How to Record Bareboat Charter Hire Revenue
Recording revenue for leasing a vessel without crew, provisions, or fuel to a third party.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Accounts Receivable | Debit | 45,000.00 | - |
| Bareboat Charter Revenue | Credit | - | 45,000.00 |
💡 Accountant's Note
Bareboat revenue is typically earned on a daily hire basis and recognized over the period the vessel is at the charterer's disposal.
Practitioner & Systems Framework
💻 ERP Architecture
Revenue recognition module linked to the charter contract duration.
⚠️ Audit Flags
Lease classification review under IFRS 16 or ASC 842.
📄 Required Documentation
Bareboat Charter Party agreement and monthly hire statement.
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