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Latest Oracle Financials Cloud 1Z0-1056-24 Actual Free Exam Questions
NEW QUESTION # 70
What is the impact on transactions of changing the billing cycle for a customer or group of customers?
- A. Existing transactions with no activity retain the old billing cycle.
- B. The billing cycle does not have any impact on new transactions.
- C. New transactions after this change inherit the new billing cycle.
- D. Existing transactions with activity adapt the new billing cycle.
Answer: C
NEW QUESTION # 71
it has been decided that when processing customer payments using lockbox one customer can pay for another customer's transaction.
Which two steps will help achieve this?
- A. Define a netting agreement between the two customer accounts.
- B. Define a relationship between the two customer accounts.
- C. Define a business purpose of invoice to each customer address.
- D. Define and share a cash pool bank account between the customers.
- E. Select the Allow payment of unrelated transactions Receivables System Option.
Answer: B,E
Explanation:
These are the two steps that will help achieve this requirement. The Allow payment of unrelated transactions Receivables System Option enables one customer to pay for another customer's transaction using lockbox. The relationship between the two customer accounts defines how payments are applied across different customers. Verified [How You Process Lockbox Receipts - Oracle]
NEW QUESTION # 72
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. Transaction Date
- B. Transaction Class
- C. Transaction Number
- D. Transaction Source
Answer: C
NEW QUESTION # 73
Manage Transaction Types
Scenario
A US based company acquired on January 1. 2023. requires Supremo US Business Unit to capture invoices in Oracle Financials Cloud.
Task:
Define a new Transaction Type for the class invoice, where:
Name of the transaction type is XXinvoice (Replace XX with 03.
which is your allocated User ID.)
Customer bills assigned to this transaction type must be printed
Transaction type is meant for billing transactions With open balances
Balances need to be maintained for invoices associated with this
transaction type
Freight charges must be allowed
Cash applications to invoices assigned to this transaction type must not exceed the invoice balance due Invoices associated with this transaction type must be accounted for in the General Ledger application.
Revenue GL account 41000 should be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness
Answer:
Explanation:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Transaction Types icon in the Receivables work area.
Click on the Create button.
In the Transaction Typewindow, enter the following information:
Name:XXinvoice
Class:Invoice
Transaction Action:Create
Transaction Source Type:Customer
Print Customer Bills:Yes
Allow Freight Charges:Yes
Allow Cash Applications:Yes
Accounting:
Reference Account:41000
Company Segment:120 Supremo Fitness
Click on the Save button.
The new transaction type will be created and the customer bills associated with this transaction type will be printed. The balances will also be maintained for invoices associated with this transaction type. Freight charges will be allowed and cash applications to invoices assigned to this transaction type must not exceed the invoice balance due. The invoices associated with this transaction type will be accounted for in the General Ledger application. The revenue GL account 41000 will be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness.
Steps to confirm the Oracle Applications Cloud version:
Click on the Settings and Actions menu under your profile in the Oracle Applications Cloud window.
Click on About This Application in the Settings and Actions menu.
Copy the complete version number from the About this Application pop-up in the Oracle Application Cloud window.
Paste the version number in the box below.
Click Confirm.
NEW QUESTION # 74
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 two business units to First Party Configuration with Party Overrides.
- C. Assign one legal entity to Global Configuration and one legal entity to Party Specific Configuration.
- D. Assign the ledger to Global Configuration Owner.
- E. Assign both business units to Global Configuration Owner.
Answer: D
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 [How You Assign Tax Regimes to Parties - Oracle]
NEW QUESTION # 75
Which configuration step is required for processing Collections disputes?
- A. Set "Send Dispute Notice" Option to "Yes" in Collections Preferences.
- B. Define a "Collections" Approval Group as well as a "Billing" Approval Group in the BMP Worklist.
- C. Define Dispute Thresholds in Collections Preferences.
- D. Define Aging Method to be used with disputed transactions.
Answer: C
NEW QUESTION # 76
What is required to register an external user to Bill Management?
- A. a customer account contact with a valid mailing address
- B. a customer account contact with a valid email address
- C. a customer account contact with the responsibility types bill to and ship-to
- D. a customer account contact with a valid mobile number
Answer: C
NEW QUESTION # 77
Where is the summary delinquency data displayed on the Collections Dashboard?
- A. Aging tab
- B. Profile tab
- C. Activity tab
- D. Correspondence tab
Answer: B
NEW QUESTION # 78
When deciding how to set up the system to recognize revenue, it is important to understand the extent of revenue deferral and the subsequent timing of revenue recognition.
