Five new accounting features in CargoWise you should know about

At CargoWise, our innovative team of product specialists combine deep accounting and logistics expertise to solve the complex challenges you face every day.

We’ve been busy building some new accounting features that create efficiencies and help you stay compliant, so you and your team have more time to focus on the work that matters most.

Check out some of our latest product updates that automate and enhance CargoWise’s accounting capabilities – from new Italian compliance reports, to comprehensive AR and AP e-Reporting functionality in Spain, and streamlined compliance sub types in Mexico.

New automations to speed-up compliance reporting – ITALY

In Italy, VAT register is an essential document and there are three different types required by law – the AR Register Report (Registro IVA Vendite), AP Register Report (Registro IVA Acquisti) and VAT Summary Report (Liquidazione IVA).

These documents not only help to monitor all activity, but also calculate the periodic VAT settlement at the end of the fiscal period.

Previously, you had to run multiple actions to produce these reports. With this enhancement, you simply generate one compliance report – listing all receivable and payables transactions – and the system will then automatically create the three registers required by the Italian government.

What's more, it's now possible to generate, review and adjust the periodic VAT summary data that is used to calculate the VAT balance to be paid to the government. 

New integrated AR and AP e-Reporting functionality - SPAIN 

CargoWise now integrates with the APIs published by the Spanish Tax Administration Agency for the Immediate Supply of Information platform (SII), and will automatically submit AR and AP transactions so you can meet your local VAT reporting obligations. 

With your end-to-end invoicing processes integrated on a single software platform, you don’t need integrations with third party platforms. This can help you save money and reduce errors that happen due to incorrect mapping or data entry processes between systems.  

And because your complete invoice data is available to SII directly from CargoWise, you won’t have to worry about spending time manually filing return documents, allowing your staff to focus on high value tasks that drive revenue and scale. 

Enhance job revenue journal estimates - GLOBAL

We’ve updated the job billing functionality in CargoWise so the estimates for services provided by intra-company branches are now recognized according to your revenue recognition setups. This means you can more accurately estimate and report the profitability of your operational job, ahead of the actuals being posted.

For example, when you use auto job revenue journals and prepare estimates where the account is an organization proxy in your login company, the system now generates a WIP or accrual transaction. Previously, such costs or revenue were only recognized once the job revenue journal was posted.

Streamlined compliance sub types - MEXICO

To support the creation of INV and CRD transactions in Mexico (including the correct allocation of a compliance sub type to sub classify them in line with the government’s rules), CargoWise now enables compliance sub types to have a defined transaction type of use.

Prior to this update, compliance sub types restrictions could only be used in a specific ledger, but were available for all INV and CRD transactions.

Now, compliance sub types have a ledger and transaction type of use. This will help reduce mistakes when creating miscellaneous INV and CRD transactions, or manually allocating compliance sub types to Receivables and Payables transactions.

Standard VAT rate changes - BOTSWANA, CZECHIA  

Botswana’s VAT rate was reduced from the current 14% to 12% on 3 August 2022 for six months. The Tax Rate Grids of VAT and CAPVAT has been updated to support the change, with the 14% Standard Rate starting again from 3 February 2023.

The supported set of Tax IDs in Czechia has also been extended, with the introduction of a new reduced rate Tax ID: LOW2DPH (10%), and a new reverse charge Tax ID: LOW2DPHREV (10%). These Tax IDs meet the needs of Czechian customers recording certain types of sales or purchases, which are eligible for the reduced VAT or reverse charge regime.

Want to learn more about the range of accounting features in CargoWise? Learn more  

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