CCP Financial Management in CargoWise 3 — Questions and Answers
Question 1: In CargoWise, what is the 'Aged Trial Balance' report used for?
- Tracking shipment milestones by age
- Showing outstanding debtor or creditor balances grouped by overdue periods (Correct answer)
- Listing all GL transactions in chronological order
- Displaying profit by customer segment
Correct answer: Showing outstanding debtor or creditor balances grouped by overdue periods
The Aged Trial Balance groups outstanding invoices into aging buckets (e.g., 0-30, 31-60 days) to identify overdue accounts.
Question 2: Which action in CargoWise prevents additional charges from being added to a completed shipment's invoice?
- Voiding the invoice
- Locking the job or closing the invoice period (Correct answer)
- Archiving the shipment
- Applying a credit hold
Correct answer: Locking the job or closing the invoice period
Locking a job or closing the financial period prevents further charges from being posted to already-invoiced shipments.
Question 3: What is a 'Prepayment' in CargoWise's accounts payable workflow?
- An invoice that is paid before goods are received
- An advance payment applied against future creditor invoices (Correct answer)
- A payment that bypasses the approval workflow
- A refund issued to a supplier
Correct answer: An advance payment applied against future creditor invoices
A prepayment is an advance payment to a supplier that is held as a balance and later applied against incoming invoices.
Question 4: In CargoWise, which document type is used to reduce the amount owed by a debtor without issuing a new invoice?
- Debit Note
- Credit Note (Correct answer)
- Journal Voucher
- Remittance Advice
Correct answer: Credit Note
A Credit Note reduces the amount a debtor owes, typically issued for overcharges, returns, or billing corrections.
Question 5: What does 'Bank Reconciliation' in CargoWise involve?
- Matching internal cash book entries to external bank statement transactions (Correct answer)
- Calculating the foreign exchange gain or loss on payments
- Approving vendor invoices for payment
- Consolidating intercompany balances
Correct answer: Matching internal cash book entries to external bank statement transactions
Bank reconciliation matches the CargoWise cash book to the actual bank statement to identify discrepancies.
Question 6: How does CargoWise calculate the 'Realized Forex Gain/Loss' on a foreign currency payment?
- By comparing the invoice exchange rate to the payment exchange rate (Correct answer)
- By applying the month-end spot rate to all open invoices
- By using the original purchase price of the currency
- By averaging daily exchange rates over the invoice period
Correct answer: By comparing the invoice exchange rate to the payment exchange rate
Realized forex gain or loss is the difference between the rate at invoice date and the rate at payment date for foreign currency transactions.
Question 7: In CargoWise, what is the purpose of the 'Intercompany Billing' feature?
- To bill customers in multiple countries simultaneously
- To automatically generate invoices between related CargoWise entities for shared costs (Correct answer)
- To consolidate debtor balances across all branches
- To enable multi-currency payment runs
Correct answer: To automatically generate invoices between related CargoWise entities for shared costs
Intercompany Billing automates the creation of invoices between related entities within the same CargoWise group for cost sharing.
CCP Financial Management in CargoWise 3
In CargoWise, what is the 'Aged Trial Balance' report used for?