Oracle Exam Questions 1z0-335 Oracle Financials Cloud: Receivables 2016 Implementation Essentials
1. What are the three steps required to implement the Lockbox feature? A. Set up Receipt Sources. B. Set up Receipt Classes and Receipt Methods. C. Set up Lockbox and Lockbox Transmission Formats. D. Set up late charges. E. Set up credit card refunds. Answer: A,C,E Explanation: A: You only use receipt sources with receipt and remittance batches. This includes automatic receipt batches, lockbox receipts, and receipts created via spreadsheet. C: Enter the lockbox transmission field types to use to identify the characteristics of each lockbox transmission record type. You specify the size, order, and format of each transmission record. The lockbox transmission program only validates the fields that you define in your transmission format. The transmission format must be fully compatible with how you organize data in your lockbox file. E: Use an application exception rule set to manage remaining amounts after lockbox processing. After lockbox processes and applies receipts, the AutoApply process uses the application exception rule set to determine how to manage over and under payments: If there is an overpayment, the application exception rule indicates whether to refund the amount to the customer, place the amount on account, write off the amount, or leave the amount unapplied. If there is an underpayment, the application exception rule indicates whether to allow write off of the remaining open balance amount on the transaction. Note: Use lockbox to create receipts in Oracle Fusion Receivables from data supplied by your remittance bank and apply receipts to customer transactions. The lockbox process has three steps: Import Data: Lockbox reads and formats the data from your bank file into the interim table using an SQL*Loader script. Validate Data: Receivables validates the data in the interim table for compatibility, then transfers the data to the receipts tables. Post Receipts: Apply receipts and update customer balances. Reference: Fusion Applications help, Lockbox Transmission Format Field Types 2. What three Work Areas are used to review and manage actionable items before the closing period? A. The Billing Work Area for invoicing and adjustment approval related activities B. The Receivables Balances Work Area for customer payment and credit application processing C. The Revenue Adjustments Work Area for contingencies affecting revenue recognition D. The Receivables Balances Work Area for invoicing and adjustment approval related activities. E. The Revenue Adjustments Work Area for customer payment and credit application processing. Answer: A,B,C Explanation: A: Use the Billing workarea to perform tasks related to customer billing activities. Monitor and review incomplete transactions, and approve and research pending adjustments. Use AutoInvoice to import transactions from other systems and generate invoices and credit memos automatically according to your requirements. You can easily review and correct AutoInvoice import errors and resubmit AutoInvoice. Create new invoices, debit memos, credit memos, and on-account credit memos. Perform related activities to manage your transactions: update, duplicate, credit, adjust, dispute, and preview a transaction. You can also create a new customer record and manage existing customers from the Billing workarea. B: Use the Receivables Balances workarea to perform tasks related to customer payment activities and the management of accounts receivable balances. Review actionable items, including open receipts and receipt batches, unapplied and on-account receipts and credit memos, receipt remittance batches, and funds transfer errors. C: Revenue Management Workarea Use the Revenue Management workarea to perform tasks related to revenue recognition and revenue adjustments Reference: Oracle Fusion Receivables: Overview 3. Your client s legacy system uses a hierarchical parent/child relationship to organize customer information because a single customer may have more than one bank account or payment method. Does this prevent you from using the Oracle Fusion Trading community Model import program? A. The use of parent, child, and grandchild table hierarchies is allowed only in Account Payable, not Account Receivable. B. No; the program contains parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information.
C. Yes; the program specifically prohibits parent, child, and grandchild table hierarchies to represent the hierarchy of data in the customer information. D. The program allows table hierarchies for customer bank accounts, but not for other customer information. E. The program allows the use of parent, child and grandchild table hierarchies, but it requires multiple customer master records for each customer within the hierarchy. Answer: E 4. An invoice was created with unit price error on one invoice item. What is the next step you perform form the Billing Work Area to correct this error? A. Click the Create Transaction link on the task pane and create a new transaction with the right unit price. B. Click the Credit Transaction link on the task pane and create a credit memo for the transaction. C. Click the Manage Transaction link on the task pane and create a credit memo for the transaction. D. Click the Manage Adjustments link on the task pane and create an adjustment against the transaction. Answer: B Explanation: Note: How can I credit only part of the balance due on a transaction? Use the Transaction Amounts region of the Credit Transaction page to enter a partial credit amount or percentage on line, tax or freight. The amount or percentage entered is prorated across all respective lines of the credit memo. 5. Which are the two interface tables that transaction data will be imported to when using the Autoinvoice Feature? A. AR_INTERFACE_CONTS_ALL B. AR_INTERFACE_CONT_ALL C. RA_INTERFACE_SALES_ALL D. RA_INTERFACE_DISTRIBUTIONS_ALL E. RA_INTERFACE_DIST_ALL Answer: C,D Explanation: Note: AutoInvoice Gather Statistics Allowed: If you set this profile option to Yes, then when you submit AutoInvoice, the program first analyzes the interface tables (RA_INTERFACE_LINES_ALL, RA_INTERFACE_DISTRIBUTIONS_ALL, and RA_INTERFACE SALESCREDITS_ALL) and gathers statistics to determine how best to execute the transaction import. 6. Which three scenarios require a debit memo reversal? A. To reverse a miscellaneous receipt B. To reverse a receipt that has a chargeback with an adjustment against it C. To reverse a receipt with remitted credit card refund application D. To reverse Receipt A that was applied to Receipt B and where the reversal draws balance of Receipt B positive E. To reverse Receipt A that was applied to Receipt B and reversal would draw balance of Receipt B negative Answer: B,C,E Explanation: You must create a debit memo reversal under each of these circumstances: * (B) You are reversing a receipt from which you have created a chargeback, and this chargeback has had activity against it, such as another receipt, a credit memo, or an adjustment. * (C) You are reversing a receipt with a remitted credit card refund application. * (E) You are reversing a receipt (Receipt A) that was applied to another receipt (Receipt B), if the reversal would draw the balance of Receipt B negative. Reference: Fusion Applications Help, Debit Memo Reversals: Points to Consider 7. When running the delinquency process for a customer, the business unit for which you want to run the process is NOT appearing in the drop down menu. Identify the action you need to take. A. Click on the Settings button to apply the appropriate settings so that the business unit appears in the chop down menu.
