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Oracle 1z0-1056-23 Exam Syllabus Topics:
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NEW QUESTION # 20
In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?
- A. DaysLate
- B. Days Early
- C. Time
- D. Not Applicable
Answer: A
Explanation:
Explanation
This is the condition that must be set for the transaction level when defining a new strategy task by transaction type. DaysLate is the number of days that a transaction is past due. You can use this condition to execute strategies based on how overdue a transaction is. Verified References: [How You Define Strategy Tasks by Transaction Type - Oracle]
NEW QUESTION # 21
You are investigating the Receivables to General Ledger Reconciliation report and must explain any variances to your Accounting Manager.
What two variance amounts should you expect to investigate in this report?
- A. Accounting Variance
- B. Intercompany Variance
- C. Receivables Variance
- D. Tax Variance
Answer: A,C
Explanation:
Explanation
These are the two variance amounts that you should expect to investigate in the Receivables to General Ledger Reconciliation report. Accounting variance is the difference between the subledger journal entries and the general ledger journal entries. Receivables variance is the difference between the subledger balances and the general ledger balances. Verified References: [How You Reconcile Receivables to General Ledger - Oracle]
NEW QUESTION # 22
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
Answer:
Explanation:
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.
NEW QUESTION # 23
You are reviewing an invoice on the Review Transaction page. After clicking the Sales Credit subtab. you notice the following breakdown: Revenue Allocation and Nonrevenue Allocation.
What is Nonrevenue Allocation?
- A. Sales credit allocation based on billing corrections
- B. Sales credits associated to deferred revenue
- C. Sales credit reversals due to credit memo creation
- D. Additional incentive-based sales credits
Answer: B
Explanation:
Explanation
Nonrevenue Allocation is the amount of sales credits that are associated to deferred revenue. It represents the portion of sales credits that are not yet recognized as revenue and are allocated to future periods. Verified References: [How You Manage Sales Credits - Oracle]
NEW QUESTION # 24
In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?
- A. DaysLate
- B. Days Early
- C. Time
- D. Not Applicable
Answer: A
Explanation:
Explanation
This is the condition that must be set for the transaction level when defining a new strategy task by transaction type. DaysLate is the number of days that a transaction is past due. You can use this condition to execute strategies based on how overdue a transaction is. Verified References: [How You Define Strategy Tasks by Transaction Type - Oracle]
NEW QUESTION # 25
Manage Aging Methods
Scenario
Your organization needs to create their own a-bucket aging method for reporting purposes.
Task
Create a new 4-bucket Aging Method in the Collections application, where:
* Name Of the aging method is XXAging Method (Replace XX with 03, which is your allocated User ID.)
* Aging method is accessible to all business units
* Aging buckets are 45 days apart
* Last bucket is 91 days
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Aging Methods icon in the Receivables work area.
* Click on the Create button.
* In the Aging Method window, enter the following information:
* Name: XXAging Method (Replace XX with your allocated user ID.)
* Description: Custom aging method for reporting purposes.
* Aging Buckets:
* 1: 0 to 45 days
* 2: 46 to 90 days
* 3: 91 to 135 days
* 4: 136 to 180 days
* Last Bucket: 181 days
* Available to All Business Units: Yes
* Click on the Save button.
The new aging method will be created.
NEW QUESTION # 26
You are an IT contractor for a client who wants to increase internal controls on bank accounts set up in the Cash Management application. According to their new policy, a Cash Manager s ability to add. review, or make changes to bank accounts must be regionalized and restricted by their org structure.
Which statement is true about the restrictions applied to the setup?
- A. Cash Managers can only create but not manage bank accounts for those legal entities to which they are given access.
- B. Cash Managers can create and manage bank accounts for only those business units to which they are given access.
- C. Cash Managers cannot create but only manage bank accounts for those legal entities to which they are given access.
- D. Cash Managers can create and manage bank accounts for only those legal entities to which they are given access.
Answer: D
Explanation:
Explanation
This is the true statement about the restrictions applied to the setup. Cash Managers can access bank accounts based on their legal entity access privileges. They can create and manage bank accounts for only those legal entities that they are authorized to access. Verified References: [How You Manage Bank Accounts - Oracle]
NEW QUESTION # 27
When you run Auto lnvoice. the process may generate a list of records that fail validation.
Using which two methods/features, can you display the Auto lnvoice errors in an Excel workbook?
- A. The Incomplete Infotile
- B. The Manage Auto lnvoice Lines task
- C. The Manage Transactions task
- D. The Import Exceptions Infotile
Answer: B,D
Explanation:
Explanation
To display the Auto Invoice errors in an Excel workbook, you can use either of these methods/features:
* The Import Exceptions Infotile in the Billing work area, which shows the number of records that failed validation and allows you to export them to Excel.
