Financial Management in CargoWise Flashcards
7 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 7 Financial Management in CargoWise flashcards as text
In CargoWise, what is the purpose of a 'Suspense Account' in financial processing?
Answer: To hold transactions that cannot be immediately allocated to the correct GL account
A suspense account is a temporary holding account used when a transaction's correct classification is unknown at the time of posting.
Which CargoWise function is used to apply a customer payment against multiple outstanding invoices simultaneously?
Answer: Payment Allocation
Payment Allocation allows a single customer receipt to be matched and applied across multiple outstanding debtor invoices.
What is a 'Debit Note' issued to a supplier in CargoWise used for?
Answer: To formally notify a supplier of a reduction in the amount payable due to an overcharge or error
A Debit Note issued to a supplier reduces the accounts payable balance, typically when the supplier has overcharged.
In CargoWise, what financial impact does posting a 'Write-Off' against a debtor invoice have?
Answer: The uncollectable amount is expensed to a bad debt account and the debtor balance is reduced
Writing off a debtor invoice removes the receivable from the books and records the loss as a bad debt expense in the GL.
Which setting in CargoWise controls whether tax (e.g., GST/VAT) is automatically calculated on a debtor invoice?
Answer: The tax code assigned to the charge code or debtor profile
The tax code linked to a charge code or debtor profile determines whether and how tax is calculated on invoices.
What is the function of the 'Cash Book' module in CargoWise?
Answer: It records all bank account receipts, payments, and enables bank reconciliation
The Cash Book module in CargoWise records all banking transactions—receipts and payments—and supports bank reconciliation.
In CargoWise, what does enabling 'Auto-Posting' on a charge code do?
Answer: It automatically posts the charge to the GL without requiring manual approval
Auto-posting on a charge code causes the financial entry to flow directly to the GL without a manual posting step.