Oracle Financials Cloud: Receivables 2023 Implementation Professional - 1z0-1056-23 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:
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
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
Correct Answer:
See the explanation below for solution.
Explanation
* 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:
* 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 the Save button.
The new receipt method will be created.
Explanation
* 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:
* 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 the Save button.
The new receipt method will be created.
it has been decided that when processing customer payments using lockbox one customer can pay for another customer's transaction.
Which two steps will help achieve this?
Which two steps will help achieve this?
Correct Answer: B,E
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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?
How does Receivables establish risk?
Correct Answer: B
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In Collections, strategies can be executed based on the wait times defined on a strategy task. When the feature is enabled, you can also assign wait times for strategies based on their transaction type. Which condition must be set for the transaction level when defining a new strategy task by transaction type?
Correct Answer: D
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