* The Manage Auto Invoice Lines task in the Billing work area, which enables you to search for and view import errors and export them to Excel. The other options are not correct because:
* The Incomplete Infotile shows the number of incomplete transactions, not import errors.
* The Manage Transactions task allows you to create and update transactions, not view import errors.
Verified References:
https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-autoinvoice.html#FAOFC-GUID-D0F4
NEW QUESTION # 28
You defined a Payment Terms Threshold Policy to defer revenue recognition of 120 days. An invoice is imported with split Payment Terms, consisting of the following five installments:
What revenue amount would be deferred on this Imported Invoice?
- A. 0
- B. 1
- C. 2
- D. 3
- E. 4
Answer: E
Explanation:
Explanation
This is the revenue amount that would be deferred on this imported invoice. The Payment Terms Threshold Policy defers revenue recognition of 120 days, which means that only the first two installments (1000 and
4000) are within the threshold and can be recognized as revenue. The remaining three installments (1000,
2000, and 2000) are beyond the threshold and must be deferred until they are due. Verified References: [How You Manage Revenue Recognition - Oracle]
NEW QUESTION # 29
After creating Receivables Activities using the General Ledger Rapid Implementation workbook upload process a Receivables Manager wants to review and make changes if required, to the account assignments created for these Receivables Activities.
Which two Receivables Activities DO NOT have account assignments to review and change?
- A. Miscellaneous Receipt
- B. Unearned Discounts
- C. Earned Discounts
- D. Adjustment Activities
- E. Debit Memo Reversal
Answer: B,C
Explanation:
Explanation
These two receivables activities do not have account assignments to review and change because they are not posted to general ledger. They are used to calculate discount amounts for transactions and receipts. Verified References: [How You Define Receivables Activities - Oracle]
NEW QUESTION # 30
In Advanced Collections, scoring formulas are used to effectively manage your collection activities and strategies. Scoring formulas contain data points that help determine the collectability of your outstanding balances. To determine the number of days passed since the last payment was received from a customer, you can use the Age of Latest Payment data point.
At which details?
- A. Account
- B. Site
- C. Site Address
- D. Organization
- E. Customer
- F. Party
Answer: B
Explanation:
Explanation
This is the level at which you can use the Age of Latest Payment data point to determine the number of days passed since the last payment was received from a customer. The Age of Latest Payment data point is calculated at the account level and shows the age of the most recent payment for each customer account.
Verified References: [How You Define Scoring Components - Oracle]
NEW QUESTION # 31
Your organization has decided to use the Portal Upload delivery method for some of their customers. You will be using this in place of other options, such as Print Email, or XML to deliver customer invoices.
Which step must be performed in the system to deliver transactions to your customers by using the Portal Upload method?
- A. Create a custom-preferred delivery method in the Manage Receivables System Options task in Functional Setup Manager.
- B. Create a custom preferred delivery method in the Manage Receivables Lookups task in Functional Setup Manager.
- C. Run the Create Customer Statement process in Scheduled Processes.
- D. Select Portal Upload as a delivery method on Customer Profile under Statement and Dunning.
- E. Select Portal Upload as a delivery method on Customer Profile under Invoicing.
Answer: E
Explanation:
Explanation
This option allows you to assign customer accounts and sites a preferred delivery method of Portal Upload for customer transactions intended for upload to a supplier portal or external system1. References: Portal Upload and Custom Delivery Methods - Oracle
NEW QUESTION # 32
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
Answer:
Explanation:
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.
NEW QUESTION # 33
Manage Receipt Classes and Methods
Scenario
Supremo US Business unit needs to capture customer payments that will be reconciled in the Cash Management application. You need to define a receipt class and receipt method, and assign the appropriate bank account to meet this requirement.
Task:
Define Remittance Bank Account where:
* Bank Account is associated with Receipt Method
* Primary bank account is linked the Denver branch of Bank of America
* Bank account number ends with 2870
* Remittance bank account is effective as of January 1, 2023
* GL Accounts section must contain the values below for company segment 120 Supremo Fitness
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Remittance Bank Accounts icon in the Receivables work area.
* Click on the Create button.
* In the Remittance Bank Account window, enter the following information:
* Name: XXRemittance Bank Account (Replace XX with your allocated user ID.)
* Bank Account Number: The bank account number that you want to associate with the receipt method.
* Bank Name: Bank of America
* Branch Name: Denver
* Account Type: Checking
* Effective Date: January 1, 2023
* Primary: Yes
* GL Accounts:
* Company Segment: 120 Supremo Fitness
* Account Code: 12000
* Account Name: Accounts Receivable - Supremo Fitness
* Company Segment: 120 Supremo Fitness
* Account Code: 12001
* Account Name: Allowance for Doubtful Accounts - Supremo Fitness
* Click on the Save button.
The new remittance bank account will be created.
NEW QUESTION # 34
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