Format: Multiple Choice
Duration: 90 Minutes
Number of Questions: 58
Passing Score: 64%
Validation: This exam has been validated against 22A/22B
Policy: Cloud Recertification
Earn associated certifications
Passing this exam is required to earn these certifications. Select each certification title below to view full requirements.
Oracle Financials Cloud: Receivables 2022 Certified Implementation Professional
Prepare to pass exam: 1Z0-1056-22
An Oracle Financials Cloud: Receivables 2022 Certified Implementation Professional has demonstrated the knowledge and skills required to Implement Oracle Cloud Financials Receivables. Individuals who earn this certification are able to Configure Receivables, Manage Customer Billing, Process Customer Payments, Manage Bills, Report and Configure Advanced Collections.
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Additional Preparation and Information
A combination of Oracle training and hands-on experience (attained via labs and/or field experience), in the learning subscription, provides the best preparation for passing the exam.
Review exam topics
Configuring Common Receivables
Configure Receivables Using Rapid Implementation
Configure Receivables
Configure Tax
Configure Sub Ledger Accounting
Configure & Import Customers
Configure Cash Management
Configure Integration with Other Applications
Configuring Customer Billing
Manage Auto-Invoicing
Manage Auto-Accounting
Manage Transaction types, Transaction sources, Items and Memo lines
Manage Resources ,Salesperson, Sales credits and Salesperson account references
Configure Revenue for Receivables
Configuring Customer Payments
Manage Customer Receipts
Manage Lockbox
Manage Automatic Receipts & Funds Capture
Managing Customer Billing
Create and Process Transactions
Manage the Auto-Invoice Process
Manage Transaction Printing
Calculate Transactional Tax
Processing Customer Payments
Create and Process Receipts
Create & Process Bills Receivables Remittances
Create & Process Receipt Exceptions
Bill Management
Configure and Use Oracle Bill Management
Reporting for Account Receivables & Advanced Collections
Report with Oracle Transactional Business Intelligence (OTBI)
Report with Business Intelligence Publisher (BIP)
Manage Account Receivables Reconciliation
Configuring and Using Advanced Collections
Configure Advanced Collections
Designing and Using Scoring Strategies
Managing Collections Work
QUESTION 1
Your customer has three sites defined in the system, site 1, site 2, and site 3. All sites have their own
billing strategy defined and Balance Forward Billing is enabled for site 1 and Site 2 at the account level.
How will bills be generated?
A. Sites 1, 2, and 3 activities will be included in a single bill.
B. Sites 2 and 3 activities will be included in a single bill.
C. Sites 1 and 2 activities will be included in a single bill.
D. Sites 1 and 3 activities will be included in a single bill.
Answer: C
QUESTION 2
You have created two transactions with a 30-day payment term. The first transaction is on January
29, 2015 and the second transaction is on January 31, 2015. The invoice date is the same as the
system date. Both transactions are assigned an unsigned receipt method that has the lead days set to
60, number of bills receivable rule set to one per customer, and the bills receivable maturity date rule set to latest.
Which statement is true when the create bills receivable batch is processed for a customer on January 31, 2015?
A. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 2, 2015.
B. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as February 28, 2015.
C. A Bills Receivable is created with the issue date as January 31, 2015 and the maturity date as March 30, 2015.
D. Two Bills Receivable transactions are created with maturity dates as March 30, 2015 and April 1, 2015.
E. Two Bills Receivable transactions are created with the issue dates as January 29, 2015 and January 31, 2015.
F. Two Bills Receivable transactions are created with the issue date and accounting date as January 29, 2015 and January 31, 2015, respectively.
Answer: D
QUESTION 3
You are not able to initiate a bankruptcy request at the customer site level on behalf of a customer.
Which two conditions are failing? (Choose two.)
A. Preferences must be enabled and Enable Bankruptcy must be set to Yes for the customer.
B. The Collections Administrator creates a bankruptcy request in the Customer Relationship
Management (CRM) application and a collector should have the Collection Manager and Customer
Profile Administrator roles assigned.
C. Preferences must be enabled and Enable Bankruptcy must be set to Yes in Manage Collections
Preferences in the Functional Setup Manager for Advanced Collections.
D. The Collections Manager creates a bankruptcy request in the Customer Relationship Management
(CRM) application and a collector should be configured as a resource.
E. Bankruptcy must be applied at the customer level, which includes all transactions at the customer,
account, and Site levels.
F. The customer does not have the default strategy and default collector assigned at the customer
account and site level.
Answer: B,C
QUESTION 4
Identify three activities that you can perform from the Collections Dashboard. (Choose three.)
A. Verify Customer Payments.
B. Assign a Collector to a delinquent customer.
C. View the Total Amount Due for delinquent customers.
D. Record an activity to create a task or tasks to follow up on a delinquent customer.
E. Update the work status of a work item for a delinquent customer.
Answer: B,D,E
QUESTION 5
You have created a sales invoice for $900 USD with an item line of $750 USD and a tax rate of 20%.
The customer has made a payment of $500 USD and you are required to process the cash application
to apply the $500 USD to the item line and $0 USD to tax.
How would you achieve this?
A. Set the credit classification revenue recognition policy to look for Line First and Tax Later.
B. Create a Memo Line or receivable activity to have the check box selected for Apply Item Line First.
C. Set Application Rule Set to Line First–Tax After at the transaction type level and/or a default value
at system options.
D. Set Application Rule Set to Line First–Tax After at the transaction source level and/or a default
value at the receipt method.
E. Set the payment terms revenue recognition policy to look for Line First and Tax Later.
Answer: C