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Oracle Financials Cloud: Receivables 2016 Implementation Essentials

Question No: 101

Which three ways will changing the customer information impart the collection process?

  1. Making changes In the Profile tab Impacts the collection process.

  2. Business unit level changes will NOT Impact the display of delinquent customers on the dashboard.

  3. Adding or modifying the customer contact name in the Contacts tab impacts where the correspondence is sent.

  4. Changing the Collector impacts the individual working with the delinquent customer.

  5. Changing Information in the Profile Tab does NOT have an impact on the level in which the collections are done.

Answer: A,C,D

Question No: 102

What are the steps in running the AutoLockbox Concurrent Process?

  1. Enter receipts, validate data, and apply QuickCash.

  2. Import bank file, validate data, and post QuickCash.

  3. Import bank file, enter receipts, and validate QuickCash.

  4. Enter receipts, import bank file, validate data, and post QuickCash.

Answer: B

Explanation: To run AutoLockbox:

  1. Navigate to the Submit Lockbox Processing window.

  2. If you are importing a new bank file, check the New Transmission check box, then enter a new Transmission Name. If you are resubmitting an existing lockbox transmission, you can select a name from the list of values.

  3. To import a new bank file into Receivables, check the Submit Import check box, then enter your bank file#39;s Data File, Control File, and Transmission Format information. If you are re-importing data, the default is the transmission format you specified in the initial import step. You can either accept this value or override it. When you run the import step, Receivables automatically generates the import section of the Lockbox Execution Report. 4.To validate or revalidate imported data and create QuickCash receipt batches

  1. To apply receipts in this transmission and update your customer#39;s receivable balance, check the Submit Post QuickCash check box.

    Note: You can also submit Post QuickCash from the Receipt Batches window Etc.

    Reference: Running AutoLockbox

    Question No: 103

    You are creating a remittance bank account for the factored with recourse bills receivable remittance receipt method. Which bank account setup controls receipt application to short- term debt?

    1. Collection days

    2. risk elimination days

    3. clearing days

    4. short-term debt clearing days

    5. lead days

    6. recall days

Answer: C

Question No: 104

When adding a customer and using profile classes to organize the customer accounts, which three options are true?

  1. Fusion Receivables assigns the profile class DEFAUIT when creating a customer account.

  2. Fusion Receivables assigns a DEFAULT profile class when creating an account site.

  3. Profile class updates and assignments are managed using effective date ranges.

  4. Updates applied to a particular account or site effect the profile class record.

  5. Receivables allows customized details of the profile class once the profile class has been assign to an account or site.

  6. Receivable does NOT allow customization to the account profile information after it is assigned to an account or site.

Answer: A,C,E

Explanation: A: When you create a customer account, Oracle Fusion Receivables assigns the profile class DEFAULT.

C: Profile class updates and assignments are managed using effective date ranges.

E: After you assign a profile class to an account or site, you can customize details of the profile class to meet specific requirements for that account or site.

Reference: Oracle Fusion Applications Financials Implementation Guide, Working with Profile Classes

Question No: 105

Identify three activities that you can perform from the Collections Dashboard.

  1. Verify Customer Payments.

  2. Assign a Collector to a delinquent customer.

  3. View the total Amount Due for delinquent customers.

  4. Record an activity to create a task or tasks to follow Up on a delinquent customer.

  5. Update the work status of a work Item for a delinquent customer

Answer: A,C,E

Question No: 106

When running the delinquency process for a customer, the business unit for which you want to run the process is NOT appearing in the drop down menu. Identify the action you need to take.

  1. Click on the Settings button to apply the appropriate settings so that the business unit appears in the chop down menu.

  2. Click the check box to enter the default business unit if it is NOT appearing in the drop down menu.

  3. Only the business units the user has access to will appear in the list of values. Modify the security options to provide access to the user.

  4. The business unit is NOT a required option In the Parameters tab to run the delinquency process.

Answer: C

Question No: 107

You have confirmed an automatic receipt in error. What is the correct method to rectify the

error?

  1. Unconfirm the automatic receipt.

  2. Remove the receipt from the batch.

  3. Reverse and recreate the receipt.

  4. Delete the automatic receipt batch.

Answer: C

Explanation: Once created, you can reapply and reverse automatic receipts in the same way as manual receipts. To reverse an automatic receipt, it must be approved.

Reference: Fusion Applications help, Processing Automatic Receipts: How It Works

Question No: 108

The method used to capture receipts data in mass while offline and upload the receipts at a later data is called .

  1. Manual receipt entry

  2. Receipts via spread sheet.

  3. Lockbox receipts

  4. Automatic receipts

Answer: B

Question No: 109

A customer calls into the Accounts Receivables Department asking for the balance of all invoices due in the next 30 days and has a question about a specific invoice line. As a Billing Specialist what action will you perform?

  1. Search for the information in the Review Customer Account Details user interface.

  2. Apply, reverse, or process the receipt.

  3. Create an open debit memo.

  4. Review receipt-, in pending status

Answer: A

Explanation: The contextual area of the Review Customer Account Details page displays information about the most recent transaction and the most recent receipt belonging to the selected customer account. If there were multiple transactions or receipts on the same date, Oracle Fusion Receivables displays the transaction and receipt with the largest amount.

Question No: 110

A company has implemented a flat interest calculation late charges. Determine the late charge based on:

->Amount Overdue = $1,500

->Interest Rate = 20%

->Days Overdue = 10

->Days in period = 30

->Outstanding Charges = $80

A. $300

B. $100

C. $105.33

D. $1,580

Answer: B

Explanation: Oracle Fusion Receivables uses the active interest tier and charge schedule values to calculate late charges using the Simple calculation formula.

The Simple calculation formula is the amount overdue multiplied by the rate and days overdue in the period:

Amount Overdue * (Interest Rate/100) * (Number of Days Late/Number of Days in Period) Here: 1500* 0.2 * (10/30)=100

Example:

This table provides an example of a charge schedule with four interest tier periods, each with an assigned interest rate.

Days Overdue Tiers Interest Rate

1-30 days

2%

31-45 days

3%

46-60 days

4%

Over 60 days

5%

In this example:

An invoice for $1,000 is 45 days overdue. There are 30 days in the billing period.

The late charges are calculated as follows:

$1,000 * (3/100) * (45/30) = $45

After an additional 15 days (60 days overdue), the late charges are calculated as follows:

$1,000 * (4/100) * (60/30) = $80

Reference: Fusion Applications help,

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