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 configuration setting determines the default AR control account used when a customer invoice is posted to the GL?
Answer: The Debtor (Customer) account's assigned GL control account
The AR control account is determined by the GL account assigned to the Debtor (Customer) type in the branch or organization's GL integration settings.
What is the significance of the 'Realization Date' on a CargoWise revenue transaction?
Answer: The date used to determine which accounting period the revenue is posted to
The Realization Date controls which accounting period captures the revenue, making it critical for accurate period-end financial reporting.
A CargoWise company operates across multiple countries with different functional currencies. What setting ensures each branch reports in its local currency within the GL?
Answer: Functional Currency setting on each Branch configuration
The Functional Currency is configured at the Branch level in CargoWise, ensuring each branch's GL transactions are reported in the correct local currency.
When reviewing a CargoWise Trial Balance, a difference between the AR control account and the AR subledger total most likely indicates:
Answer: Unposted transactions or a mismatch between operational and financial modules
A Trial Balance discrepancy between the AR control account and the AR subledger typically points to unposted transactions or a configuration mismatch between modules.
In CargoWise, what is the function of a 'Clearing Account' in the GL integration for job costing?
Answer: It acts as a temporary holding account that clears to zero once a transaction is fully processed on both sides
A Clearing Account is a temporary GL account that holds a value until the offsetting entry is posted, at which point it nets to zero.
Which CargoWise report provides a line-by-line view of all transactions posted to a specific GL account within a selected date range?
Answer: GL Transaction Listing (General Ledger Detail Report)
The GL Transaction Listing or General Ledger Detail Report shows every debit and credit posted to a specified GL account within the chosen period.
In CargoWise, if a revenue code is configured with 'Invoice' as the posting trigger but an invoice has not yet been raised, the revenue will appear in the GL as:
Answer: An unposted accrual visible only in operational reports, not the GL
If the posting trigger is set to 'Invoice' and no invoice has been raised, the revenue exists only in the operational module and has not yet been posted to the GL.