How to Record Despatch Money Payable
Recording the liability to the charterer for completing cargo operations ahead of schedule.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Freight Revenue | Revenue Adjustment | 2,500.00 | - |
| Accounts Payable - Charterer | Liability | - | 2,500.00 |
💡 Accountant's Note
Despatch money is paid by the shipowner to the charterer when the vessel is loaded or discharged in less time than the agreed laytime. It is typically recorded as a reduction of freight revenue.
Practitioner & Systems Framework
💻 ERP Architecture
Record as a credit note against the voyage freight invoice within the voyage accounting module.
⚠️ Audit Flags
Discrepancy between Statement of Facts and the Laytime Calculation sheet.
📄 Required Documentation
Laytime Calculation Sheet, Statement of Facts, Charter Party Agreement.
Automate this entry with the JEH Accounting Suite
Stop doing manual entry. Our VBA-powered ERP automatically generates your ledgers, Trial Balance, and Financial Statements.
No Subscriptions. Own your data.
Expert Analysis by Qusai Ahmad
General Accountant Supervisor & IFRS Specialist
Specialized in SAP GUI automation and Middle Eastern tax compliance. Building digital tools for the next generation of finance leaders.
Related Journal Entries
Discussion & Community Questions
Loading comments...