1z0-1056-23 Practice Exam Questions with Answers Oracle Financials Cloud: Receivables 2023 Implementation Professional Certification

When you consider that recognition depends on the nature of the contingency, these two statements are true:

• Payment-based contingencies do not always require payment before the contingency can be removed and revenue recognized. For example, if a customer pays a deposit or an advance payment, the contingency is removed and revenue is recognized at that point.
• Post-billing customer acceptance clauses must expire (implicit acceptance), or be manually accepted (explicit acceptance), before the contingency can be removed and revenue recognized. For example, if a customer has 30 days to accept or reject a product after receiving an invoice, the contingency is removedafter 30 days or when the customer accepts the product, whichever comes first. The other statements are not true because:
• Pre-billing customer acceptance clauses require the recording of customer acceptance in the feeder system, and its expiration, before importing into Receivables for invoicing. Customer acceptance or its expiration must occur before invoicing, not before revenue recognition.
• Time-based contingencies can expire, but the contingency will have to be removed manually before the revenue is recognized if payment is not due yet. For example, if a customer has a one-year warranty period, the contingency is removed after one year, but revenue is recognized when payment is due or received, whichever comes later.
• Time-based contingencies must expire before the contingency can be removed and revenue recognized, not must not expire. Verified References: https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-revenue-for-receivables.html#FAOFC-GUID-1F9E7B6A-8F4D-4A0C-9E3B-8C0D1F2C5E3A

These are the two steps that will help achieve this requirement. The Allow payment of unrelated transactions Receivables System Option enables one customer to pay for another customer’s transaction using lockbox. The relationship between the two customer accounts defines how payments are applied across different customers. Verified References: [How You Process Lockbox Receipts - Oracle]

This lookup code is used to define the XML delivery method for a customer site. You can specify the XML delivery method in the customer profile or in the transaction source. Verified References: [Overview of Oracle Receivables - Oracle]

This is what happens when you run accounting without populating the accounting distribution in the RA_INTERFACE_DISTRIBUTIONS_ALL table. The system will use AutoAccounting to derive the accounting distribution based on your AutoAccounting rules. Verified References: [How You Import Transactions Using AutoInvoice - Oracle]