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Oracle 1Z0-1056-24 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Configure Receivables | 25% | - Manage Receivables System Options
|
| Process Receipts and Collections | 25% | - Receipt Processing
|
| Manage Customers and Transactions | 25% | - Customer Account Configuration
|
| Period Close and Reporting | 25% | - Receivables Accounting and Reporting
|
Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:
Which role provides access to Receivables - Revenue Adjustments Real Time OTBI Subject area?
- A. Accounts Receivable Specialist
- B. Revenue Manager
- C. Billing Specialist
- D. Accounts Receivable Manager
Correct Answer: A 🗳️
Manage Balance Forward Billing Cycles and Payment Terms
Scenario
You are a consultant for a client who is implementing the Balance Forward Billing feature in Oracle Financials Cloud. You have been asked to define Balance Forward Billing Cycle as well as Balance Forward Billing Payment Terms so that your client can generate consolidated bills.
Task:
Create Balance Forward Billing Cycle, where:
Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.) Bills are generated every day Cycle is effective as Of January 1,2023
Correct Answer:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Balance Forward Billing icon in the Receivables work area.
Click on the Cycles tab.
Click on the Create button.
In the Balance Forward Billing Cycle window, enter the following information:
Name:XXCycle (Replace XX with your allocated user ID.)
Billing Frequency:Daily
Effective Date:January 1, 2023
Click on the Save button.
The new balance forward billing cycle will be created.
To create a Balance Forward Billing Payment Term:
Click on the Payment Terms tab.
Click on the Create button.
In the Balance Forward Billing Payment Term window, enter the following information:
Name:XXPaymentTerm (Replace XX with your allocated user ID.)
Billing Cycle:XXCycle (The cycle that you created in the previous step.) Due Date:Next Business Day Overdue Days:30 Click on the Save button.
The new balance forward billing payment term will be created.
Identify three activities that you can perform from the Collections Dashboard. (Choose three.)
- A. Assign a Collector to a delinquent customer.
- B. Verify Customer Payments.
- C. Record an activity to create a task or tasks to follow up on a delinquent customer.
- D. View the Total Amount Due for delinquent customers.
- E. Update the work status of a work item for a delinquent customer.
Correct Answer: A,C,E 🗳️
After a customer bankruptcy is approved, what happens in the Collections application?
- A. The Bankrupt Customer Collection job is automatically submitted to close all open transactions for the customer.
- B. Collection activities are suspended and delinquent transactions appear in the Collections Work Area.
- C. Collection activities remain active, delinquent transactions appear in the Collections Work Area but customer status is changed to Bankrupt.
- D. Collection activities are suspended, delinquent transactions no longer appear on the Collections Work Area and customer status is changed to Bankrupt.
Correct Answer: D 🗳️
After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window.
What are three results of this action?
- A. The invoice can now be printed.
- B. The invoice is eligible for transfer to the General Ledger.
- C. The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No.
- D. The payment schedules are created using the payment terms specified.
- E. The invoice is sent for a dunning follow-up.
Correct Answer: A,B,D 🗳️
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