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Oracle 1z0-1056-23 Exam Syllabus Topics:
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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. Credit Limit
- B. Order line Credit Limit
- C. Credit Review Cycle
- D. First Review Date
Answer: C,D
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
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 # 21
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 # 22
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. Intercompany Variance
- B. Tax Variance
- C. Receivables Variance
- D. Accounting Variance
Answer: C,D
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 # 23
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 Customer, per due date
- B. One per Site. per due date
- C. One per Customer
- D. One per Invoice
Answer: C
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 # 24
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 # 25
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 # 26
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. AR_NTERFACE.XML
- B. AR_XML_INVOICE_ENHANCED
- C. AR.INVOICE.XML.ENHANCED
- D. AR_CUSTOMER.DELIVERY
- E. AR_XML.DELIVERY.METHOD
Answer: E
Explanation:
Explanation
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]
NEW QUESTION # 27
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 only create but not manage bank accounts for those legal entities 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 business units to which they are given access.
Answer: A
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 # 28
Your organization is looking to adopt a flexible approach to control the creation of claims investigation when the lockbox files contain invalid positive remittance references. This feature helps manage lockbox files that encounter invalid transaction numbers for receipts with customer assignment.
When this option is enabled in the Manage Receivables System Options task, which process must be run in Scheduled Processes to process Lockbox Receipts with invalid transaction referenced?
- A. Process Receipts and Remittances through Lockbox
- B. Process Lockbox Receipts
- C. Process Lockbox Receipts and Remittance References
- D. Process Receipts through Lockbox
Answer: B
Explanation:
Explanation
This process is used to process lockbox receipts with invalid transaction references when you enable the Create Claims Investigation option in Receivables System Options. References: [How You Process Lockbox Receipts - Oracle]
NEW QUESTION # 29
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. Revenue Reference Accounts were entered for all salespersons.
- B. Transaction Type was defined as Overapplication set to Yes but Post to GL set to No.
- C. Revenue Reference Accounts for Salesperson were not defined for the Transaction Business Unit
- D. Salesperson is not required on the transaction and is left blank.
- E. No Sales Credit salesperson has no reference accounts.
Answer: A,D,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 # 30
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 Manage Transactions task
- B. The Incomplete Infotile
- C. The Import Exceptions Infotile
- D. The Manage Auto lnvoice Lines task
Answer: C,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 # 31
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 one legal entity to Global Configuration and one business unit to First Party Configuration with Party Overrides.
- B. Assign the ledger to Global Configuration Owner.
- C. Assign one legal entity to Global Configuration and one legal entity to Party Specific Configuration.
- D. Assign both business units to Global Configuration Owner.
- E. Assign two business units to First Party Configuration with Party Overrides.
Answer: B
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 # 32
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. Customer
- B. Party
- C. Organization
- D. Account
- E. Site Address
- 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 # 33
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