Oracle Financials Cloud: Receivables 2023 Implementation Professional Questions and Answers
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
Manage Collectors
Scenario:
You are responsible for defining a new collector. who will perform collection activities across multiple business units.
Task:
Create a new Collector. where:
- Name of the collector is (Replace XX with 03. which is your allocated User ID.)
- Collector must be available to all business units.
- Collector maps to employee FASXX Student (Replace xx with 03, which is your allocated User ID.)
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
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
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 a manual Receipt Class, where:
- Name of the new receipt class is XXReceipt Class (Replace XX with 03, which is your allocated User ID.)
- Receipts using this new receipt class will not be remitted
- Organization will use Cash Management to clear their receipts
After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window.
What are three results of this action?
When deciding how to set up the system to recognize revenue, it is important to understand the extent of revenue deferral and the subsequent timing of revenue recognition.
Which two statements are true when you consider that recognition depends on the nature of the contingency?
When entering the Customer import upload spreadsheet, which two columns, if populated with *NULL will remove the existing values on loading?
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?
