CCP Financial Management in CargoWise

Question 1

What is a Work in Progress (WIP) report in CargoWise?

Accepted Answer

A report showing unbilled revenue and uncollected costs for open shipments

Answer

A construction progress report for warehouse building

Answer

A list of employees currently on shift

Answer

A software development status update

Question 2

How does CargoWise handle multi-currency transactions?

Accepted Answer

Automatic currency conversion using configurable exchange rates with realized and unrealized gain/loss tracking

Answer

All transactions must be converted to USD before entry

Answer

Multi-currency is not supported in CargoWise

Answer

Users manually calculate exchange rates for each transaction

Question 3

What is a tariff in CargoWise's pricing module?

Accepted Answer

A pre-configured rate table defining charges for specific services, routes, or customers

Answer

A government-imposed import tax

Answer

A penalty for late payment of invoices

Answer

A subscription fee for using CargoWise

Question 4

What is the purpose of a credit note in CargoWise?

Accepted Answer

To reduce or reverse a previously issued invoice, correcting billing errors or providing refunds

Answer

To check a customer's credit score before extending terms

Answer

To note a customer's creditworthiness in their file

Answer

To record a bank credit deposit

Question 5

What is revenue recognition in the context of freight forwarding?

Accepted Answer

Recording revenue when services are performed rather than when payment is received

Answer

Recognizing the company's top revenue earners at an awards ceremony

Answer

Identifying which services generate the most revenue

Answer

A tax reporting requirement for freight companies only

Question 6

What is an accrual in CargoWise financial management?

Accepted Answer

An estimated cost or revenue entry recorded before the actual invoice is received or issued

Answer

A gradual increase in CargoWise subscription fees

Answer

A penalty for overdue accounts receivable

Answer

A type of interest earned on company deposits