Principal Statement of Account: A Practical Guide for NVOCC Agencies
BlueLogis Consulting ·
A clear SOA helps both an agency and its principal understand collections, disbursements, pending items and exceptions.
An NVOCC agency may collect freight, pay local charges, manage container activity and issue documents for more than one principal. A principal statement of account brings those movements into a settlement view that both parties can reconcile.
Agree the accounting basis first
Before preparing an SOA, agree how commissions, freight collections, local charges, deposits, credit notes, exchange differences, tax, bank charges and disputes are treated. Use the principal agreement or approved procedure as the source of truth, not scattered email threads.
Reconcile operations to finance
Start with bookings, bills of lading, arrivals, delivery orders, containers and voyages as applicable. Reconcile that population to invoices, receipts, supplier bills, payments and journals. Each material line should be traceable to a document number, job or voyage reference, party, currency and date.
Separate the categories that need action
A useful statement distinguishes collected amounts, amounts expected but not collected, costs payable by the principal, agency expenses awaiting approval and disputed items. For a dispute, show the amount, reason, responsible party and next action.
Review aging and currency exposure
Review aged receivables, deposits and foreign-currency items separately. An old balance may need operations follow-up, collection action or principal approval. The conversion method should show source amount, rate and reporting currency.
Build a repeatable monthly close
Set an operating calendar: cut-off, document collection, preliminary reconciliation, principal review, correction window and final statement. A repeatable close makes exceptions visible before they become a dispute.
SOA checklist
- The agreement defines treatment of charges and commissions.
- Every material line has a traceable reference.
- Collected, payable, pending and disputed amounts are separated.
- The currency method is agreed and visible.
- Aging follow-up has an assigned owner.
- Final changes are retained with the reporting period.
Related guides
- NVOCC agency software: managing multiple principals
- Shipping agency software in Oman: VAT, multiple principals and e-invoicing
- What is NVOCC software? A guide for principals and agents
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Products: BlueLogis FX (freight forwarding) · BlueLogis AX (NVOCC agency) · BlueLogis NX (NVOCC principal).