Financial Management in CargoWise Flashcards
6 cards from real CCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Financial Management in CargoWise flashcards as text
What is a Work in Progress (WIP) report in CargoWise?
Answer: A report showing unbilled revenue and uncollected costs for open shipments
A WIP report tracks revenue earned but not yet billed and costs incurred but not yet collected on open shipments, providing visibility into the financial status of ongoing operations.
How does CargoWise handle multi-currency transactions?
Answer: Automatic currency conversion using configurable exchange rates with realized and unrealized gain/loss tracking
CargoWise supports multi-currency transactions with configurable exchange rate tables, automatic conversion, and tracking of both realized gains/losses (on settlement) and unrealized gains/losses (on revaluation).
What is a tariff in CargoWise's pricing module?
Answer: A pre-configured rate table defining charges for specific services, routes, or customers
In CargoWise, a tariff is a rate table that defines pricing for services, which can be configured by service type, origin/destination, customer, weight breaks, or other criteria for automated billing.
What is the purpose of a credit note in CargoWise?
Answer: To reduce or reverse a previously issued invoice, correcting billing errors or providing refunds
A credit note is issued to reverse or reduce charges on a previously issued invoice, used for billing corrections, overcharge refunds, or adjustments for service issues.
What is revenue recognition in the context of freight forwarding?
Answer: Recording revenue when services are performed rather than when payment is received
Revenue recognition determines when revenue is recorded in the financial statements — typically when the freight service is performed, regardless of when payment is received, following accrual accounting principles.
What is an accrual in CargoWise financial management?
Answer: An estimated cost or revenue entry recorded before the actual invoice is received or issued
An accrual records an estimated cost or revenue in the accounting period when it occurs, even before the actual invoice is received or issued, ensuring accurate financial reporting for each period.