CCP Financial Management in CargoWise 3

Question 1

In CargoWise, what is the 'Aged Trial Balance' report used for?

Accepted Answer

Showing outstanding debtor or creditor balances grouped by overdue periods

Answer

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?

Accepted Answer

Locking the job or closing the invoice period

Answer

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?

Accepted Answer

An advance payment applied against future creditor invoices

Answer

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?

Accepted Answer

Credit Note

Answer

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?

Accepted Answer

Matching internal cash book entries to external bank statement transactions

Answer

Bank reconciliation matches the CargoWise cash book to the actual bank statement to identify discrepancies.

(CCP) CargoWise Certified Professional Practice Test