Oracle Financials Cloud: Receivables 2023 Implementation Professional - 1z0-1056-23 Exam Practice Test
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
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
Correct Answer:
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.
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.
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?
How does Receivables establish risk?
Correct Answer: D
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In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?
Correct Answer: C
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Your organization has decided to use the Portal Upload delivery method for some of their customers. You will be using this in place of other options, such as Print Email, or XML to deliver customer invoices.
Which step must be performed in the system to deliver transactions to your customers by using the Portal Upload method?
Which step must be performed in the system to deliver transactions to your customers by using the Portal Upload method?
Correct Answer: E
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