With constantly evolving regulatory frameworks and accounting standards, it can be difficult for logistics companies to stay compliant while also maintaining the efficiency of their global operations.
That's where software solutions like CargoWise come in. With its powerful accounting and financial management capabilities, CargoWise can help logistics companies streamline their financial operations while also ensuring compliance with relevant regulations and standards.
We have been busy building some new features that create efficiencies and reduce risk – so you and your team have more time to focus on the work that matters most.
Check out five of the latest accounting capabilities in CargoWise, from electronic invoicing support for Argentina and updates to keep you compliant with new Portuguese Tax Authority requirements.
New integrated E-Invoicing functionality – ARGENTINA
CargoWise has added a new feature that makes it easier for you to comply with the electronic invoicing regulations set by the Argentinian Tax Authority (Administración Federal de Ingresos Públicos, or AFIP).
CargoWise can now automatically report eligible Accounts Receivable transactions to AFIP using the latest Web Service formats, which takes care of tax determination, transaction classification, and actual communication of the electronic invoice messages.
By integrating all your invoicing processes on a single software platform, CargoWise helps you manage your shipments with speed and precision, without having to use multiple complex systems. The result? You can focus more on your customers and leave the invoicing and tax compliance to CargoWise.
New Portugal Tax Group Codes – PORTUGAL
We've updated CargoWise to support the latest Tax Group Codes for Invoice Tax Messages in Portugal, which will help you stay compliant with new legal requirements introduced by the Portuguese Tax Authority.
To make sure you can export your SAF-T file and printing correctly, there are a couple of steps you need to take. Firstly, review your Invoice Tax Messages to make sure they're up-to-date and reflect the new Tax Group Codes. If you need to create new messages, that's easy to do. Secondly, review your Tax Override Groups to make sure they're still valid.
By following these steps, you'll be able to use CargoWise to handle billing transactions and stay compliant with the new Portuguese tax requirements.
New Tax ID posting groups for new e-Invoicing compliance requirements – PHILIPPINES
In preparation for the upcoming e-Invoicing requirements in the Philippines, we've enabled new Tax ID posting group features. These help ensure that you continue to post legally valid invoices even when the e-Invoicing regulations become effective.
Tax ID Posting Groups limit the mix of tax treatments that can be posted in a single invoice or credit note transaction. This means that you'll be able to identify which Tax IDs can be posted together in a single transaction, and you'll be alerted with a warning message if you try to post a transaction with a mix of tax treatments.
These features are particularly useful in the Philippines, where you need to issue separate invoices for VAT, VAT Exempt, and Zero Rate VAT charges as per the guidelines of the new electronic invoicing system.
By using the new Tax ID Posting groups in CargoWise, you'll be able to ensure that your transactions are valid and compliant with local regulations. Plus, the system will automatically create separate transactions in Job Billing based on the Tax Treatment of the revenue charge lines, which will save you time and effort.
AR and AP exchange rate enhancements – GLOBAL
We recently made some updates to our invoice system which means that when you're dealing with invoices in different currencies, you'll have more flexibility with how you handle exchange rates. Here's what's new:
- You can now set different exchange rate options for local and foreign currency invoices, so you can handle each type of invoice differently.
- We've added a new option called 'EIT - Earliest of Invoice Date and Tax Date', which lets you set the exchange rate date to be either the invoice date or the tax date, whichever comes first. This gives you more control over your invoicing.
- You can now use the Offset Column to specify a specific date before or after the exchange rate option you've selected (like Invoice Date, Post Date, Today's Date, or the Earliest of Invoice Date and Tax Date), by a specific number of days.
Before, you could only use the exchange rate based on the Invoice Date, Today's Date, or Post Date, and it applied to both local and foreign currency invoices. These latest updates give you more options and make it easier to handle exchange rates in different countries.
New Tax IDs to drive compliance – GLOBAL
A range of Tax IDs have been extended in CargoWise, including:
- A new reduced rate Tax ID in Iceland – MIDVSK (11%) – which meets the needs of Icelandic companies recording certain types of purchase transactions that are subject to Reduced VAT Rate, such as services of travel agents, catering, and books.
- An update to the Tax Rate Grids of the VAT and CAPVAT in Zimbabwe to support the standard VAT rate change from 14.5% to 15%.
- A change to the Tax Rate Grid of the VAT3 Tax ID in China, reflecting the rate change from 3% to 1% from 1 January 2023.
Want to learn more about the range of accounting features in CargoWise? Learn more
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