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Motor Yacht Laurel

Procedures
Accounting Procedures

Department:
Version #:

All Onboard
1

Policy:
In response to the COMPANY Office and the UK Tax Department requirements, THE YACHT shall provide
monthly accounts to the Office, as well as monthly VAT reports to the UK as a commercial vessel with a
company established in the Isle of Man.

Purpose:
This policy certifies the yachts intent to provide accurate accounts in order to comply with the structural & time
requirements imposed by the COMPANY Office & the UK Tax Department. The policy outlines the guidelines
to be followed in order to do so.

Scope:
This policy applies to all HODs (and crew members if relevant) in possession of a Visa card and/or petty cash
issued by ????? Limited/THE YACHT.

Responsibilities:
The Purser is responsible for issuing the Visa cards, the petty cash, and also the monthly Bank of America
preview & final statements the HODs.
The Purser is responsible for submitting the accounts, reports, invoices & statements to the competent parties.
The HODs are responsible for submitting their Visa & Petty Cash accounts, as well as copies of all invoices &
receipts to the Purser in an accurate and timely manner that complies with all of the enclosed requirements.

Procedure:
RECEIPTS

DO NOT write anything on the front of the receipt, but feel free to write reminders regarding the
purchase on the back of the receipt for your own use.
Circle the total and the date in RED PEN (NO highlighter pens) on all receipts.
Use a Bulldog Clip to hold your accounts together.
Always submit your accounts inside your Accounting sack.

EXCEL SPREADSHEETS
All date references must be in American form, ie: month/day/year. This is a practice enforced for
everything onboard THE YACHT.
Use generic names. For example, use Shell rather than South Center Shell.
Provide adequate information in the Description column to enable the Purser to complete the
Quickbooks Memo. This also helps with checking whether the item has been coded to the right
accounts.
Be sure to take tax into consideration when splitting receipts.

CASH ACCOUNTS

Provide the Purser with warning that you will require petty cash.
You will sign for any petty cash that you receive and that receipt should be part of your accounts.
You are personally responsible for your petty cash so take good care of it.
All positive entries should be entered as CASH RECEIVED (in caps please) and the amount should be
entered into the last column.
All receipt totals should be entered into the last column with a - (minus or negative) sign in front of the
amount.
Split receipts need to be entered clearly and in the requested manner.
Do not write any reference number on CASH receipts as they get all filed together by date and not by
crew member (as with the Visa accounts).
Please dont return actual petty cash money unless requested to. Always be sure to let the Purser know
if you have foreign currency (especially when youve exchanged it yourself) a few days prior to when
we depart that country. Efforts will be made to utilize the foreign currency towards agents bills (etc) to
avoid unnecessary exchange. Keep coins to a minimum. No more than $4.00 coinage will be accepted
when returning your float.

VISA ACCOUNTS

It is your responsibility to keep track of your expenditure to ensure that youre aware when youre
approaching your set credit limit.
Your Visa billing period ends on the 24th of each month.
Visa card invoices or receipts should have your reference and the number on the top right hand corner of
the receipt (eg. Chef is BAC & the number, Mate is BAM & the number, Engineer is BAE & number,
Steward is BAS & number, Housekeeper is BAH & number, Captain is BACP & number). Please
remember that numbers are in chronological order so number one starts at the bottom of the statement.
When Visa receipts are in a foreign currency please write USD amount on the front top of the receipt
next to your reference and the number.
Organize the receipts in chronological order (BAx #1 to #?).
You are provided with a Visa card to enable you to purchase the necessary items for your department but
all large or unusual purchases must still be approved by the Captain. Please submit a PO (Purchase
Order) to the Captain, cc: Purser for any purchase of an amount larger than USD $400.00.
Please always use the Transaction Date from your Bank of America statement in your Excel spreadsheet.
If you are expecting a refund or partial refund for a transaction you must mention that on your Excel
sheet and mark the line as red so that the Purser knows to enter it accordingly in order to track the
refund. If it is a partial refund you will need to split the transaction and provide descriptive information
accordingly.

Our accounting system requires that associated costs are attached to the appropriate account. For example, if
youre sending a package back to a vendor the shipping costs will hit the same account as the actual item would
have. For this reason descriptive memos are necessary. The description should say Returned incorrect
batteries to Duracell for example.

Feel free to purchase things on behalf of other departments. Please add a notation such as ER, Deck,
Galley, Int, (etc) as well as the description of the actual items purchased. See the HOD you purchased the
item(s) for in order to get appropriate coding & description.
ALL HEADS OF DEPARTMENT ARE EXPECTED TO BE KNOWLEDGABLE ABOUT TYPICAL
EXPENDITURE WITHIN THEIR DEPARTMENT AND SHOULD ADHERE TO BUDGETS THAT
ARE PUT IN PLACE.
VAT REPORTING
When THE YACHT is acting as a Commercial vessel, we have the obligation to report our VAT expenses, i.e.
the VAT we pay to manufacturers, but also the VAT that is paid to us via credit memos or invoices generated by
THE YACHT. To do so, THE YACHT needs to submit a monthly report together with copies of all invoices,
credit memos, receipts, and other statements to our VAT accountant in the Isle of Man.
The monthly VAT report needs to be with our VAT accountant by the 16 th of the following month at the latest.
Invoices need to be submitted to the VAT accountant according to their Invoice Date and not the date they
were paid. As a HOD, you are required to help in the following way:
Electronic Invoices: Please forward to purser@myTHE YACHT.net as soon as possible.
Cash receipts: Please scan & email to purser@myTHE YACHT.net at the end of the month when
submitting your cash accounts. Place originals & excel spreadsheet inside your accounting sack as per
regular procedure.
VISA receipts: Receipts paid with your Visa card should either be forwarded to purser@myTHE
YACHT.net when you receive them by email, or scanned and emailed to purser@myTHE YACHT.net as
soon as you have acquired the receipt or at least once a week. Do not wait until the time when you
submit your VISA accounts to also submit the scanned copies of the receipts as your VISA period runs
from the 25th to the 24th of the following month whereas the VAT period runs from the 1 st to the last day
of the month.
We need to avoid receiving receipts from the end of the previous month on the 25 th of the following
month as it will be too late then to forward them to the VAT accountant!