CCP GL Integration & Revenue Recognition 3

Question 1

In CargoWise, what happens to a revenue line if the associated job is cancelled before an invoice is raised and the revenue code has a 'job confirmation' posting trigger?

Accepted Answer

CargoWise automatically reverses the GL entry when the job is cancelled

Answer

When a job is cancelled, CargoWise automatically reverses any GL entries that were posted upon job confirmation.

Question 2

A CargoWise user needs to post a manual adjustment to a GL account after the accounting period has been closed. What must be done first?

Accepted Answer

Unlock the accounting period in the Period Management settings

Answer

A closed accounting period must be unlocked in Period Management before manual adjustments can be posted to it.

Question 3

Which report in CargoWise is most commonly used to reconcile the AR subledger balance to the AR control account in the GL?

Accepted Answer

Aged Receivables Report

Answer

The Aged Receivables Report shows outstanding invoices by aging bucket and is used to reconcile the subledger to the GL control account.

Question 4

In CargoWise, 'accrual accounting' for freight revenue means revenue is recognized when:

Accepted Answer

The invoice is raised or the job is confirmed, per the posting trigger

Answer

Under accrual accounting in CargoWise, revenue is recognized based on the posting trigger — either at job confirmation or invoice generation, not when cash is received.

Question 5

What is the purpose of the 'GL Integration' settings within a CargoWise Organization/Branch configuration?

Accepted Answer

To map operational transaction types to their corresponding GL accounts

Answer

GL Integration settings within the Branch configuration map operational transaction types (revenue, cost, AR, AP) to their respective GL accounts.

(CCP) CargoWise Certified Professional Practice Test

(CCP) CargoWise Certified Professional Practice Test

CCP GL Integration & Revenue Recognition 3