Which two statements are true when you consider that recognition depends on the nature of the contingency? (Choose two.)
- A. Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized.
- B. Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized.
- C. Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, or its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before the contingency can be removed and the order can be imported into Receivables for invoicing.
- D. Time-based contingencies must not expire before the contingency can be removed and revenue recognized.
- E. Time-based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet.
Answer: A,C
NEW QUESTION # 79
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:
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 [How You Manage Customer Data Uploads - Oracle]
NEW QUESTION # 80
What are the three drilldown options available in the task pane for Receipt Remittance? (Choose three.)
- A. Create Receipt Remittance Batch
- B. Create Automatic Receipts
- C. Lockbox Transmission History
- D. Manage Receipt Remittance Batches
- E. Correct Funds Transfer Errors
Answer: A,B,D
NEW QUESTION # 81
You are utilizing the "Upload Customer From Spreadsheet" option. What information on the Customer Worksheet must be unique for each customer record?
- A. Customer Number, Customer Account Number, Customer Site Number
- B. Customer Number, Customer Billing Address, Customer Bank Account
- C. Customer Name, Customer Account Number, Customer Site Number
- D. Customer Name, Customer Billing Address, Customer Bank Account
Answer: A
NEW QUESTION # 82
As an implementer. while importing data from a legacy/third-parly system, you forgot to populate the accounting distribution in the RA_INTERFACE_DlSTRIBUTIONS_ALL table. What happens when you run accounting?
- A. Invoice will get created but accounting will not be created.
- B. Neither invoice nor accounting will be created.
- C. It will return an error and the data will be stuck in the interface table.
- D. Invoice will be created and the system will use the AutoAccounting configuration to create accounting.
Answer: D
Explanation:
This is what happens when you run accounting without populating the accounting distribution in the RA_INTERFACE_DISTRIBUTIONS_ALL table. The system will use AutoAccounting to derive the accounting distribution based on your AutoAccounting rules. Verified [How You Import Transactions Using AutoInvoice - Oracle]
NEW QUESTION # 83
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 Invoice
- D. One per Customer
Answer: D
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 [How You Define Receipt Methods - Oracle]
NEW QUESTION # 84
Which setup is required to ensure that the same tax is applied on both intercompany payable and intercompany receivable invoices?
- A. Receiver and provider business units and legal entities must be subscribed to the applicable tax regime on the transaction date.
- B. Intercompany invoicing must be enabled in Payables Invoice Options.
- C. Intercompany invoicing must be enabled in Receivables System Options.
- D. Same tax rate code must be populated in Intercompany System Options for both Payables and Receivables invoices.
Answer: A
NEW QUESTION # 85
When running the delinquency process for a customer, the business unit for which you want to run the process does not appear in the drop-down menu.
Identify the action that you need to take.
- A. Click the Settings button to apply appropriate settings so that the business unit appears in the drop-down menu.
- B. Select the check box to enter the default business unit if it does not appear in the drop-down menu.
- C. Business unit is not a required option on the Parameters tab to run the delinquency process.
- D. Only business units that the user has access to will appear in the list of values. Modify the security options to provide access to the user.
Answer: D
NEW QUESTION # 86
A Billing Specialist runs the Create Automatic Billing Adjustments program to automatically adjust the remaining balance on open invoices, but some of the amounts have exceeded the Billing Specialist's approval limits.
What would be the result?
- A. The program can be run only if the amount is within the Billing Specialist's approval limits.
- B. The program creates the adjustments only for the amounts within the Billing Specialist's approval limits.
- C. The program creates the adjustments with a status of Rejected for the amount that exceeds the Billing Specialist's approval limits.
- D. The program creates the adjustments with a status of Pending Approval for the amount that exceeds the Billing Specialist's approval limits.
Answer: D
NEW QUESTION # 87
Which transactions are included when transactions of specified customers are selected in the Create Balance Forward Billing Program?
- A. transactions have a Bill Type of Imported
- B. transactions that have the Print Option set to Do Not Print
- C. transactions that have the selected payment terms
- D. transactions that were included in a previous Balance Forward Bill
Answer: C
NEW QUESTION # 88
Identify the receivables system option that relates to customers.
- A. Automatic Site Numbering
- B. Reciprocal Customer
- C. Receipt Method
- D. Default Country
Answer: C,D
NEW QUESTION # 89
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 # 90
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