Five new accounting features to help optimize your financial operations

In the midst of supply chain disruption, a single financial system creates stability and flexibility. Implementing external accounting systems with various plugins for local invoicing and accounting compliance is a risk – with the potential for error increasing every time you manually enter or transfer data.

Did you know that CargoWise features a comprehensive accounting system, which provides you with strategic management of costs, revenue, profits and cash, alongside your day-to-day logistics processes? 

Our innovative team of product specialists combine deep accounting and logistics expertise to solve the complex challenges you face every day. Check out some of our latest global features that automate and enhance CargoWise’s accounting capabilities – from new GST/VAT registration address printing functionality, to updates that keep you compliant with GST reversal requirements in India.

GST/VAT registration address printing – GLOBAL

In some countries, it’s mandatory to print the address of your customer’s GST/VAT registration number on the Receivables Invoice document. Often this is instead of, or in addition to, the AR Invoice address.

CargoWise now allows you to print the premise address you selected against the GST/VAT registration number of an organization, in addition to any other addresses present on the invoice (such as a delivery address). This ensures you comply with any mandatory requirements to include the debtor’s GST registration address on the invoice document.

Prevent GST reversal after financial year end – INDIA

GST rules in India allow you to credit the GST amount when issuing credit notes, and you can report these credit notes in your GST return to reduce your output tax liability. However, crediting the GST amount is not allowed eight months after the financial year end in which the original invoice was posted and reported.

To help you stay compliant with these rules, there are new validation controls in CargoWise. These prevent users from reversing or crediting invoices that include a relevant GST amount or GST treatment, where more than eight months has passed since the financial year end.
 

GST rate increase – SINGAPORE

As announced by the Finance Minister in Singapore's FY2022 Budget Statement, the country's GST rate will be raised from 7% to 8% on 1 January 2023, and again from 8% to 9% on 1 January 2024.

To support the initial change on 1 January 2023, the Tax Rate Grids of 'GST CAPGST' and 'GSTREV' have been updated in CargoWise, with the 7% standard rate assigned the end date of 31 December 2022.

New Tax IDs to calculate Solidarity Contribution – FRENCH POLYNESIA

The supported set of Tax IDs in French Polynesia were recently extended to include two new IDs: TVACPS (16% with CPS) and TVA13CPS (13% with CPS). These Tax IDs meet the needs of French Polynesian companies issuing invoices to record the TVA (taxe sur la valeur ajoutée or value-added tax), and 1.5% Solidarity Contribution (La Contribution Pour la Solidarité or CPS).

To ensure compliance, you can now create invoices in CargoWise recording charges taxed with Standard or Reduced TVA and 1.5% CPS. Simply use the TVACPS Tax ID to record non-capital charges that attract both Standard Rated TVA and CPS. 

New higher rate VAT Tax ID – FIJI

On 1 April 2022, Fiji introduced a new VAT rate, extending the supported set of Tax IDs with the Tax ID HIVAT (15%). These Tax IDs meet the needs of Fijian companies recording certain types of sales or purchase transactions, such as passenger motor vehicles or electrical machinery. CargoWise has been updated to reflect these changes and to ensure you stay compliant with the rate change.  

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