Practice Test Geeks(CCP) CargoWise Certified Professional Practice Test
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GL Integration & Revenue Recognition Flashcards

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Read the first 7 GL Integration & Revenue Recognition flashcards as text

  1. In CargoWise, what happens to a revenue line if the associated job is cancelled before an invoice is raised and the revenue code has a 'job confirmation' posting trigger?

    Answer: CargoWise automatically reverses the GL entry when the job is cancelled

    When a job is cancelled, CargoWise automatically reverses any GL entries that were posted upon job confirmation.

  2. A CargoWise user needs to post a manual adjustment to a GL account after the accounting period has been closed. What must be done first?

    Answer: Unlock the accounting period in the Period Management settings

    A closed accounting period must be unlocked in Period Management before manual adjustments can be posted to it.

  3. Which report in CargoWise is most commonly used to reconcile the AR subledger balance to the AR control account in the GL?

    Answer: Aged Receivables Report

    The Aged Receivables Report shows outstanding invoices by aging bucket and is used to reconcile the subledger to the GL control account.

  4. In CargoWise, 'accrual accounting' for freight revenue means revenue is recognized when:

    Answer: The invoice is raised or the job is confirmed, per the posting trigger

    Under accrual accounting in CargoWise, revenue is recognized based on the posting trigger — either at job confirmation or invoice generation, not when cash is received.

  5. What is the purpose of the 'GL Integration' settings within a CargoWise Organization/Branch configuration?

    Answer: To map operational transaction types to their corresponding GL accounts

    GL Integration settings within the Branch configuration map operational transaction types (revenue, cost, AR, AP) to their respective GL accounts.

  6. When a CargoWise WMS receipt is processed, revenue is typically recognized via which document type in the GL integration flow?

    Answer: WMS Billing Invoice raised against the client

    WMS revenue is recognized when a billing invoice is raised against the warehouse client for storage, handling, or other warehouse services.

  7. In CargoWise, a 'dimension' in the context of GL transactions refers to:

    Answer: An analytical segment (e.g., Branch, Department) that provides additional reporting granularity on GL entries

    GL dimensions in CargoWise are analytical segments like Branch or Department that allow financial data to be sliced and reported in multiple ways.