribute it equally over a set number of trips or periods. The total of the expenses defined for the purposes of the fund are then deducted before the amount of boat share that must be paid into the fund is calculated.
The expenses which are applied to the fund often consist of items such as: moorage fees at out-ports, customs fees, brokerage fees, delivery licenses, outfit and cargo insurance, watchmen's fees, lay-up funds, lost gear, tax and observer fees and the costs of administration of IFQ’s (Individual Fishing Quotas).
Funds can be paid either by the vessel, by the company, or some combination of both, depending upon the fund setup. If desired, this type of fund can be set up in WiseFish and be used to keep track of Fund calculations and allowable expenses.
How to set up a vessel fund
Search for Funds to display the Funds List or click on Funds under Fishing.
Click New in the Ribbon menu to start a fresh line entry and enter an identifying Code and descriptive Name for the expense Fund to be used in the calculation (i.e. Harborage Fees, Quota Rent, etc.).
Enter the relational percentage formula used for this expense (for example, enter 1 for 1%).
Define the degree of Rounding Precision to be used in the calculation.
Funds can be paid out by the seller or the purchaser of the raw material and can therefore be calculated either on a raw material sale or a raw material purchase invoice. When setting up the fund, it is therefore possible to specify several posting options to reflect different circumstances. Choose the G/L Account to which fund transactions will be posted. For both the Balance Posting and Balance Posting for Purchase, you can choose the Type as G/L, Vendor, or Bank Account. The corresponding Account field will display either the G/L accounts list, the Vendor list, or the bank accounts lists as selected.
Choose whether the Calculation Basis for the fund will include or exclude compensation for the trip (i.e. be calculated before or after crew share is calculated).
The Order in Scale Report options are primarily Icelandic-specific with the exception of Port (which is specifically used for Harbour fees) and Other (which should be selected in all other cases except when using one of the Icelandic designations). These Scale Designations are as follows:
1 Stock: Special Financing of Vessels
2 Ins/Cntry: Insurance/Vessel Owner Organization
3 Paym: Government Payroll Insurance Fund
4 Port: Harbour fees
5 Other: Other funds
To make this a harbour fee, choose Port in this table. The Harbour Fee must then also be set up in the Landing Harbour table, where the Harbour Fee % (Percetage) is specified, and also in the Vendor table (Port Authority) to whom the fee is payable.
Check the corresponding option if this is a Fund required by law or is a fee which should be calculated by weight (Tonne fee).
If applicable, enter the VAT % appropriate to this fund.
Selecting the funds which will be applied to each vessel
Once the funds have been set up in the system, it is mandatory to select which funds will be used per vessel,. There is no need to apply the same percentage for a fund to each vessel. It is possible to alter the fund percentage, both on a vessel-by-vessel basis, and at the time of calculating the fund.
Search for Vessel Funds to display the Vessel Funds List or open the Vessel Card (for each applicable vessel) and select the Funds from the Ribbon menu, Navigate tab.
Choose each fund appropriate to the vessel and indicate whether or not the fund will be included or excluded from the compensation calculation in the Calculation Basis drop-down field.
For Either the Funds at Sale or Funds at Purchase options, select whether to simply Calculate Funds at the time of the transaction or to Calculate and Post Funds to the G/L.
When the fund is selected in the Vessel Funds card, the Percentage of the catch value that will be calculated for the fund will default in from the funds setup. It is however possible to customize the percentage per vessel. When any of the the Percentage fields in the Vessel Funds card are changed, it will be used instead of the percentage set for the fund itself, unless it is a harbour fee. In case of a harbour fee, the percentage used will be the percentage set in the Harbour Fee field for the Landing Harbour.
On the Vessel card’s Settlement tab, checkmark the option Print Register at Fund Posting if a report summary of the funds posted should be printed at the time of posting.
