Oracle Financials Cloud: Receivables 2016 Implementation Essentials v7.0 (1z0-335)

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Total 165 questions

Identify the different dunning letter versions provided to the customer.

  • A. Final Demand, Soft, Medium
  • B. Regular, Medium, Hard
  • C. Regular, Final Demand, Medium
  • D. Soft, Regular, Hard


Answer : D

What is the impact on transactions if you change the billing cycle for a customer of group of customers?

  • A. New transaction after this change inherit the new billing cycle.
  • B. Existing transactions with activity adapt the; new billing cycle.
  • C. Existing transactions with NO activity retain the old billing cycle.
  • D. The billing cycle does NOT have any impact on new transactions.


Answer : A

The billing Specialist creates an adjustment for an INCORRECT invoice and sends it for approval through the review and Manage Transaction link in the Billing Work Area. Since the adjustment amount is above approval limit, it is routed to the Billing Manager. What is the status of the Adjustment when the approver sees the adjustment in his Work Queue?

  • A. Pending Research
  • B. Pending Approval
  • C. Approval Required
  • D. Waiting Approval


Answer : D

Explanation: When you enter adjustments outside your approval limits for the currency of the item that you are adjusting, Receivables creates the pending adjustment in the Approve
Adjustments form with a status of Waiting Approval. Adjustment with the waiting approval can only be approved by users with the appropriate approval limit of currency of the item you are adjusting.

When a customer opts to make a payment by a credit card, this receipt is identified as a (n)
_____________.

  • A. manual receipt
  • B. automatic receipt
  • C. QuickCash receipt
  • D. Autolockbox receipt
  • E. miscellaneous receipt


Answer : B

Dunning can be configured using ___________.

  • A. only one business unit
  • B. only multiple business units
  • C. both by single business unit or multiple business units
  • D. can NOT be configured by business units


Answer : C

Explanation: Dunning can be configured by one business unit or multiple business units.
Reference: Oracle Fusion Applications Financials Implementation Guide, Dunning

Configuration Set -

An Invoice was billed incorrectly and the Billing Specialist has created an adjustment for the Invoice. The Billing Specialist submitted it for approval but it was rejected by the Billing
Manager.
What is true in this scenario?

  • A. The adjustment is closed and the process is ended without any invoice or accounting impact.
  • B. The adjustment is routed back to the Billing Specialist for further action and is in the More Research status.
  • C. The adjustment is closed and the invoice balance is reduced by the adjustment amount.
  • D. The adjustment is routed back to the Billing Specialist with the Rejected status.


Answer : D

Users can choose to EXCLUDE specific transactions in a Balance Forward Bill. Which statement is true about transaction exclusion?

  • A. Transaction exclusion can be done during creation of the transaction.
  • B. Transaction exclusion for a statement can be done at each transaction level.
  • C. Transaction exclusion can NOT be done during the creation of a transaction.
  • D. Transaction exclusion for a statement can be done at the individual transaction as well as the transaction group level.


Answer : B

Explanation:
Note:
* The Override terms option makes available to transactions non-balance forward payment terms and the one balance forward billing payment terms you defined in the previous step.
This lets you exclude individual transactions from balance forward billing by assigning the transaction non-balance forward payment terms.
* If the Override Terms option on the customer profile is set to Yes, then you can remove transactions from the bill by assigning these transactions non-balance forward billing payment terms.
These transactions are excluded from the next run of the balance forward bill. Instead an individual document is printed for each of these transactions.

The Receipts Pending Application region in the Receivables Dashboard provides
Information about which two Items?

  • A. Receipt Status
  • B. Batch type
  • C. Control Amount
  • D. Receipt Date
  • E. Amount


Answer : D,E

Explanation:
Note:
* What is the total open receivables amount?
This is the amount per currency of the amount in the Total Transaction Due Amount column less the amount in the Receipts Pending Application Amount column. This amount provides the current receivables position of a customer account.

Tables for the Customer Master are owned by ____________.

  • A. Oracle Fusion Receivables
  • B. Oracle Fusion Distributed Order Orchestration
  • C. Oracle Fusion Trading Community Architecture
  • D. Oracle Fusion Customer Relationship Management


Answer : B

Explanation:
Note: During order processing, the order is created in the order capture system and sent to
Distributed Order Orchestration, along with customer data. If the customer already exists in the Fusion customer master, then Distributed Order Orchestration uses a cross-reference to obtain the master customer record and the customer ID for the intended order fulfillment system. Then the decomposed order is sent, along with the customer ID and necessary attributes from the master.
Note: Oracles latest release of Customer Hub (formerly Universal Customer Master) is
Release 8.2. It includes Data Governance Manager, DRM for Customer Hub (customer analytical MDM and advanced hierarchy management), MDM analytics (OBIEE maps and dashboard), and enhanced stewardship, with a rules engine and household survivorship.

For refund requests, Autoinvoice automatically places the on-account amount of a refund request if ____________ and ____________.

