Oracle Financials Cloud: Receivables 2023 Implementation Professional 1z0-1056-23 Exam Questions with Experts Answers Updated Recently

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

• Log in to Oracle Financials Cloud.
• Click on the Balance Forward Billing icon in the Receivables work area.
• Click on the Cycles tab.
• Click on the Create button.
• In the Balance Forward Billing Cycle window, enter the following information:
• Click on the Save button.

The new balance forward billing cycle will be created.

To create a Balance Forward Billing Payment Term:

• Click on the Payment Terms tab.
• Click on the Create button.
• In the Balance Forward Billing Payment Term window, enter the following information:
• Click on the Save button.

The new balance forward billing payment term will be created.

• Log in to Oracle Financials Cloud.
• Click on the Collectors icon in the Receivables work area.
• Click on the Create button.
• In the Collector window, enter the following information:
• Click on the Save button.

The new collector will be created.