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When entering the Customer import upload spreadsheet, which two columns, if populated with *NULL will remove the existing values on loading?
These are the two columns that, if populated with *NULL, will remove the existing values on loading. They are part of the customer profile class attributes that can be updated using customer import. Verified Reference: [How You Manage Customer Data Uploads - Oracle]
When deciding how to set up the system to recognize revenue, it is important to understand the extent of revenue deferral and the subsequent timing of revenue recognition.
Which two statements are true when you consider that recognition depends on the nature of the contingency?
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 removed after 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 Reference: https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-revenue-for-receivables.html#FAOFC-GUID-1F9E7B6A-8F4D-4A0C-9E3B-8C0D1F2C5E3A
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
Log in to Oracle Financials Cloud.
Click on theBalance Forward Billingicon in theReceivableswork area.
Click on theCyclestab.
Click on theCreatebutton.
In theBalance Forward Billing Cyclewindow, enter the following information:
Name:XXCycle (Replace XX with your allocated user ID.)
Billing Frequency:Daily
Effective Date:January 1, 2023
Click on theSavebutton.
The new balance forward billing cycle will be created.
To create a Balance Forward Billing Payment Term:
Click on thePayment Termstab.
Click on theCreatebutton.
In theBalance Forward Billing Payment Termwindow, 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 theSavebutton.
The new balance forward billing payment term will be created.
After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window.
What are three results of this action?
When the Billing Manager clicks the Complete button in the Transactions window, the following results occur:
The invoice can now be printed or delivered to the customer by the preferred delivery method.
The invoice is eligible for transfer to the General Ledger and posting to the customer account.
The payment schedules are created using the payment terms specified on the transaction or customer profile. The other options are not correct because:
The invoice is not sent for a dunning follow-up until it becomes overdue.
The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to Yes, not No. Verified Reference: https://docs.oracle.com/en/cloud/saas/financials/23b/faofc/manage-customer-billing.html#FAOFC-GUID-9E7F8B0A-5F6E-4B6E-AF0B-9C1E5D7D2A8A
You are investigating the Receivables to General Ledger Reconciliation report and must explain any variances to your Accounting Manager.
What two variance amounts should you expect to investigate in this report?
These are the two variance amounts that you should expect to investigate in the Receivables to General Ledger Reconciliation report. Accounting variance is the difference between the subledger journal entries and the general ledger journal entries. Receivables variance is the difference between the subledger balances and the general ledger balances. Verified Reference: [How You Reconcile Receivables to General Ledger - Oracle]
