Exam Name: Oracle Financials Cloud: Receivables 2024 Implementation Professional
Certification Provider: Oracle
Corresponding Certification: Oracle Financials Cloud
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Updated: Oct 05, 2026
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Oracle 1Z0-1056-24 Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Managing Customer Billing | - Transaction Processing
|
| Topic 2: Collections and Billing Extensions | - Advanced Receivables Functions
|
| Topic 3: Customer and Account Configuration | - Customer Setup
|
| Topic 4: Receivables Configuration | - System Setup
|
| Topic 5: Processing Customer Payments | - Receipt Management
|
Oracle Financials Cloud: Receivables 2024 Implementation Professional Sample Questions:
You are asked to amend subledger accounting and reporting to include origin and history of Receivable transactions.
Which three event attributes should be used?
- A. Transaction number of amendments
- B. Transaction created by
- C. Transaction last update date
- D. Transaction creation date
- E. Transaction type of update
Correct Answer: A,C,E 🗳️
Explanation: Only visible for TestKingFree members. You can sign-up / login (it's free).
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
Correct Answer:
See the explanation below for solution
Explanation:
Log in to Oracle Financials Cloud.
Click on the Payment Terms icon in the Receivables work area.
Click on the Create button.
In the Payment Terms window, enter the following information:
Name:XXNet 30 (Replace XX with your allocated user ID.)
Description:Net 30 payment terms
Billing Cycle:All Cycles
Due Date:Next Business Day
Discount Days:30
Discount Amount:2%
Discount Type:Percentage
Discount Allowed:Yes
Discount Allowed Even If Partial Payment:Yes
Effective Date:January 1, 2023
Click on the Save button.
The new balance forward payment terms will be created.
To make the payment terms accessible to all business units:
Click on the Business Units tab.
Select the check box next to All Business Units.
Click on the Save button.
The payment terms will now be accessible to all business units.
What are the three setup steps required to implement the Lockbox feature? (Choose three.)
- A. late charges
- B. Lockbox and Lockbox Transmission Formats
- C. Receipt Classes and Receipt Methods
- D. credit card refunds
- E. Receipt Sources
Correct Answer: B,C,E 🗳️
Which three receipt types can be reversed in the Cloud?
- A. Miscellaneous receipts
- B. Credit card chargebacks posted to GL
- C. Invoice-related receipts
- D. Receipts applied to open receipts
- E. Receipts that are archived
Correct Answer: A,B,C 🗳️
Explanation: Only visible for TestKingFree members. You can sign-up / login (it's free).
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:
Create Balance Forward Billing Cycle, where:
Name of the cycle is XXCycle (Replace XX with 03. which is your allocated user ID.) Bills are generated every day Cycle is effective as Of January 1,2023
Correct Answer:
See the explanation below for solution
Explanation:
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:
Name:XXCycle (Replace XX with your allocated user ID.)
Billing Frequency:Daily
Effective Date:January 1, 2023
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:
Name:XXPaymentTerm (Replace XX with your allocated user ID.)
Billing Cycle:XXCycle (The cycle that you created in the previous step.) Due Date:Next Business Day Overdue Days:30 Click on the Save button.
The new balance forward billing payment term will be created.
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