Five new accounting features in CargoWise you should know about

At CargoWise, our team of product specialists combines deep accounting and logistics expertise to solve complex challenges. We have developed new accounting features to create efficiencies and help you stay compliant, allowing you and your team to focus on important work.

Here are some of the latest product updates that automate and enhance CargoWise’s accounting capabilities:

New automations to speed-up compliance reporting – ITALY

In Italy, the VAT register is an essential document, with three 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 help monitor activity and calculate the periodic VAT settlement at the end of the fiscal period.

Previously, multiple actions were needed to produce these reports. Now, you can generate one compliance report listing all receivable and payable transactions, and the system will automatically create the three registers required by the Italian government. It is also possible to generate, review, and adjust the periodic VAT summary data 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), automatically submitting AR and AP transactions to meet local VAT reporting obligations.

With end-to-end invoicing processes integrated on a single software platform, there is no need for third-party integrations. This can save money and reduce errors from incorrect mapping or data entry between systems. Complete invoice data is available to SII directly from CargoWise, eliminating the need for manual filing and allowing staff to focus on high-value tasks.

Enhance job revenue journal estimates - GLOBAL

The job billing functionality in CargoWise has been updated so that estimates for services provided by intra-company branches are now recognized according to your revenue recognition setups. This allows for more accurate estimation and reporting of operational job profitability ahead of actuals being posted.

For example, when using auto job revenue journals and preparing 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 correct allocation of a compliance sub type to sub-classify them in line with government rules, CargoWise now enables compliance sub types to have a defined transaction type of use.

Previously, 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 both a ledger and transaction type of use, helping 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 14% to 12% on 3 August 2022 for six months. The Tax Rate Grids of VAT and CAPVAT have been updated to support the change, with the 14% Standard Rate starting again from 3 February 2023.

In Czechia, the supported set of Tax IDs has 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 eligible for the reduced VAT or reverse charge regime.