WIPSUM - Account Summaries
What is WIPSUM
There are several styles of report in WIPSUM, handling trade and accounting reconciliations, viewing trade summaries of WIP account(s) performance and a specialist form for Charter Position reporting.
For example if you wanted to see the past 3 charters from Brazil to Morocco with regards their weight losses, the report to be used is use ‘charters position’ style with filtering shipping status = discharged and restrict by filtering on ports of origin and destination. The ‘Charter/vessel Positions’ report illustrates the status of selected WIP accounts that are setup as ‘Charter’ type. A row per account is produced, listing the WIP loading and discharge details with the loaded weight being the sum of the assigned Purchase contracts and the discharged weight being the sum of the Sale contracts. The tick boxes maintained by ‘filter shipping Status’ determine what WIP accounts are to be included e.g. Nominated, Afloat, Landed. The ‘comments’ column of the report is a maximum 25 characters of the WIP memo content. There are 2 different report sequences; by country of WIP Destination Port or by Geographic Region of WIP Destination Port.. see ?help for more explanation.
Powerful reconciliation reporting tools are the ITAS/WIPSUM comparison of TRADE expected costs with the accounting records, identifying variances per cost type etc. This shows accounts ready for liquidation i.e. very small variances or where bad P&L valuations have or are being used. There are summary and detail modes of this report, different sequences/totaling, specific filtering on TRADE and WIP records and other features. Note that the estimates are shown with their opposite signing to how they are expected to be posted, so that the variance is moving to zero value.
Style 4 of WIPSUM is a WIPLIST style report but grouping WIP transactions according to their TRADE allocation. Assumption is that the WIP transactions have been maintained with contract references. This provides a drill-down for the summary styles mentioned previously where posted values are only shown as totals per Cost Type/expense code. WIP transactions that do not have a contract reference assigned will be grouped at the end of the report with a side heading of their WIP account with no suffix. A final page of totals per WIP account equivalent amounts is also produced.
How to Use WIPSUM
Select report type, the filtering available on Charter positions allows for the page sectioning of shipments with same status and destination, which can be organised by Country or Geographic Region.