Oracle 1Z0-1056-23 Oracle Financials Cloud: Receivables 2023 Implementation Professional QUESTION & ANSWERS https://www.genuinedumps.com/1Z0-1056-23-exam-questions.html QUESTION 1 You are asked to amend subledger accounting and reporting to include origin and history of Receivable transactions. Which three event attributes should be used? (Choose three.) A. B. C. D. E. Transaction number of amendments: Transaction created by Transaction last update date Transaction creation date Transaction type of update Correct Answer: A,C,E QUESTION 2 ABC Company uses euros as the ledger currency, and it receives an invoice with three line items in Norwegian krone. For this example, the conversion rate between the krone and the euro is 6.55957. The lines total of invoice is 7.93euro. However, the invoice amount shows a total of 7.92euro. The user was not able to run the accounting. Where should you define the header-level rounding account? A. B. C. D. E. Customer Account Level Transaction Source Receivable System Option Customer Site Level Transaction Type Correct Answer: C QUESTION 3 Which two are NOT components of a Business Intelligence Publisher report? (Choose two.) A. B. C. D. E. View Data Model Matrix Translation Layout https://www.genuinedumps.com/1Z0-1056-23-exam-questions.html Correct Answer: A,C QUESTION 4 If the Contract Identification Rules that you defined for your customer did not group the source data into customer contracts as expected, how would you resolve the issue? A. Delete the performance obligations from the relevant contracts through the Manage Customer Contracts UI. B. Delete the source data that was imported into Revenue Management and import new source data. C. Run the Discard Customer Contracts program for the relevant contracts and run the Identify Customer contracts program again. D. Run the Discard Customer Contracts program for the relevant contracts, define a new, higherpriority Contract Identification Rule, and run the Identify Customer Contracts program again. E. Delete Contracts from the Manage Customer Contracts UI Correct Answer: D QUESTION 5 One of the customers pays its bills electronically from their bank account (Direct debit). Which process do you need to run in Receivables to initiate the transfer of funds from their bank account to your organization's bank account? A. B. C. D. Clear Receipts Automatically Process Remittance Process Automatic Receipt Process Lockbox Process Correct Answer: B QUESTION 6 Which two statements are true about processing Receivables adjustments that impact tax amounts? A. B. C. D. Receivables can look at invoice and retrieve the tax rate code. There is no need to retrieve the tax rate code. Receivables can look at the adjustment activity and retrieve the tax rate code. Receivables can look at System Options and retrieve the tax rate code. https://www.genuinedumps.com/1Z0-1056-23-exam-questions.html Correct Answer: A,D QUESTION 7 Your customer receives their invoices via the XML delivery method. They want to receive billing transactions for specific sites only. Now you have been tasked with creating a very focused delivery method of XML transactions for this customer site that should be receiving the invoice. To define this setup, you must add a new lookup code to the AR Features lookup type in the Manage Receivables Lookups task. Which lookup code would you use? A. B. C. D. E. AR_XML.DELIVERY.METHOD AR_XML_INVOICE_ENHANCED AR_NTERFACE.XML AR.INVOICE.XML.ENHANCED AR_CUSTOMER.DELIVERY Correct Answer: A Explanation/Reference: This lookup code is used to define the XML delivery method for a customer site. You can specify the XML delivery method in the customer profile or in the transaction source. Verified References: [Overview of Oracle Receivables - Oracle] QUESTION 8 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 explanation below https://www.genuinedumps.com/1Z0-1056-23-exam-questions.html Explanation/Reference: 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. QUESTION 9 The Billing Manager has navigated to the Billing work area to complete a transaction. The Incomplete Transactions Overview Region on the Billing Work Area page has a drilldown option through a column to complete the transaction. Identify the column. A. B. C. D. Transaction Class Transaction Number Transaction Source Transaction Date Correct Answer: B QUESTION 10 A client has implemented a revenue policy with time-based contingencies. An invoice for a creditworthy customer is imported and one of the invoice lines is associated with both a nonstandard refund policy (60 days) and an acceptance clause (100 days). When will revenue be recognized? A. B. C. D. only after manual intervention after 100 days immediately after 60 days https://www.genuinedumps.com/1Z0-1056-23-exam-questions.html Correct Answer: B QUESTION 11 Your client's legacy system uses a hierarchical parent/child relationship to organize customer information because a single customer may have more than one bank account or payment method. Does this prevent you from using the Oracle Fusion Trading Community Model Data Import program? A. The program allows the use of parent, child, and grandchild table hierarchies, but it requires multiple Customer Master records for each customer within the hierarchy. B. The program allows table hierarchies for customer bank accounts, but not for other customer information. C. No; the program contains parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information. D. Yes; the program specifically prohibits parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information. E. The use of parent, child, and grandchild table hierarchies is allowed only in Accounts Payable, not Accounts Receivable. Correct Answer: D QUESTION 12 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 Correct Answer: see explanation below Explanation/Reference: Log in to Oracle Financials Cloud. Click on the Aging Methods icon in the Receivables work area. Click on the Create button. https://www.genuinedumps.com/1Z0-1056-23-exam-questions.html 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. QUESTION 13 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. B. C. D. Accounting Variance Intercompany Variance Tax Variance Receivables Variance Correct Answer: A,D Explanation/Reference: 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] QUESTION 14 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 create and manage bank accounts for only 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 can only create but not manage bank accounts for those legal entities to which they are given access. https://www.genuinedumps.com/1Z0-1056-23-exam-questions.html D. Cash Managers cannot create but only manage bank accounts for those legal entities to which they are given access. Correct Answer: A Explanation/Reference: 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] QUESTION 15 Upon approval of a remittance batch of type ''Factored with Recourse,'' the Receivables application creates a receipt and establishes risk. How does Receivables establish risk? A. B. C. D. by generating a bills receivables adjustment by creating an on-account credit memo by recording an entry to the Remitted Bills Receivable account by recording short-term debt Correct Answer: A Explanation/Reference: When you approve a remittance batch of type Factored with Recourse, Receivables creates a receipt and records an entry to the Remitted Bills Receivable account to establish risk. This entry reduces the balance of the Bills Receivable account and increases the balance of the Remitted Bills Receivable account. Verified References: [How You Remit Bills Receivable - Oracle] QUESTION 16 After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window. What are three results of this action? (Choose three.) A. B. C. D. E. Payment schedules are created using the payment terms specified. The invoice is sent for a dunning follow-up. The invoice can now be printed. The invoice is eligible for transfer to the General Ledger. The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No. https://www.genuinedumps.com/1Z0-1056-23-exam-questions.html Correct Answer: A,C,D QUESTION 17 When a customer opts to make a payment by a credit card, this receipt is identified as a(n) _______________. A. B. C. D. E. miscellaneous receipt quick cash receipt manual receipt automatic receipt AutoLockbox receipt Correct Answer: D QUESTION 18 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. B. C. D. E. F. Customer Organization Site Account Site Address Party Correct Answer: C Explanation/Reference: 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] https://www.genuinedumps.com/1Z0-1056-23-exam-questions.html