B. Click the check box to enter the default business unit if it is NOT appearing in the drop down menu. C. Only the business units the user has access to will appear in the list of values. Modify the security options to provide access to the user. D. The business unit is NOT a required option In the Parameters tab to run the delinquency process. Answer: C 8. You have completed the period-end activities and have set the receivables period to Close Pending. Now you need to make further adjustments. What is the correct approach? A. The receivables accounting period can be re-opened when the period status is Close Pending, and last minute adjustments can be made. B. Once the receivables accounting period is set to Close Pending, it can NOT be re- opened, and NO further adjustments can be made. C. Adjustments can be made even if the receivables accounting period is set to Close Pending. D. Adjustments can be made anytime regardless of the receivables accounting period value. Answer: A Explanation: status of periods: Closed: Journal entry, posting, and transaction entry are not allowed unless the accounting period is reopened. Receivables verifies that there are no unposted items in this period. Receivables does not let you close a period that contains unposted items. Close Pending: Similar to Closed, but does not validate for Unposted items. Journal entry, posting, and transaction entry are not allowed unless the accounting period is reopened. Future: This period is not yet open, but you can enter transactions in this period. However, you cannot post in this period until you open it. Not Opened: This period has never been opened and journal entry and posting are not allowed. Open: Journal entry and posting are allowed. 9. What are the three validation steps required for implementing dispute processing? A. Transaction types are set up with appropriate Credit Memo types. B. Periods for which the transaction can be disputed are Open. C. The Document Sequencing required is set up. D. BPM Work List for approval configuration is validated. E. The Recognize Revenue program is scheduled. Answer: A,B,D Explanation: Note: * Processing a collections dispute allows the collector to record and request a dispute based on various sections of the customer's transaction. The dispute process allows the collector to select a transaction, along with the appropriate section and reason for the dispute, then submit the dispute for processing. The dispute is forwarded to the appropriate levels of approval in the BPM Worklist Credit Memo Request Approval process. If the dispute is approved, the appropriate credit memo is created automatically. You can only submit one dispute at a time. * AutoReceipts include dispute items option: Use this option on the customer or site profile to determine whether to include open items in dispute during transaction selection Reference: Oracle Fusion Applications Order Fulfillment, Receivables, Payments, Cash, and Collections Guide, Processing Disputes: Overview 10. Which two determinant types are used in reference data assignment? A. Business Unit B. Account Segment C. Project Segment D. Project Unit. Answer: A,D Explanation: Determinant TypesThe partitioned reference data is shared using a business context setting called the determinant type. A determinant type is the point of reference used in the data assignment process. The following table lists the determinant types used in the reference data assignment. Determinant Type Description
Asset Book Information about the acquisition, depreciation, and retirement of an asset that belongs to a ledger or a business unit. Business Unit The departments or organizations within an enterprise. Cost Organization The organization used for cost accounting and reporting on various inventory and cost centers within an enterprise. Project Unit A logical organization within an enterprise that is responsible for enforcing consistent project management practices. Reference Data Set References to other shared reference data sets. https://docs.oracle.com/cloud/latest/financialscs_gs/faigl/faigl1493157.htm#faigl194 553 11. Which transaction will be included when selecting transactions of specified customers in the Create Balance Forward Billing Program? A. Transactions that have a Bill Type of Imported B. Transactions that were included on a previous Balance Forward Bill C. Transactions that have the selected payment terms D. Transactions that have the Print Option set to Do Not Print Answer: C Explanation: In the Trans and Customers Tab, check Show Billing Number. Once done, create a transaction with the same customer. The important point to note here is to have the transaction with the same Payment Term. The payment term should be the one attached with the Billing Cycle. Also, ensure that the transaction has the Print option (More tab) set to Print. The transactions marked with Do Not Print are not included in the Balance Forward Billing program. Incorrect: D: The transactions marked with 'Do Not Print' are not included in the Balance Forward Billing program 12. Identify two late charge interest calculation methods. A. Average Daily Balance B. Overdue Transactions C. Adjusted Balance D. Previous Balance Answer: A,B Explanation: Interest Calculation Methods You select the calculation method in the Late Charge Calculation Method field in the Credit Limits and Late Charges tab of the Customer Profile Class pages, or on the applicable customer or customer site profile. The interest calculation methods are: Average Daily Balance: Calculate late charges based on the average daily balance of overdue invoices. This method is for balance forward bills only. Late Payments Only: Calculate late charges based on the number of days between the payment due date and the actual payment date. This method uses the paid amount as the overdue invoice amount when calculating the late charge. Overdue Transactions Only: Calculate late charges for transactions based on the number of days a payment is late when you submit the Create Late Charges program. Overdue Transactions and Late Payments: Calculate late charges on both overdue transactions and late payments. This option levies the largest late charge amount on a customer. Reference: Late Charge Interest Calculation Methods: Explained 13. A few transactions have resulted in an error during the Autoinvoice import process. What should use to correct these transactions? A. Manage Transactions B. File Based Data import C. ADFDI
