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Oracle 1Z0-1056-23 Exam Questions
- Oracle Cloud Certifications
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- Topic 1: Configuring Common Receivables: In this section of the exam, topics covered include configuring receivables using Rapid Implementation, configuring Tax, configuring Sub Ledger Accounting, Configure and Import Customers, Configure Cash Management, and Integration with Other Applications.
- Topic 2: Configuring Customer Billing: In this exam section, topics covered include managing AutoInvoicing, managing AutoAccounting, managing Transaction types, transaction sources, items, and memo lines, managing resources, Salesperson, Sales credits, and Salesperson account references.
- Topic 3: Configuring Customer Payments: This section covers how to manage Customer Receipts, manage Lockbox, manage Automatic Receipts, and Funds Capture.
- Topic 4: Managing Customer Billing: In this section, topics covered include how to create and Process Transactions, manage AutoInvoice Corrections, manage the AutoInvoice Process, calculate Transactional Tax, manage Transaction Printing, etc.
- Topic 5: Processing Customer Payment: In this section of the exam, creating and processing receipts is discussed how to create and Process Bills Receivables Remittances, and create and Process Receipt Exceptions.
- Topic 6: Processing Customer Payments: In this section, the topics covered include creating and processing Receipts, creating and processing Bills Receivables Remittances, Create and Process Receipt Exceptions.
- Topic 7: Configuring Bill Management: In this section of the exam, topics covered include how to configure and Use Oracle Bill Management.
- Topic 8: Reporting for Account Receivables & Advanced Collections: In this exam section, candidates are tested for their knowledge related to Report with Oracle Transactional Business Intelligence (OTBI), Report with Business Intelligence Publisher (BIP), and how to manage Account Receivables Reconciliation.
- Topic 9: Configuring and Using Advanced Collections: In this exam section, the topics covered how to confiture Advanced Collections Design and Use Scoring Strategies and Manage Collections Work.
Free Oracle 1Z0-1056-23 Exam Actual Questions
Note: Premium Questions for 1Z0-1056-23 were last updated On 03-07-2024 (see below)
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
Log in to Oracle Financials Cloud.
Click on theAging Methodsicon in theReceivableswork area.
Click on theCreatebutton.
In theAging Methodwindow, 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 theSavebutton.
The new aging method will be created.
Which flexfields does Autolnvoice require to identify transactions and transaction lines, if you load the interface using a customized form?
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 Reference: [How You Define AutoInvoice Grouping Rules - Oracle]
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?
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 Reference: [How You Define AutoAccounting - Oracle]
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?
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 Reference: [How You Manage Sales Credits - Oracle]
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?
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 Reference: [How You Manage Revenue Recognition - Oracle]
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