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You created a new enterprise structure in the Cloud for a single country. In the structure, there are two legal entities: a single ledger and two business units (representing two warehouses, each owned by one of the legal entities). The tax regulations are common between the legal entities.
When assigning the tax regime to parties, what should you do to share all setup for Tax?
This is the best option to share all setup for Tax when the tax regulations are common between the legal entities. The ledger is the highest level of party hierarchy and can be assigned as the Global Configuration Owner to share the tax regime, tax rates, and tax rules across all parties under it. Verified Reference: [How You Assign Tax Regimes to Parties - 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
Which three receipt types can be reversed in the Cloud?
These are the three receipt types that can be reversed in the Cloud. Receipts applied to open receipts and receipts that are archived cannot be reversed. Verified Reference: [How You Reverse Receipts - Oracle]
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]
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
