1z0-1056-23 Oracle Financials Cloud: Receivables 2023 Implementation Professional Questions and Answers

When the Billing Manager clicks the Complete button in the Transactions window, the following results occur:

• The invoice can now be printed or delivered to the customer by the preferred delivery method.
• The invoice is eligible for transfer to the General Ledger and posting to the customer account.
• The payment schedules are created using the payment terms specified on the transaction or customer profile. The other options are not correct because:
• The invoice is not sent for a dunning follow-up until it becomes overdue.
• The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to Yes, not No. Verified References: https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-customer-billing.html#FAOFC-GUID-9E7F8B0A-5F6E-4B6E-AF0B-9C1E5D7D2A8A

• 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 Type window, enter the following information:
• 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.

Version Number: 21A

• 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:
• 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:
• Click on the Save button.

The new balance forward billing payment term will be created.

• 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:
• Click on the Save button.

The new aging method will be created.

• 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:
• Click on the Save button.

The new receipt method will be created.

• 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:
• Click on the Save button.

The new remittance bank account will be created.