Financial Management in CargoWise Flashcards

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

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.

Which action in CargoWise prevents additional charges from being added to a completed shipment's invoice?

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.

What is a 'Prepayment' in CargoWise's accounts payable workflow?

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.

In CargoWise, which document type is used to reduce the amount owed by a debtor without issuing a new invoice?

Answer: Credit Note

A Credit Note reduces the amount a debtor owes, typically issued for overcharges, returns, or billing corrections.

What does 'Bank Reconciliation' in CargoWise involve?

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.

How does CargoWise calculate the 'Realized Forex Gain/Loss' on a foreign currency payment?

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.

In CargoWise, what is the purpose of the 'Intercompany Billing' feature?

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.