Preparation hints and test-taking tips belong in a study product as much as questions do — ValidVCE pairs its 1Z0-1056-24 bank with guidance that identifies weak areas and sharpens both conceptual knowledge and hands-on skills.
Oracle 1Z0-1056-24 Exam Overview:
| Certification Vendor: | Oracle |
|---|---|
| Exam Name: | Oracle Financials Cloud: Receivables 2024 Implementation Professional |
| Exam Number: | 1Z0-1056-24 |
| Certificate Validity Period: | 18 months |
| Exam Duration: | 90 minutes |
| Exam Format: | Hands-on performance-based challenges, Multiple-choice questions |
| Real Exam Qty: | Not specified |
| Available Languages: | English |
| Passing Score: | Challenges: 75%, Multiple choice: 68% |
| Exam Price: | $245 USD |
| Recommended Training: | Become a Certified Financials - Receivables and Collections Implementer |
| Exam Registration: | Oracle University |
| Sample Questions: |  |
| Exam Way: | Online proctored or onsite at Oracle testing centers |
| Pre Condition: | No mandatory prerequisites; recommended hands-on experience and relevant training |
| Official Syllabus URL: | https://education.oracle.com/oracle-financials-cloud-receivables-2024-implementation-professional/pexam_1Z0-1056-24 |
Oracle 1Z0-1056-24 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Configuring Bill Management | - Configure and use Oracle Bill Management |
| Topic 2: Configuring Common Receivables | - Configure Receivables using Rapid Implementation - Configure Tax - Configure Sub Ledger Accounting - Integrate Receivables with other applications - Configure Receivables - Configure Cash Management - Configure and import customers |
| Topic 3: Reporting for Account Receivables and Advanced Collections | - Report with Oracle Transactional Business Intelligence (OTBI) - Generate account receivables reconciliation - Report with Business Intelligence Publisher (BIP) |
| Topic 4: Configuring Customer Billing | - Manage transaction types, transaction sources, Items, and memo lines - Manage AutoInvoicing - Manage AutoAccounting - Configure revenue for Receivables - Manage resources, salesperson, sales credits, and salesperson account references |
| Topic 5: Managing Customer Billing | - Calculate transactional tax - Manage transaction printing - Create and process transactions - Manage the AutoInvoice process - Manage AutoInvoice corrections |
| Topic 6: Configuring and Using Advanced Collections | - Design and use scoring strategies - Configure advanced collections - Manage collections activities |
| Topic 7: Processing Customer Payments | - Create and process receipts - Create and process receipt exceptions - Create and process bills receivables remittances |
| Topic 8: Configuring Customer Payments | - Configure and manage Automatic Receipts and Funds Capture - Configure and manage Lockbox - Configure and manage Customer Receipts |
Preparing for 1Z0-1056-24 Efficiently: Facts and Guidance
- Managing Customer Billing ()
- Configuring Customer Payments ()
- Configuring Common Receivables ()
Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:
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:
Correct Answer:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Receipt Methods icon in the Receivables work area.
Click on the Create button.
In the Receipt Methodwindow, enter the following information:
Name:XXCheck (Replace XX with your allocated user ID.)
Effective Date:January 1, 2023
Receipt Class:XXReceipt Class (The receipt class that you created in the previous step.) Bank Account:The bank account that will be used to clear receipts for this receipt method.
Click on the Savebutton.
The new receipt method will be created.
Which three receipts can be automatically applied by the "Apply Receipts Using AutoMatch" process?
- A. Receipts created from a lockbox and uploaded.
- B. Miscellaneous receipts.
- C. Receipts that are manually created.
- D. Receipts with unapplied amounts.
- E. Receipts created in a spreadsheet and uploaded.
Correct Answer: A,C,E 🗳️
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:
Define Remittance Bank Account where:
Bank Account is associated with Receipt Method
Primary bank account is linked the Denver branch of Bank of America
Bank account number ends with 2870
Remittance bank account is effective as of January 1, 2023
GL Accounts section must contain the values below for company segment 120 Supremo Fitness
Correct Answer:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Remittance Bank Accounts icon in the Receivables work area.
Click on the Create button.
In the Remittance Bank Account window, enter the following information:
Name:XXRemittance Bank Account (Replace XX with your allocated user ID.) Bank Account Number:The bank account number that you want to associate with the receipt method.
Bank Name:Bank of America
Branch Name:Denver
Account Type:Checking
Effective Date:January 1, 2023
Primary:Yes
GL Accounts:
Company Segment:120 Supremo Fitness
Account Code:12000
Account Name:Accounts Receivable - Supremo Fitness
Company Segment:120 Supremo Fitness
Account Code:12001
Account Name: Allowance for Doubtful Accounts - Supremo Fitness
Click on the Save button.
The new remittance bank account will be created.
Which role provides access to Receivables - Revenue Adjustments Real Time OTBI Subject area?
- A. Accounts Receivable Manager
- B. Revenue Manager
- C. Accounts Receivable Specialist
- D. Billing Specialist
Correct Answer: C 🗳️
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 payment terms revenue recognition policy to look for Line First and Tax Later.
- B. Set Application Rule Set to Line First--Tax After at the transaction type level and/or a default value at system options.
- C. Create a Memo Line or receivable activity to have the check box selected for Apply Item Line First.
- 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 credit classification revenue recognition policy to look for Line First and Tax Later.
Correct Answer: B 🗳️
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