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Most Recent Oracle 1Z0-1056-23 Exam Dumps
Prepare for the Oracle Financials Cloud: Receivables 2023 Implementation Professional exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.
QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the Oracle 1Z0-1056-23 exam and achieve success.
The questions for 1Z0-1056-23 were last updated on Mar 30, 2025.
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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
Log in to Oracle Financials Cloud.
Click on thePayment Termsicon in theReceivableswork area.
Click on theCreatebutton.
In thePayment Termswindow, 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 theSavebutton.
The new balance forward payment terms will be created.
To make the payment terms accessible to all business units:
Click on theBusiness Unitstab.
Select the check box next toAll Business Units.
Click on theSavebutton.
The payment terms will now be accessible to all business units.
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?
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 Reference: [How You Manage Revenue Recognition - Oracle]
You are asked to amend subledger accounting and reporting to include origin and history of Receivable transactions.
Which three event attributes should be used?
These are the three event attributes that can be used to identify the origin and history of Receivable transactions. They capture the information about the changes made to the transactions, such as the transaction number, the type of update (create, update, delete), and the date of the last update. Verified Reference: [How You Define Event Attributes - Oracle]
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?
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 Reference: [How You Manage Balance Forward Billing - Oracle]
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?
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 Reference: [How You Reconcile Receivables to General Ledger - Oracle]
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