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  • Exam Name: Oracle Financials Cloud: Receivables 2023 Implementation Professional
  • Last Update: 09-Dec-2024
  • Questions and Answers: 32
  • Single Choice: 14 Q&A's
  • Multiple Choice: 10 Q&A's

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Get 1z0-1056-23 Dumps : Verified Oracle Financials Cloud: Receivables 2023 Implementation Professional

Oracle Financials Cloud 1z0-1056-23 Exam Questions Your Ultimate Study Guide

The Oracle Financials Cloud 1z0-1056-23 exam validates your proficiency in implementing and managing financial processes within the Oracle Cloud environment. Earning this certification demonstrates your ability to:

  • Configure core Financials Cloud functionalities: This includes setting up receivables, payables, cash management, and other essential financial modules.
  • Manage customer billing and revenue recognition.
  • Process customer payments and manage supplier relationships.
  • Generate financial reports and analyze financial data.
  • Maintain data security and access controls within the Oracle Financials Cloud platform.

By achieving this certification, you position yourself as a valuable asset for organizations leveraging Oracle Cloud to streamline their financial operations.

Exam Objectives and Domains for 1z0-1056-23

The 1z0-1056-23 exam covers a broad range of topics related to Oracle Financials Cloud implementation. Here's a breakdown of the key domains and exam objectives (subject to change – refer to Oracle for the latest updates):

  • Revenue Management (20%): Configure revenue recognition rules, manage customer accounts and receivables.
  • Payments and Cash Management (20%): Set up payment processes, manage bank accounts, and reconcile cash.
  • Financial Close and Reporting (20%): Configure accounting periods, close the books, and generate financial reports.
  • Global Financials and Intercompany (15%): Understand multi-currency functionality, manage intercompany transactions.
  • System Administration and Security (15%): Configure user access, manage system settings, and ensure data security.
  • Cloud Controls and Automation (10%): Leverage Oracle Cloud controls and automation features for efficient financial management.

Exam Format: Hands-on performance-based (includes a mix of multiple-choice questions and hands-on challenges) Number of Questions: Not applicable (combined score from both sections determines pass/fail) Duration: 90 minutes

Benefits of Getting Certified in Oracle Financials Cloud

Earning the Oracle Financials Cloud 1z0-1056-23 certification unlocks a multitude of advantages for your finance career:

  • Increased Earning Potential: Certified professionals typically command higher salaries compared to their non-certified counterparts.
  • Enhanced Job Prospects: This recognized credential positions you for in-demand Cloud Finance Specialist, Oracle Financials Cloud Consultant, and other finance roles within cloud-based environments.
  • Career Advancement: The 1z0-1056-23 exam answers demonstrates your expertise and opens doors to leadership positions within Oracle Financials Cloud implementation teams.
  • Credibility and Validation: Earning this certification showcases your knowledge and abilities to potential employers, boosting your professional standing within the cloud finance landscape.

Invest in Your Success:

Crack4Sure offers a comprehensive study guide, downloadable practice test in PDF format, and a realistic testing engine with practice exam questions (including explanations) to empower you to excel in the 1z0-1056-23 exam. Our study materials are designed to solidify your understanding of key exam objectives and equip you with the practical skills required for success.

Unlock Your Earning Potential with Oracle Financials Cloud Certification:

Earning the Oracle Financials Cloud 1z0-1056-23 certification can be a strategic investment in your finance career. This credential validates your expertise in managing financial processes within the Oracle Cloud environment, making you a valuable asset for organizations seeking to optimize their cloud-based finance operations.

How Certification Impacts Your Salary:

Studies suggest that IT professionals with relevant certifications tend to earn 5-10% more than their non-certified counterparts. Let's explore how this potential increase can translate to higher salaries in Oracle Financials Cloud roles:

Job Title

With Oracle Financials Cloud 1z0-1056-23 Certification

Without Oracle Financials Cloud Certification

Estimated Salary Increase

Cloud Finance Specialist (Entry-Level)

$65,000 - $80,000

$60,000 - $75,000

$5,000 - $15,000

Cloud Finance Analyst

$70,000 - $90,000

$65,000 - $85,000

$5,000 - $15,000

Oracle Financials Cloud Consultant

$80,000 - $100,000+

$75,000 - $95,000+

$5,000 - $15,000+

Oracle 1z0-1056-23 Exam Dumps FAQs

The Oracle 1Z0-1056-23 exam focuses on your ability to implement Oracle Financials Cloud Receivables 202Key topics include:

  • Setting up customers, items, and pricing structures.
  • Managing receivables transactions (invoices, payments, credit memos).
  • Revenue recognition processes.
  • Cash application and collections.

Reporting and analyzing receivables data.

There are no formal prerequisites. However, experience with Oracle Cloud and basic understanding of accounting and receivables processes are beneficial.

This is a hands-on performance-based exam with a mix of multiple-choice questions and challenges that require you to demonstrate your skills in configuring and using Oracle Financials Cloud Receivables. The duration is 90 minutes.

Oracle does not disclose the passing score, but it's generally believed to be around 75% for both the multiple-choice questions and the hands-on challenges.

The exam price is $245 USD (subject to change).

Oracle Cloud certifications do not expire. However, keeping your skills current with the latest features is recommended.

This certification validates your expertise in implementing and managing Oracle Financials Cloud Receivables. It can be valuable for roles like Accounts Receivable specialists, Revenue Recognition Analysts, and Oracle Cloud Financials consultants.

While Oracle does not offer crack4sure practice exams, some third-party vendors provide practice exams designed to simulate the format of the 1Z0-1056-23 exam. Look for reputable training providers or online platforms with a history of success.

The 1Z0-1056-23 focuses on Oracle Financials Cloud Receivables, while other exams like 1Z0-1044-20 (Cloud Database Administrator) or 1Z0-1094-20 (Cloud Infrastructure Foundations) cover different areas of Oracle Cloud services.

Yes, you can take the exam online through a Pearson VUE testing center proctor.

  • Utilize crack4sure Oracle resources and documentation.
  • Supplement your learning with practice exams (focusing on hands-on challenges).
  • Gain hands-on experience through Oracle Cloud account trials or practice labs (focusing on functionalities tested in the exam).
  • Focus on understanding core functionalities and processes, not just memorizing details.

Practice time management for the hands-on challenges.

The certification can open doors to various roles like:

  • Accounts Receivable Specialist
  • Revenue Recognition Analyst
  • Oracle Cloud Financials Consultant

Credit and Collections Analyst

1z0-1056-23 Questions and Answers

Question # 1

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 Receipt Method. where:

  • Name of the new receipt method is XXCheck (Replace XX with 03. which is your allocated User ID.)
  • Receipt method must be effective as of January 1. 2023
Question # 2

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:

Define Balance Forward Payment Terms, where:

  • Name of the payment term is XXNet 30 (Replace XX with 03, which is your allocated user ID.)
  • Payment terms are accessible to all business units
  • Discounts are applicable to the full invoice amount
  • Discounts are applicable even when the customer does not send a full payment
  • Payment terms are effective as of January 1. 2023
Question # 3

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
Question # 4

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.)
Question # 5

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
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