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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 Apr 19, 2026.
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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]
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
Log in to Oracle Financials Cloud.
Click on theReceipt Methodsicon in theReceivableswork area.
Click on theCreatebutton.
In theReceipt Methodwindow, 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 theSavebutton.
The new receipt method will be created.
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:
Create Balance Forward Billing Cycle, where:
Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.)
Bills are generated every day
Cycle is effective as Of January 1,2023
Log in to Oracle Financials Cloud.
Click on theBalance Forward Billingicon in theReceivableswork area.
Click on theCyclestab.
Click on theCreatebutton.
In theBalance Forward Billing Cyclewindow, enter the following information:
Name:XXCycle (Replace XX with your allocated user ID.)
Billing Frequency:Daily
Effective Date:January 1, 2023
Click on theSavebutton.
The new balance forward billing cycle will be created.
To create a Balance Forward Billing Payment Term:
Click on thePayment Termstab.
Click on theCreatebutton.
In theBalance Forward Billing Payment Termwindow, enter the following information:
Name:XXPaymentTerm (Replace XX with your allocated user ID.)
Billing Cycle:XXCycle (The cycle that you created in the previous step.)
Due Date:Next Business Day
Overdue Days:30
Click on theSavebutton.
The new balance forward billing payment term will be created.
Manage Transaction Types
Scenario
A US based company acquired on January 1. 2023. requires Supremo US Business Unit to capture invoices in Oracle Financials Cloud.
Task:
Define a new Transaction Type for the class invoice, where:
Name of the transaction type is XXinvoice (Replace XX with 03.
which is your allocated User ID.)
Customer bills assigned to this transaction type must be printed
Transaction type is meant for billing transactions With open balances
Balances need to be maintained for invoices associated with this
transaction type
Freight charges must be allowed
Cash applications to invoices assigned to this transaction type must not exceed the invoice balance due
Invoices associated with this transaction type must be accounted for in the General Ledger application.
Revenue GL account 41000 should be assigned as a reference account for the business unit in question and the company segment must be 120 Supremo Fitness
Log in to Oracle Financials Cloud.
Click on theTransaction Typesicon in theReceivableswork area.
Click on theCreatebutton.
In theTransaction Typewindow, enter the following information:
Name:XXinvoice
Class:Invoice
Transaction Action:Create
Transaction Source Type:Customer
Print Customer Bills:Yes
Allow Freight Charges:Yes
Allow Cash Applications:Yes
Accounting:
Reference Account:41000
Company Segment:120 Supremo Fitness
Click on theSavebutton.
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 theSettings and Actionsmenu under your profile in the Oracle Applications Cloud window.
Click onAbout This Applicationin the Settings and Actions menu.
Copy the complete version number from theAbout this Applicationpop-up in the Oracle Application Cloud window.
Paste the version number in the box below.
ClickConfirm.
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
Log in to Oracle Financials Cloud.
Click on theAging Methodsicon in theReceivableswork area.
Click on theCreatebutton.
In theAging Methodwindow, 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 theSavebutton.
The new aging method will be created.
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