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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.
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The questions for 1Z0-1056-23 were last updated on May 1, 2025.
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After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window.
What are three results of this action?
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 Reference: https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-customer-billing.html#FAOFC-GUID-9E7F8B0A-5F6E-4B6E-AF0B-9C1E5D7D2A8A
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?
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 Reference: [How You Remit Bills Receivable - Oracle]
When entering the Customer import upload spreadsheet, which two columns, if populated with *NULL will remove the existing values on loading?
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 Reference: [How You Manage Customer Data Uploads - Oracle]
After creating Receivables Activities using the General Ledger Rapid Implementation workbook upload process a Receivables Manager wants to review and make changes if required, to the account assignments created for these Receivables Activities.
Which two Receivables Activities DO NOT have account assignments to review and change?
These two receivables activities do not have account assignments to review and change because they are not posted to general ledger. They are used to calculate discount amounts for transactions and receipts. Verified Reference: [How You Define Receivables Activities - Oracle]
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
Log in to Oracle Financials Cloud.
Click on theRemittance Bank Accountsicon in theReceivableswork area.
Click on theCreatebutton.
In theRemittance Bank Accountwindow, 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 theSavebutton.
The new remittance bank account will be created.
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