CCP Financial Management in CargoWise 5

Question 1

In CargoWise, what is the purpose of a 'Suspense Account' in financial processing?

Accepted Answer

To hold transactions that cannot be immediately allocated to the correct GL account

Answer

A suspense account is a temporary holding account used when a transaction's correct classification is unknown at the time of posting.

Question 2

Which CargoWise function is used to apply a customer payment against multiple outstanding invoices simultaneously?

Accepted Answer

Payment Allocation

Answer

Payment Allocation allows a single customer receipt to be matched and applied across multiple outstanding debtor invoices.

Question 3

What is a 'Debit Note' issued to a supplier in CargoWise used for?

Accepted Answer

To formally notify a supplier of a reduction in the amount payable due to an overcharge or error

Answer

A Debit Note issued to a supplier reduces the accounts payable balance, typically when the supplier has overcharged.

Question 4

In CargoWise, what financial impact does posting a 'Write-Off' against a debtor invoice have?

Accepted Answer

The uncollectable amount is expensed to a bad debt account and the debtor balance is reduced

Answer

Writing off a debtor invoice removes the receivable from the books and records the loss as a bad debt expense in the GL.

Question 5

Which setting in CargoWise controls whether tax (e.g., GST/VAT) is automatically calculated on a debtor invoice?

Accepted Answer

The tax code assigned to the charge code or debtor profile

Answer

The tax code linked to a charge code or debtor profile determines whether and how tax is calculated on invoices.

(CCP) CargoWise Certified Professional Practice Test