Oracle Financials Cloud: Receivables 2024 Implementation Professional - 1Z0-1056-24 FREE EXAM DUMPS QUESTIONS & ANSWERS
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
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
Correct Answer:
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.
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.
Which three actions can be performed in the Collections Work Area, which will have an impact on the collection process?
Correct Answer: A,C,E
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Your client processes many customer refunds on a regular basis and would like to have information about recent refunds (including their status) for analytical purposes.
What should you do to meet this requirement in an efficient manner?
What should you do to meet this requirement in an efficient manner?
Correct Answer: C
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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?
When assigning the tax regime to parties, what should you do to share all setup for Tax?
Correct Answer: A
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Explanation: Only visible for FreeCram members. You can sign-up / login (it's free).
Which configuration step is required for processing Collections disputes?
Correct Answer: B
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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?
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?
Correct Answer: A,C,E
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Explanation: Only visible for FreeCram members. You can sign-up / login (it's free).
One of the customers pays its bills electronically from their bank account (Direct debit).
Which process do you need to run in Receivables to initiate the transfer of funds from their bank account to your organization's bank account?
Which process do you need to run in Receivables to initiate the transfer of funds from their bank account to your organization's bank account?
Correct Answer: A
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If the Contract Identification Rules that you defined for your customer did not group the source data into customer contracts as expected, how would you resolve the issue?
Correct Answer: A
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