Enhancing financial efficiency: A look at CargoWise's latest accounting features

In the world of global supply chains, a single financial system brings stability and flexibility. Using external accounting systems with many add-ons for local invoicing and compliance can be risky. Manual data entry or transfers can lead to more errors. Plus, dealing with local differences in currency, language, laws, and regulations makes it even harder.

This is where software solutions like CargoWise come into play. With its robust accounting and financial management capabilities, CargoWise helps global logistics companies in streamlining their financial operations while ensuring compliance with relevant regulations and standards.

We've been developing new features that enhance efficiency and reduce risks, allowing you and your team to focus on the most crucial tasks. Explore five of CargoWise's latest accounting capabilities, which range from new compliance reports in France to enhanced electronic invoicing in Saudi Arabia.

New compliance report and export file – FRANCE

We've made it easier for CargoWise users in France to create a General Ledger Audit file, called 'Fichier d'Ecritures Comptables' or FEC.

Here's what you need to know: The FEC is a summary of your accounting records for a quarter or a year. French tax authorities require companies to provide this file if requested. It contains 18 fields for each accounting entry and must be submitted within 15 days of receiving an audit notification.

Now, CargoWise can help you generate this FEC file effortlessly. It's a standard report that includes all your General Ledger entries for a selected date range. This improvement allows you to create a compliant FEC audit file for tax audits in France, in line with Article A47 A-1 of the French Tax Authority's guidelines.

Enhanced electronic invoicing compliance – SAUDI ARABIA

CargoWise now simplifies the registration process for Saudi Arabia's Zakat, Tax, and Customs Authority (ZATCA) e-Invoicing. Previously, you had to upload a valid certificate to a Branch record, which meant generating the certificate outside CargoWise.

With this improvement, you can now complete the registration directly within CargoWise using a One-Time Password from ZATCA's Fatoora Portal. Furthermore, as part of our commitment to staying up-to-date with recent ZATCA updates, we've introduced several additional improvements:

• You now have the flexibility to include charge lines with "Not Reportable" and "Excluded Tax Types" in your submitted transactions.
• We've enhanced our handling of addresses in Saudi Arabia to align seamlessly with the specifications provided by the Saudi Arabian e-Invoicing authorities.
• Our system now offers support for a broader range of registration codes, aiding in the identification of Saudi Arabia Receivables Organizations.

In a nutshell, these changes make it easier to submit complex transactions to the FATOORA e-Invoicing platform. Plus, our system now aligns better with Saudi Arabia's address format, making the process smoother. Please note that foreign Debtors (outside Saudi Arabia) will need to provide a registration number.

Streamlined job revenue journal postings – GLOBAL

We've made it simpler for you to manage your automated job revenue journals. Previously, these journals could be applied to all charge lines when the payable or receivable organization was a branch organization proxy of the same company you're logged into.

But now, with this feature, you can set CargoWise to limit these journals only to situations where the organization shares the same tax registration as the branch where the charges are coming from. This is handy in places where tax registration happens at the branch level, and you need to issue invoices between branches that are seen as separate entities for tax purposes.

Configure job billing exchange rate rules for specific currencies – GLOBAL

We've improved our billing exchange rate configuration to make it easier for you to manage exchange rates. Now, you can choose different exchange rate sources for different currencies.

Here's how it works: our billing exchange rate configuration lets you set up exchange rate rules for your company, debtor/creditor groups, customers, or suppliers. You can even create separate rules for different types of jobs, job directions, and transport methods. Plus, with this update, you can customize rules for different currencies.

For example, you can set custom exchange rates (like C01) for USD, CAD, and GBP for a specific debtor, while the default exchange rate (e.g., BUY) applies to all other currencies. These currency-specific exchange rate preferences apply to charges related to jobs, as well as invoices and credit adjustments. It's important to note that there are no changes to how exchange rates work for payments, receipts, and non-job transactions.

New Tax IDs to drive compliance – GLOBAL

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

• A new Tax ID in Slovenia – LOWDDV (5%) – which meets the needs of Slovenian companies recording certain types of purchase transactions requiring the reduced DDV (VAT rate) of 5%, including books and eBooks.
• An update to the Tax Rate Grids of Switzerland (CH) to support VAT rate changes from 1 January 2024 to 8.1%.
• A change to the Tax Rate Grid of VAT and CAPVCAT in Fiji, reflecting the rate change from 9% to 15% on 1 August 2023.