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Oracle 1z0-1056-23 Exam Syllabus Topics:
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NEW QUESTION # 19
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 # 20
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. Invoice will be created and the system will use the AutoAccounting configuration to create accounting.
- D. It will return an error and the data will be stuck in the interface table.
Answer: C
Explanation:
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 References: [How You Import Transactions Using AutoInvoice - Oracle]
NEW QUESTION # 21
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 # 22
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
Answer:
Explanation:
See the explanation below for solution.
Explanation
* Log in to Oracle Financials Cloud.
* Click on the Aging Methods icon in the Receivables work area.
* Click on the Create button.
* In the Aging Method window, 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 the Save button.
The new aging method will be created.
NEW QUESTION # 23
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?
- A. 0
- B. 1
- C. 2
- D. 3
- E. 4
Answer: A
Explanation:
Explanation
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 References: [How You Manage Revenue Recognition - Oracle]
NEW QUESTION # 24
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 # 25
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 # 26
Which flexfields does Autolnvoice require to identify transactions and transaction lines, if you load the interface using a customized form?
- A. Line-level transaction flexfield. Header-level transaction flexfield. and Link to transaction flexfield
- B. Line-level transaction flexfield and Header-level transaction flexfield
- C. Line-level transaction flexfield. Header-level transaction flexfield. and Reference flexfield
- D. Line-level transaction flexfield, Invoice transaction flexfield. Reference flexfield. and Link to transaction flexfield
Answer: B
Explanation:
Explanation
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 References: [How You Define AutoInvoice Grouping Rules - Oracle]
NEW QUESTION # 27
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 # 28
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 # 29
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?
- A. By generating a bills receivables adjustment
- B. By creating an on-account credit memo
- C. By recording an entry to the Remitted Bills Receivable account
- D. By recording short-term debt
Answer: C
Explanation:
Explanation
When you approve a remittance batch of type Factored with Recourse, Receivables creates a receipt and records an entry to the Remitted Bills Receivable account to establish risk. This entry reduces the balance of the Bills Receivable account and increases the balance of the Remitted Bills Receivable account. Verified References: [How You Remit Bills Receivable - Oracle]
NEW QUESTION # 30
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 # 31
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?
- A. DaysLate
- B. Not Applicable
- C. Time
- D. Days Early
Answer: A
Explanation:
Explanation
This is the condition that must be set for the transaction level when defining a new strategy task by transaction type. DaysLate is the number of days that a transaction is past due. You can use this condition to execute strategies based on how overdue a transaction is. Verified References: [How You Define Strategy Tasks by Transaction Type - Oracle]
NEW QUESTION # 32
While reviewing Balance Forward Bill Infertile on the Account Overview page m Bill Management, you notice that it is only displaying balance forward Mis raised in the last month.
How can you increase the number of months to view past balance forward bills?
- A. Use Bill Management System Options
- B. Add the number of months as a value for the BILL.MANAGEMENT lookup code
- C. Use the threshold view of Balance Forward Bill Infotile
- D. Use Receivables System Options
Answer: A
Explanation:
Explanation
You can use Bill Management System Options to increase the number of months to view past balance forward bills on the Account Overview page in Bill Management. You can set the value for the Number of Months for Balance Forward Bill Infotile Profile Option. Verified References: [How You Manage Balance Forward Billing - Oracle]
NEW QUESTION # 33
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