CCP Financial Management in CargoWise 2

Question 1

In CargoWise, what is the purpose of a 'Local Client' on a financial transaction?

Accepted Answer

It identifies the branch that owns the revenue

Answer

The Local Client field identifies the branch or entity responsible for the revenue or cost on a transaction.

Question 2

Which CargoWise feature allows you to automatically convert foreign currency invoices using a predefined exchange rate table?

Accepted Answer

Exchange Rate Maintenance

Answer

Exchange Rate Maintenance in CargoWise stores and applies predefined rates when converting foreign currency transactions.

Question 3

What happens to a CargoWise creditor invoice when it is 'matched' to a purchase order?

Accepted Answer

It is linked to the PO for three-way matching validation

Answer

Matching a creditor invoice to a purchase order enables three-way matching between PO, receipt, and invoice before approval.

Question 4

In CargoWise financial reporting, what does a negative balance on a debtor account typically indicate?

Accepted Answer

The company owes money or credit back to the debtor

Answer

A negative debtor balance indicates the company has a liability to the customer, such as from a credit note or overpayment.

Question 5

Which CargoWise module is used to manage the company's chart of accounts?

Accepted Answer

General Ledger Maintenance

Answer

General Ledger Maintenance is where chart of accounts structure, account codes, and account types are configured.

(CCP) CargoWise Certified Professional Practice Test