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 document triggers the recognition of accounts payable in the GL when processing a carrier cost?
Answer: The supplier invoice (AP invoice) entered against the job
AP is recognized in the GL when a supplier invoice is entered in CargoWise and matched against the job cost lines.
When configuring a new revenue code in CargoWise, which GL account type must be linked to it to ensure correct financial reporting?
Answer: A Revenue (Income) account
Revenue codes must be linked to a Revenue (Income) account in the chart of accounts to correctly categorize income in financial statements.
A CargoWise user accidentally posts a journal entry to the wrong GL account. The accounting period is still open. What is the recommended corrective action?
Answer: Post a reversing journal entry to correct the accounts, then post to the correct account
The correct procedure is to post a reversing journal entry to remove the incorrect posting, then post a new entry to the correct account.
Which CargoWise feature allows a company to automatically split revenue or costs across multiple GL branches based on predefined rules?
Answer: Auto-Distribution or Profit Split Configuration
Auto-Distribution or Profit Split configuration in CargoWise allows revenue and cost to be automatically allocated across branches based on predefined percentages or rules.
In CargoWise, what is the effect on the GL when a customer payment is applied to an outstanding AR invoice?
Answer: The bank/cash account is debited and the AR control account is credited
When a payment is applied, Cash/Bank is debited (asset increase) and Accounts Receivable is credited (asset decrease), clearing the outstanding balance.
What is 'intercompany billing' in CargoWise and how does it affect GL integration?
Answer: Automated invoicing between related entities within the same CargoWise system, with GL entries in both companies
Intercompany billing automates the creation of sales and purchase invoices between related legal entities, generating corresponding GL entries in both companies' books.
In CargoWise, a 'Period Lock' is typically applied to an accounting period after:
Answer: Month-end reconciliation and financial reporting are completed
Period locks are applied after month-end reconciliation and financial reporting are complete to prevent any further changes to finalized period data.