What's new in CargoWise Accounting

In the midst of supply chain disruption, there’s no denying that having a single financial system can create stability and flexibility. That’s because implementing external accounting systems with various plugins for local invoicing and accounting compliance can be risky, with the potential for error increasing every time you manually enter or transfer data. And that’s before even considering the local currency, language, legal, and legislative differences you face every day.

CargoWise Accounting is the fully integrated, enterprise-grade and accrual-based accounting system you need to handle your entire financial operations.

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 updates that enhance CargoWise’s accounting capabilities, including comprehensive E-Reporting functionality in Brazil and a new simplified signing interface for Egyptian E-Invoices.

New integrated E-Reporting functionality – BRAZIL

CargoWise now integrates with the APIs published by the Prefeitura (City Tax Authority) for twelve cities in Brazil - including Belo Horizonte, Rio de Janeiro and São Paulo - enabling you to to report sales of taxable services through the Nota Fiscal Eletrônica de Serviços (NFSe) system.

When configured, eligible Accounts Receivable transaction messages can be sent to the web service published by the relevant City Tax Authority with whom ISS is incurred, and response messages containing NFSe authorization numbers and references will then be received and recorded against the transaction.

With key Brazilian invoicing processes now available via a single software platform, you don’t need integrations with third party platforms. This can help you reduce errors that happen due to incorrect mapping, or data entry processes between systems. 

New E-Invoicing functionality - SAUDI ARABIA 

CargoWise has also been updated to reflect new clearance process for electronic invoicing in Saudi Arabia. These new processes mandate eligible transactions to be electronically submitted for clearance by Saudi Arabia's Zakat, Tax and Customs Authority – or ZATCA.

CargoWise integrates with the APIs published by ZATCA to automatically submit eligible Accounts Receivable transactions to ZATCA’s E-Invoicing Portal (FATOORAH) to enable Saudi Arabian organizations to meet their reporting obligations.

With key invoicing processes now available via 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.  

Make the switch to a simplified signing interface – EGYPT

We’ve improved the experience for signing Egyptian E-Invoices, reducing the number of screens that need to be signed to just one. You will also no longer have to remember and enter the exact name of the chipset, with the new process auto-populating details, where available.

In 2021, CargoWise integrated with the E-Invoicing APIs published by the Egyptian Tax Authority. As a result, you can now meet local requirements by sending eligible Accounts Receivable transactions to the ETA for validation before they are shared with your customers.
 

Stay compliant with the Ocean Shipping Reform Act of 2022 (OSRA) – USA

In line with new requirements outlined in the OSRA 2022, CargoWise can display specific information that allows your customers and the Federal Maritime Commission to understand why detention and demurrage related charges were applied on an invoice, when you provide detention, storage, or demurrage services in the USA.

With CargoWise you can rest assured you're issuing legally valid invoices in the USA that include all the mandatory information as part of these new rules, from relevant charges to the port of discharge, container number, first and last free days, and a detention/demurrage statement.

Improve the visibility of your FX payment details – GLOBAL

Are you looking to simplify your foreign exchange and get a centralized view of your international payments? Our direct integration to OFX’s platform means you can make international payments with OFX in over 50 currencies, without leaving CargoWise.

To help your partners keep track of any payments received, we’ve updated this tool to allow you to send a payment reference when an FX deal is booked, so the recipient can quickly and easily identify the source or reason of the payment. This could be the payment reference number, invoice number/s being paid, or a free text reference containing, for example, your company name or account number.

New Tax IDs to drive compliance – GLOBAL

A range of Tax IDs have been extended in CargoWise, including:

• A new Tax ID in Norway – MVAREV (25%) – which meets the needs of Norwegian companies recording certain types of purchase transactions, such as purchases from overseas suppliers.
• A new Tax ID in Paraguay – LOWAIVA (2.5%) – for specific types of import transport services (applicable to 25% of the total freight charge where the other 75% is exempt.)
• An update to the Tax Rate Grids of the HIVAT Tax Id om Sri Lanka, to support the higher VSAT rate change from 15% to 18% on 1 January 2023.

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

Our global network of CargoWise Partners help customers of all sizes implement and configure CargoWise to suit your business needs. Find out how