Exam Name: Oracle Financials Cloud: Receivables 2024 Implementation Professional
Certification Provider: Oracle
Corresponding Certification: Oracle Financials Cloud
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Oracle 1Z0-1056-24 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Processing Customer Payments | - Create and process bills receivables remittances - Create and process receipt exceptions - Create and process receipts |
| Configuring and Using Advanced Collections | - Configure advanced collections - Design and use scoring strategies - Manage collections activities |
| Managing Customer Billing | - Manage transaction printing - Manage AutoInvoice corrections - Calculate transactional tax - Create and process transactions - Manage the AutoInvoice process |
| Configuring Bill Management | - Configure and use Oracle Bill Management |
| Configuring Common Receivables | - Configure Tax - Configure Sub Ledger Accounting - Configure and import customers - Configure Receivables - Integrate Receivables with other applications - Configure Cash Management - Configure Receivables using Rapid Implementation |
| Configuring Customer Billing | - Manage AutoAccounting - Manage resources, salesperson, sales credits, and salesperson account references - Manage transaction types, transaction sources, Items, and memo lines - Manage AutoInvoicing - Configure revenue for Receivables |
| Reporting for Account Receivables and Advanced Collections | - Report with Business Intelligence Publisher (BIP) - Generate account receivables reconciliation - Report with Oracle Transactional Business Intelligence (OTBI) |
| Configuring Customer Payments | - Configure and manage Lockbox - Configure and manage Customer Receipts - Configure and manage Automatic Receipts and Funds Capture |
Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:
When deciding how to set up the system to recognize revenue, it is important to understand the extent of revenue deferral and the subsequent timing of revenue recognition.
Which two statements are true when you consider that recognition depends on the nature of the contingency? (Choose two.)
- A. Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, or its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before the contingency can be removed and the order can be imported into Receivables for invoicing.
- B. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
- C. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
- D. Time-based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet.
- E. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
Correct Answer: A,E 🗳️
Which two Collection Preferences can be selected as the default transaction class for the Transaction tab? (Choose two.)
- A. Deposit
- B. Debit Memo
- C. Charge Back
- D. Guarantee
- E. Credit Memo
Correct Answer: B,E 🗳️
Which two statements are true regarding the Promise to Pay feature in the Collections application?
- A. You can cancel a promise made in error if it is before the promise due date.
- B. Promise information is updated by scheduling the Promise Reconciliation process.
- C. You cannot cancel a promise made in error if it is before the promise due date.
- D. Mass promise to pay amounts automatically become partial payments.
Correct Answer: D 🗳️
Manage Transaction Types
Scenario
A US based company acquired on January 1. 2023. requires Supremo US Business Unit to capture invoices in Oracle Financials Cloud.
Task:
Define a new Transaction Type for the class invoice, where:
Name of the transaction type is XXinvoice (Replace XX with 03.
which is your allocated User ID.)
Customer bills assigned to this transaction type must be printed
Transaction type is meant for billing transactions With open balances
Balances need to be maintained for invoices associated with this
transaction type
Freight charges must be allowed
Cash applications to invoices assigned to this transaction type must not exceed the invoice balance due Invoices associated with this transaction type must be accounted for in the General Ledger application.
Revenue GL account 41000 should be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness
Correct Answer:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Transaction Types icon in the Receivables work area.
Click on the Create button.
In the Transaction Typewindow, enter the following information:
Name:XXinvoice
Class:Invoice
Transaction Action:Create
Transaction Source Type:Customer
Print Customer Bills:Yes
Allow Freight Charges:Yes
Allow Cash Applications:Yes
Accounting:
Reference Account:41000
Company Segment:120 Supremo Fitness
Click on the Save button.
The new transaction type will be created and the customer bills associated with this transaction type will be printed. The balances will also be maintained for invoices associated with this transaction type. Freight charges will be allowed and cash applications to invoices assigned to this transaction type must not exceed the invoice balance due. The invoices associated with this transaction type will be accounted for in the General Ledger application. The revenue GL account 41000 will be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness.
Steps to confirm the Oracle Applications Cloud version:
Click on the Settings and Actions menu under your profile in the Oracle Applications Cloud window.
Click on About This Application in the Settings and Actions menu.
Copy the complete version number from the About this Application pop-up in the Oracle Application Cloud window.
Paste the version number in the box below.
Click Confirm.
To meet the business needs of most organizations, "Common Set" is seeded InFusion for all set-enabled objects with the exception of _________________.
- A. AutoMatch Rule Sets
- B. Revenue Scheduling Rules
- C. AutoCash Rules
- D. Customer Site
- E. Aging Methods
Correct Answer: D 🗳️
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