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 WIP report tracks revenue earned but not yet billed and costs incurred but not yet collected on open shipments, providing visibility into the financial status of ongoing operations.

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

CargoWise supports multi-currency transactions with configurable exchange rate tables, automatic conversion, and tracking of both realized gains/losses (on settlement) and unrealized gains/losses (on revaluation).

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

In CargoWise, a tariff is a rate table that defines pricing for services, which can be configured by service type, origin/destination, customer, weight breaks, or other criteria for automated billing.

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

A credit note is issued to reverse or reduce charges on a previously issued invoice, used for billing corrections, overcharge refunds, or adjustments for service issues.

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

Revenue recognition determines when revenue is recorded in the financial statements — typically when the freight service is performed, regardless of when payment is received, following accrual accounting principles.

(CCP) CargoWise Certified Professional Practice Test

(CCP) CargoWise Certified Professional Practice Test

CCP Financial Management in CargoWise