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Oracle Financials Cloud: Receivables 2016 Implementation Essentials

Question No: 1

You have created an Invoice with an incorrect unit price. You need to perform the Rebill task from the Manage Transactions user interface to enter the correct transaction. Which two actions does the Manage Transactions user interface allow you to perform for the Rebill task?

  1. Duplicate the original transaction.

  2. Create a credit memo.

  3. Incomplete the transaction.

  4. Reverse the Transaction.

  5. Correct the unit price.

Answer: A,B

Explanation: When do I credit and rebill a transaction?

Sometimes the simplest way to manage a credit transaction is to credit and rebill. You credit the entire balance of an invoice (B), duplicate the original invoice (A) and update the duplicate with the correct information, then resubmit to the customer.

Common scenarios for credit and rebill include:

A customer indicates that an invoice does not reflect the correct price of a product or service. The customer requests a new invoice with the correct information.

A customer wants to correct their accounting directly in the subledger, instead of making a manual journal entry in general ledger. With credit and rebill, the credit memo reverses the accounting of the original invoice, and the updated duplicate invoice creates new accounting for posting to general ledger.

The customer wants to change the bill-to information on a posted transaction.

Reference: Oracle Fusion Applications Order Fulfillment, Receivables, Payments, Cash, and Collections Guide, When do I credit and rebill a transaction?

Question No: 2

The Receivables Dashboard provides Information on Incomplete transactions. What are

the parameters the dashboard uses to provide this information?

  1. Period, Business Unit, Transaction Type, Amount

  2. Period, Business Unit, Transaction Source, Amount

  3. Period, Business Unit, Status, Batch Type

  4. Period, Business Unit, Type, Amount

Answer: C

Question No: 3

Your customer may end up not paying a bill receivable after a risk has been eliminated on a closed bills receivable that was factored with recourse. Which two events occur when you re-establish the risk?

  1. The customer’s transaction status is changed to disputed and the bill is updated to a status of protested.

  2. The status of the bill is updated to protested.

  3. The status of the bill is updated to Completed.

  4. Receivables unapplies the receipt that was created when the bill was factored and applies the receipt to short-term debt.

  5. The status of the bill is updated to matured pending Risk Elimination.

Answer: D,E

Explanation: If a customer is at risk of not paying the bill receivable after risk has been eliminated, you can use the Reestablish Risk action to reestablish risk on the bill. When you reestablish risk on a Closed bill receivable that was factored with recourse, Receivables unapplies the receipt that was created when the bill was factored and applies the receipt to short term debt. The status of the bill is updated to Matured Pending Risk Elimination. https://docs.oracle.com/cloud/latest/financialscs_gs/FAOFC/FAOFC1479830.htm

Question No: 4

The client has implemented revenue policy with time-based contingencies. An invoice for a creditworthy customer is imported and one of the invoice lines is associated with both a nonstandard refund policy (60 days) and acceptance clause (100 days). Explain when

revenue will be recognized.

  1. Recognized Immediately

  2. Recognized after 60 days

  3. Recognized after 100 days

  4. Recognized only after manual intervention

Answer: C Explanation: Example:

You enter or import an invoice for a creditworthy customer, and one of the invoice lines is associated with both a nonstandard refund policy (50 days) and an acceptance clause (120 days).

Receivables does not recognize revenue on this invoice line until the acceptance clause expires after 120 days. If, for example, you obtain written acceptance from the customer after 80 days, you can record early acceptance to allow revenue recognition.

Reference: Oracle Fusion Applications Order Fulfillment, Receivables, Payments, Cash, and Collections Guide , Two time-based contingencies on the same invoice line

Question No: 5

The collections Manager runs the Determine Delinquency Using Scoring program to identify delinquent transitions. She wants to know the status of a particular transaction. On which tab she will find the status.

  1. Customer Aging tab

  2. Transaction Details tab

  3. Transactions tab

  4. Transaction aging tab

Answer: C Explanation:

Note: Transactions do not become delinquent until the delinquency identification process is run and the dashboard summary table is refreshed.

Question No: 6

Where is the summary delinquency data displayed on the Collections Dashboard?

  1. Customer Aging tab

  2. Profiles tab

  3. Correspondence tab

  4. Transactions tab

Answer: A

Question No: 7

Which statement is true statement about Balance Forward Billing?

  1. Balance Forward Bills tan be created for a future date.

  2. Transactions included on a Balance Forward Bill can be updated.

  3. Balance Forward Bill must be enabled at each bill-to site level.

  4. Balance Forward Bill of a previous cycle need NOT be generated as Final to generate the balance Forward Bill of the current cycle.

Answer: C

Explanation: Bill Consolidation at Account or Site Level

You can generate bills consolidated at either the customer account or site level:

Account-level balance forward billing lets you generate one bill for each business unit of the customer account, addressed to the primary bill-to site of the account.

Site-level balance forward billing lets you generate a balance forward bill for each bill-to site of a customer with multiple bill-to sites.

You can exclude a site from a balance forward bill by disabling balance forward billing on the customer profile of the site.

Note:

  • We must enable balance forward billing for a customer both at the account and site profile level in order for Receivables to pick any transactions of the customer. If balance forward billing is enabled at the site profile level but not at the account profile level, the application does not recognize the site as a balance forward billing site. Although transactions for the site continue to inherit the balance forward billing payment term, Receivables never picks

    them up.

    Reference: Fusion Applications Help, Balance Forward Billing: Explained

    Question No: 8

    You are not able to initiate a bankruptcy request at the customer site level on behalf of a customer. Which two conditions are failing?

    1. The customer does not have the default strategy and default collector assigned at the customer account and site level.

    2. Bankruptcy must be applied at the customer level, which includes all transactions at the customer, account, and site levels.

    3. The collections manager creates a bankruptcy request in the Customer Relationship management (CRM) application and a collector should be configured as a resource.

    4. Preferences must be enabled and enable bankruptcy must be set to Yes in Manage collections preferences in the Functional Setup manager for Advanced Collections.

    5. 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.

    6. Preferences must be enabled and enable bankruptcy must be set to Yes for the customer.

    Answer: E,F

    Question No: 9

    What are the three drilldown options available in the task pane for Receipt Remittance?

    1. Create receipt remittance batch

    2. Manage fund transfers

    3. Manage receipt remittance batches

    4. Apply credit memo

    5. Lockbox transmission history

    Answer: A,B,C

    Explanation: A, C: Three settings control the override of a receipt remittance bank account

    with the remittance batch bank account. These settings are:

    Ignore override option on the remittance batch. Allow override option on the receipt.

    Override bank option on the receipt remittance bank.

    Reference: Oracle Fusion Applications Order Fulfillment, Receivables, Payments, Cash, and Collections Guide, Managing Remittances: Explained

    Question No: 10

    Which feature allows Collectors to comment on interactions with customers?

    1. Client Application Components

    2. Customer Application Comments

    3. Common Application Components

    4. Consumer Application Comments

    5. Complex Application Components

    Answer: C

    Explanation: Oracle Fusion Common Application Components (CAC) feature allows collectors to comment on interactions with customers.

    Reference: Oracle Fusion Applications Financials Implementation Guide, Setting Up Collection Preferences: Points to Consider

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