D. Incomplete Transactions Answer: A 14. You can click the manager Invoice Lines from the Billing Work Area to find Autoinvoice Exceptions. What parameters are used to summarize the exceptions for review? A. Business Unit, Transaction Type, Invoice Date, Currency B. Business Unit, Customer Name, Transaction Source, Total Amount C. Business Unit, Transaction Source, Creation Date, Currency D. Business Unit, Transaction Source, Transaction Type, Creation Date Answer: C Explanation: Reference: Fusion Applications Help, AutoInvoice Interface Table RA_INTERFACE_LINES_ALL Note 1: AutoInvoice Exception Handling Records that fail validation are called Exceptions Exceptions stay in Interface Tables which is RA_INTERFACE_ERRORS_ALL Errors can be corrected in the Exception Handling window Once corrections are made, Auto invoice must be resubmitted Records that pass validation get transferred to Receivables tables Note 2: Auto Invoice is a tool that can be used to import and validate transaction data from other financial systems from which one can create invoices, debit memos, credit memos, and on-account credits. It rejects transactions with invalid information to insure the integrity of the data 15. Which statement is TRUE regarding Time Zone Derivation Rules for Transactions? A. Time zone conversion applies to the transaction date and adjustment date and NOT the accounting date on transactions. B. Time zone is derived from the legal entity associated ONLY lo the default, business unit of the transaction. C. If there is a legal entity associated with the business unit used on the transaction, then the system date is used. D. Time zone rules apply to invoices, credit memos, on account credit memos, debit memos, chargebacks, and adjustments. Answer: D Explanation: Reference: Fusion Applications Help, Legal Entity Time Zones in Receivables: Explained 16. When discussing the Receivables, to ledger Reconciliation Report with your customer, you are asked a number of questions about how to run the report. Which statement is true? A. You can select only a Closed accounting period. B. You can include of exclude Intercompany transactions, or you can reconcile by Intercompany activity only. C. You cannot exclude on-account activities, unapplied receipts, and unidentified receipts. D. You can exclude unidentified receipts, but you cannot exclude on-account activities and unapplied receipts. Answer: B 17. What two items are required for customer invoicing? A. Lockbox B. Customers C. Remit-to address D. Customer Profile Classes Answer: B,C Explanation: B: A customer is a party, either an organization or a person, with whom you have a selling relationship. This selling relationship can result, for example, from the purchase of products and services or from the negotiation of terms and conditions that provide the basis for future purchases. You create customers to properly record and account for sales transactions, as well as to identify other attributes of the selling relationship. Recording a sales transaction requires that a customer, stored as a party in Oracle Fusion Trading Community Model, has both an account and an account site with a bill-to purpose. C: The remit-to address lets your customers know where to send payment for their open debit items. After you create a remit-to address, you can assign it to the bill-to addresses of the customers and customer sites that you designate by country and, if applicable, by region and postal code range. During the import process, AutoInvoice rejects all invoices for which it cannot determine a remit-to address. In order for AutoInvoice to import an invoice, you must
either define a remit-to address for the geographical location of each applicable bill-to site or define a remit-to address to use as default for one or more locations. 18. Select the valid setup that creates the revenue account distribution in the case of a debit memo reversal. A. Auto Accounting Rule for revenue line type B. Revenue Account Specified in Debit Memo transaction type C. Cash account on the receipt D. Revenue account of the original transaction to which the receipt is applied Answer: C Explanation: Reference: Debit Memo Reversals: Points to Consider, Accounting for Debit Memo Reversals 19. Where are the alerts and approvals displayed in the Collection Work Area? A. Delinquent Customer List Region B. Activities List C. Watch list D. Notification Pop-up Answer: B 20. There are a few customers that you do not want to send dunning letters to. How would you exclude these customers from dunning? A. Disable Send Dunning Letter in Transaction Type. B. Disable Send Dunning Letter on the Profile tab. C. Disable Send Dunning Letter in Collections Preferences. D. Disable Send Dunning Letter on the Correspondence tab. E. Disable Send Dunning Letter in Transaction Source Type. Answer: D
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