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Oracle 1Z0-1056-24 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Configuring Bill Management | - Configure and use Oracle Bill Management |
| Topic 2: Configuring Common Receivables | - Integrate Receivables with other applications - Configure Receivables using Rapid Implementation - Configure Cash Management - Configure Sub Ledger Accounting - Configure and import customers - Configure Receivables - Configure Tax |
| Topic 3: Reporting for Account Receivables and Advanced Collections | - Generate account receivables reconciliation - Report with Oracle Transactional Business Intelligence (OTBI) - Report with Business Intelligence Publisher (BIP) |
| Topic 4: Managing Customer Billing | - Calculate transactional tax - Manage the AutoInvoice process - Manage transaction printing - Manage AutoInvoice corrections - Create and process transactions |
| Topic 5: Configuring and Using Advanced Collections | - Design and use scoring strategies - Configure advanced collections - Manage collections activities |
| Topic 6: Configuring Customer Billing | - Manage AutoAccounting - Manage resources, salesperson, sales credits, and salesperson account references - Manage transaction types, transaction sources, Items, and memo lines - Configure revenue for Receivables - Manage AutoInvoicing |
| Topic 7: Processing Customer Payments | - Create and process receipts - Create and process receipt exceptions - Create and process bills receivables remittances |
| Topic 8: Configuring Customer Payments | - Configure and manage Customer Receipts - Configure and manage Automatic Receipts and Funds Capture - Configure and manage Lockbox |
Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:
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:
Define Balance Forward Payment Terms, where:
Name of the payment term is XXNet 30 (Replace XX with 03, which is your allocated user ID.) Payment terms are accessible to all business units Discounts are applicable to the full invoice amount Discounts are applicable even when the customer does not send a full payment Payment terms are effective as of January 1. 2023
Correct Answer:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Payment Terms icon in the Receivables work area.
Click on the Create button.
In the Payment Terms window, enter the following information:
Name:XXNet 30 (Replace XX with your allocated user ID.)
Description:Net 30 payment terms
Billing Cycle:All Cycles
Due Date:Next Business Day
Discount Days:30
Discount Amount:2%
Discount Type:Percentage
Discount Allowed:Yes
Discount Allowed Even If Partial Payment:Yes
Effective Date:January 1, 2023
Click on the Save button.
The new balance forward payment terms will be created.
To make the payment terms accessible to all business units:
Click on the Business Units tab.
Select the check box next to All Business Units.
Click on the Save button.
The payment terms will now be accessible to all business units.
You are asked to amend subledger accounting and reporting to include origin and history of Receivable transactions.
Which three event attributes should be used?
- A. Transaction last update date
- B. Transaction created by
- C. Transaction type of update
- D. Transaction number of amendments
- E. Transaction creation date
Correct Answer: A,C,D 🗳️
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Which configuration step is required for processing Collections disputes?
- A. Set "Send Dispute Notice" Option to "Yes" in Collections Preferences.
- B. Define Aging Method to be used with disputed transactions.
- C. Define a "Collections" Approval Group as well as a "Billing" Approval Group in the BMP Worklist.
- D. Define Dispute Thresholds in Collections Preferences.
Correct Answer: D 🗳️
In which two ways would you configure Satisfaction Method (SM) and Satisfaction Measurement Model (SMM) in Revenue Management to recognize revenue for performance obligations over time? (Choose two.)
- A. by setting SM to "Requires Complete" and SMM to "Period"
- B. by setting SM to "Allow Partial" and SMM to "Percent"
- C. by setting SM to "Requires Complete" and SMM to "Quantity"
- D. by setting SM to "Requires Complete" and SMM to "Percent"
- E. by setting SM to "Allow Partial" and SMM to "Period"
Correct Answer: D,E 🗳️
An invoice for $100 USD has revenue deferred due to unmet payment-based contingencies and the Invoice Accounting Used for Credit Memos profile option is set to Yes. A credit memo of $50 USD has been issued against this invoice.
Explain how revenue accounting will occur.
- A. Unearned revenue will be debited for $50 US
- B. Unearned revenue will be credited for $100 USD.
- C. Earned revenue will be credited for $50 USD.
- D. Earned revenue will be debited for $50 USD.
Correct Answer: C 🗳️
