Oracle Oracle Certifications 1Z0-1056-23 Questions & Answers

• Question 181:

  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:

  1.

  Name of the new receipt method is XXCheck (Replace XX with 03. which is your allocated User ID.)

  2.

  Receipt method must be effective as of January 1. 2023

  A. See the explanation below for solution.

  B. PlaceHolder

  C. PlaceHolder

  D. PlaceHolder

  Correct Answer: A

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Receipt Methods icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Receipt Method window, enter the following information:

  5.

  Click on the Save button. The new receipt method will be created.

• Question 182:

  CORRECT TEXT-(Topic 2)

  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:

  1.

  Name Of the aging method is XXAging Method (Replace XX with 03, which is your allocated User ID.)

  2.

  Aging method is accessible to all business units

  3.

  Aging buckets are 45 days apart

  4.

  Last bucket is 91 days

  A. See the explanation below for solution.

  B. PlaceHolder

  C. PlaceHolder

  D. PlaceHolder

  Correct Answer: A

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Aging Methods icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Aging Method window, enter the following information:

  5.

  Click on the Save button. The new aging method will be created.

• Question 183:

  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:

  1.

  Name of the collector is (Replace XX with 03. which is your allocated User ID.)

  2.

  Collector must be available to all business units.

  3.

  Collector maps to employee FASXX Student (Replace xx with 03, which is your allocated User ID.)

  A. See the explanation below for solution.

  B. PlaceHolder

  C. PlaceHolder

  D. PlaceHolder

  Correct Answer: A

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Collectors icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Collector window, enter the following information:

  5.

  Click on the Save button. The new collector will be created.

• Question 184:

  CORRECT TEXT-(Topic 2)

  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:

  1.

  Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.)

  2.

  Bills are generated every day

  3.

  Cycle is effective as Of January 1,2023

  A. See the explanation below for solution.

  B. PlaceHolder

  C. PlaceHolder

  D. PlaceHolder

  Correct Answer: A

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Balance Forward Billing icon in the Receivables work area.

  3.

  Click on the Cycles tab.

  4.

  Click on the Create button.

  5.

  In the Balance Forward Billing Cycle window, enter the following information:

  6.

  Click on the Save button.

  The new balance forward billing cycle will be created. To create a Balance Forward Billing Payment Term:

  1.

  Click on the Payment Terms tab.

  2.

  Click on the Create button.

  3.

  In the Balance Forward Billing Payment Term window, enter the following information:

  4.

  Click on the Save button.

  The new balance forward billing payment term will be created.

• Question 185:

  CORRECT TEXT-(Topic 2)

  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 a manual Receipt Class, where:

  1.

  Name of the new receipt class is XXReceipt Class (Replace XX with 03, which is your allocated User ID.)

  2.

  Receipts using this new receipt class will not be remitted

  3.

  Organization will use Cash Management to clear their receipts

  A. See the explanation below for solution.

  B. PlaceHolder

  C. PlaceHolder

  D. PlaceHolder

  Correct Answer: A

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Receipt Classes icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Receipt Class window, enter the following information:

  5.

  Click on the Save button.

  The new manual receipt class will be created.

  To make sure that receipts using this receipt class will not be remitted:

  1.

  Click on the Remittance Methods tab.

  2.

  Select the check box next to No Remittance.

  3.

  Click on the Save button.

  The receipts using this receipt class will now not be remitted.

• Question 186:

  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:

  1.

  Name of the payment term is XXNet 30 (Replace XX with 03, which is your allocated user ID.)

  2.

  Payment terms are accessible to all business units

  3.

  Discounts are applicable to the full invoice amount

  4.

  Discounts are applicable even when the customer does not send a full payment

  5.

  Payment terms are effective as of January 1. 2023

  A. See the explanation below for solution.

  B. PlaceHolder

  C. PlaceHolder

  D. PlaceHolder

  Correct Answer: A

  1.

  Log in to Oracle Financials Cloud.

  2.

  Click on the Payment Terms icon in the Receivables work area.

  3.

  Click on the Create button.

  4.

  In the Payment Terms window, enter the following information:

  5.

  Click on the Save button.

  The new balance forward payment terms will be created.

  To make the payment terms accessible to all business units:

  1.

  Click on the Business Units tab.

  2.

  Select the check box next to All Business Units.

  3.

  Click on the Save button.

  The payment terms will now be accessible to all business units.