GL Integration & Revenue Recognition Flashcards
7 cards from real CCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 GL Integration & Revenue Recognition flashcards as text
In CargoWise, which posting rule configuration controls whether a revenue transaction posts to GL upon job confirmation or invoice generation?
Answer: Posting Trigger on the Revenue Code
The Posting Trigger on the Revenue Code determines whether GL entries are created at job confirmation or when an invoice is generated.
When a multi-currency invoice is posted in CargoWise and the exchange rate has changed since the original transaction, what GL account captures the resulting difference?
Answer: Realized Foreign Exchange Gain/Loss Account
When the invoice is settled at a different exchange rate than when it was posted, the difference is recorded in the Realized Foreign Exchange Gain/Loss account.
A freight invoice is raised in CargoWise with a tax code. Where in the GL does the tax component of that invoice post by default?
Answer: Into the Tax Payable/Receivable account linked to the Tax Code
CargoWise posts the tax component to the Tax Payable or Receivable GL account configured on the Tax Code setup.
Which CargoWise function allows you to review unposted GL transactions before they are committed to the general ledger?
Answer: Transaction Preview / Posting Queue
The Posting Queue or Transaction Preview allows users to review pending GL transactions before they are finalized and committed.
In CargoWise, the 'Branch' dimension on a GL transaction is used primarily for:
Answer: Segmenting financial reporting by organizational unit
The Branch dimension allows financial results to be segmented and reported at the organizational unit level within the GL.
When a credit note is issued in CargoWise to reverse a freight revenue invoice, what is the effect on the GL?
Answer: The GL is updated but the original invoice remains unchanged
CargoWise creates new reversing GL entries for a credit note, leaving the original invoice entries intact in the audit trail.
Which of the following best describes the purpose of a 'GL Code' (also called Account Code) in CargoWise's chart of accounts?
Answer: A unique identifier for a financial account that categorizes financial activity
A GL Code uniquely identifies a financial account in CargoWise and categorizes all financial transactions for reporting purposes.