1z0-1056-23 Practice Exam Tests Latest Updated on Dec-2023
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NEW QUESTION # 13
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 is sent for a dunning follow-up.
- B. The invoice is eligible for transfer to the General Ledger.
- C. The payment schedules are created using the payment terms specified.
- D. The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No.
- E. The invoice can now be printed.
Answer: B,C,E
Explanation:
Explanation
When the Billing Manager clicks the Complete button in the Transactions window, the following results occur:
* The invoice can now be printed or delivered to the customer by the preferred delivery method.
* The invoice is eligible for transfer to the General Ledger and posting to the customer account.
* The payment schedules are created using the payment terms specified on the transaction or customer profile. The other options are not correct because:
* The invoice is not sent for a dunning follow-up until it becomes overdue.
* The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to Yes, not No. Verified References:
* https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-customer-billing.html#FAOFC-GUID-
NEW QUESTION # 14
Manage Collectors
Scenario:
You are responsible for defining a new collector. who will perform collection activities across multiple business units.
Task:
Create a new Collector. where:
* Name of the collector is (Replace XX with 03. which is your allocated User ID.)
* Collector must be available to all business units.
* Collector maps to employee FASXX Student (Replace xx with 03, which is your allocated User ID.)
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Collectors icon in the Receivables work area.
* Click on the Create button.
* In the Collector window, enter the following information:
* Name: XXCollector (Replace XX with your allocated user ID.)
* Type: Employee
* Employee: FASXX03 (Replace xx with your allocated user ID.)
* Available to All Business Units: Yes
* Click on the Save button.
The new collector will be created.
NEW QUESTION # 15
The AutoAc counting rule for the Revenue account is defined as follows:
When entering a manual invoice, the revenue account code combination is incomplete with the Department segment left blank. Which are the three reasons for this?
- A. Salesperson is not required on the transaction and is left blank.
- B. No Sales Credit salesperson has no reference accounts.
- C. Transaction Type was defined as Overapplication set to Yes but Post to GL set to No.
- D. Revenue Reference Accounts for Salesperson were not defined for the Transaction Business Unit
- E. Revenue Reference Accounts were entered for all salespersons.
Answer: A,B,E
Explanation:
Explanation
These are the three reasons for the revenue account code combination being incomplete with the Department segment left blank. The salesperson is not required on the transaction and is left blank, so the system cannot derive the Department segment from the salesperson reference accounts. The revenue reference accounts were entered for all salespersons, so the system cannot use the default revenue account from the transaction type.
The no sales credit salesperson has no reference accounts, so the system cannot use the default revenue account from the no sales credit salesperson. Verified References: [How You Define AutoAccounting - Oracle]
NEW QUESTION # 16
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 # 17
While reviewing Balance Forward Bill Infertile on the Account Overview page m Bill Management, you notice that it is only displaying balance forward Mis raised in the last month.
How can you increase the number of months to view past balance forward bills?
- A. Use Receivables System Options
- B. Use Bill Management System Options
- C. Use the threshold view of Balance Forward Bill Infotile
- D. Add the number of months as a value for the BILL.MANAGEMENT lookup code
Answer: B
Explanation:
Explanation
You can use Bill Management System Options to increase the number of months to view past balance forward bills on the Account Overview page in Bill Management. You can set the value for the Number of Months for Balance Forward Bill Infotile Profile Option. Verified References: [How You Manage Balance Forward Billing - Oracle]
NEW QUESTION # 18
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:
Create Receipt Method. where:
* Name of the new receipt method is XXCheck (Replace XX with 03. which is your allocated User ID.)
* Receipt method must be effective as of January 1. 2023
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Receipt Methods icon in the Receivables work area.
* Click on the Create button.
* In the Receipt Method window, enter the following information:
* Name: XXCheck (Replace XX with your allocated user ID.)
* Effective Date: January 1, 2023
* Receipt Class: XXReceipt Class (The receipt class that you created in the previous step.)
* Bank Account: The bank account that will be used to clear receipts for this receipt method.
* Click on the Save button.
The new receipt method will be created.
NEW QUESTION # 19
When entering the Customer import upload spreadsheet, which two columns, if populated with *NULL will remove the existing values on loading?
- A. First Review Date
- B. Credit Review Cycle
- C. Credit Limit
- D. Order line Credit Limit
Answer: A,B
Explanation:
Explanation
These are the two columns that, if populated with *NULL, will remove the existing values on loading. They are part of the customer profile class attributes that can be updated using customer import. Verified References: [How You Manage Customer Data Uploads - Oracle]
NEW QUESTION # 20
Which flexfields does Autolnvoice require to identify transactions and transaction lines, if you load the interface using a customized form?
- A. Line-level transaction flexfield, Invoice transaction flexfield. Reference flexfield. and Link to transaction flexfield
- B. Line-level transaction flexfield. Header-level transaction flexfield. and Link to transaction flexfield
- C. Line-level transaction flexfield and Header-level transaction flexfield
- D. Line-level transaction flexfield. Header-level transaction flexfield. and Reference flexfield
Answer: C
Explanation:
Explanation
These are the two flexfields that AutoInvoice requires to identify transactions and transaction lines, if you load the interface using a customized form. They are used to group transaction lines into transactions and assign transaction attributes. Verified References: [How You Define AutoInvoice Grouping Rules - Oracle]
NEW QUESTION # 21
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. Party
- B. Account
- C. Site Address
- D. Customer
- E. Organization
- F. Site
Answer: F
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 # 22
When defining the receipt method for automatic receipt processing, the business requirement is to produce the minimum number of payments.
Which receipt rule should you define?
- A. One per Site. per due date
- B. One per Invoice
- C. One per Customer, per due date
- D. One per Customer
Answer: D
Explanation:
Explanation
This is the receipt rule that should be defined to produce the minimum number of payments when defining the receipt method for automatic receipt processing. This rule creates one payment per customer regardless of how many invoices or due dates exist for that customer. Verified References: [How You Define Receipt Methods - Oracle]
NEW QUESTION # 23
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. By recording an entry to the Remitted Bills Receivable account
- B. By generating a bills receivables adjustment
- C. By recording short-term debt
- D. By creating an on-account credit memo
Answer: A
Explanation:
Explanation
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]
NEW QUESTION # 24
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 # 25
You created a new enterprise structure in the Cloud for a single country. In the structure, there are two legal entities: a single ledger and two business units (representing two warehouses, each owned by one of the legal entities). The tax regulations are common between the legal entities.
When assigning the tax regime to parties, what should you do to share all setup for Tax?
- A. Assign two business units to First Party Configuration with Party Overrides.
- B. Assign one legal entity to Global Configuration and one business unit to First Party Configuration with Party Overrides.
- C. Assign the ledger to Global Configuration Owner.
- D. Assign one legal entity to Global Configuration and one legal entity to Party Specific Configuration.
- E. Assign both business units to Global Configuration Owner.
Answer: C
Explanation:
Explanation
This is the best option to share all setup for Tax when the tax regulations are common between the legal entities. The ledger is the highest level of party hierarchy and can be assigned as the Global Configuration Owner to share the tax regime, tax rates, and tax rules across all parties under it. Verified References: [How You Assign Tax Regimes to Parties - Oracle]
NEW QUESTION # 26
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 # 27
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