  • A. the receipt to be refunded has NOT yet been remitted
  • B. receipts with different payment types were used to pay the same transaction to be credited
  • C. installments that existed on the transaction were fully paid
  • D. the receipt does NOT have on account credit memo against it


Answer : C,D

Explanation:
D: You can only use automated receipt handling for credits with approved credit memos.
Note:
During AutoInvoice import, the process flow for automated receipt handling for credits is as follows:
-> AutoInvoice verifies that the transaction source assigned to the credit memo has automated receipt handling enabled.
-> AutoInvoice evaluates each credit memo and its associated transaction to determine eligibility for automatic receipt handling. To be eligible:
-> If eligible, then AutoInvoice unapplies the paid transaction from the receipt to be credited.
-> AutoInvoice creates the credit memo in the amount of the requested credit, and applies the credit to the transaction.
-> If your policy is to automatically refund your customers, then AutoInvoice evaluates the receipt for refund eligibility. To be eligible, the receipt must not be in doubt.
-> If eligible for refund, AutoInvoice creates the refund for all credit request amounts that are greater than or equal to the value entered in the Minimum Refund
Amount system option.
AutoInvoice places on account any credit amount that is less than the specified minimum.
-> AutoInvoice applies the appropriate receivable activity to the receipt, as determined by the transaction source.
Reference: Automated Receipt Handling for Credits: How It Works

When reversing a receipt, if an adjustment or chargeback exists, how are the off-setting adjustments created?

  • A. Manually using the Adjustment Reversal
  • B. Manually using Chargeback Reversal activities
  • C. Automatically using the Adjustment Reversal and Chargeback Reversal activities
  • D. Automatically, but WITHOUT using the Adjustment Reversal and Chargeback Reversal activities
  • E. Manually, but WITHOUT using Adjustment Reversal and Chargeback Reversal activities


Answer : C

Explanation: When you reverse a receipt, if an adjustment or chargeback exists,
Receivables automatically generates off-setting adjustments using the Adjustment
Reversal and Chargeback Reversal activities.
Reference: Using Receivables Activity Types

When you move revenue on an invoice line from an unearned account to an earned revenue account. Receivables________

  • A. removes the Invoice line revenue contingencies
  • B. leaves the Invoice line revenue contingencies until Reconcile Revenue Contingencies is run
  • C. leaves the invoice line revenue contingencies until Automatic Revenue Recognition is run
  • D. removes the pending sales credits


Answer : A

Which two statements are true about creating and clearing receipts for bills receivable remittances?

  • A. For standard remittances, Receivables updates the status of the bills receivable to Closed by running the close Matured bills receivable program to create receipts and apply them to the bills receivable, either at the maturity date plus the number of collection days or at the remittance date plus the number of collection days, whichever is later.
  • B. For bills receivables that factored with recourse, the receipt is applied to short-term debt and the status of the bill is updated to paid.
  • C. For factored remittances, receivables creates a receipt when a remittance is submitted.
  • D. For bills receivables that factored without recourse, the receipt is applied is applied to the bills receivable upon remittance and the status of the bill is updated to Closed.
  • E. For factored remittances with the automatic clearing method, run the Automatic clearing program to clear receipts on the receipt date plus the number of collection days.
  • F. For standard remittances, Receivables updates the status of the bills receivable to Remitted by running the close Matured bills receivable program to create receipts and apply them to the bills receivable, either at the maturity date plus the number of collection days or at the remittance date plus the number of collection days, whichever is later.


Answer : A,C

Explanation:
https://docs.oracle.com/cloud/latest/financialscs_gs/FAOFC/FAOFC1479830.htm
Receivables creates a receipt for each bill receivable that is remitted to the bank. The bills receivable remittance receipt method for the remittance batch determines when a receipt is created. You create a receipt to record the accounting event of the expected funds transfer.
The receipt creation process differs for standard and factored remittances:
-> Standard remittances: Run the Close Matured Bills Receivable program to create receipts and apply them to bills receivable, either at the maturity date plus the number of collection days or at the remittance date plus the number of collection days, whichever is later. Receivables updates the status of the bill receivable to
Closed when the receipt is applied to the bill receivable.
-> Factored remittances: Receivables creates a receipt when a remittance is approved. For bills receivable that are factored with recourse, the receipt is applied to short term debt and the status of the bill is updated to Remitted. For bills receivable factored without recourse, the receipt is applied to the bill receivable upon remittance and the status of the bill is updated to Closed.

Oracle has seeded out of the box printing templates defined for each transaction class.
How many pre-seeded templates are available?

  • A. 4
  • B. 6
  • C. 5
  • D. 8


Answer : A

Which option must be set up in order to adjust an invoice and enter an amount greater than the balance due?

  • A. Set the Allow Overapplication on receivables activity to Yes.
  • B. Set the Allow Overapplication on transaction type to Yes.
  • C. You can NOT enter on amount, greater than the balance due.
  • D. Set the Allow Overapplication on the profile options to Yes.


Answer : B

Explanation: The Overapplication rule is always the last rule in an application rule set.
This rule applies any remaining receipt amount after the balance due for all charges has been reduced to zero.
If the transaction type for the debit item allows overapplication, Receivables applies the remaining amount to the lines, making the balance due negative. If the transaction type for the debit item does not allow overapplication, you can either place the remaining amount on-account or leave it unapplied.
Reference:
Oracle Fusion Applications Financials Implementation Guide, Overapplication Rule

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Total 165 questions