1Z0-1055-24

The Oracle 1Z0-1055-24 exam, "Oracle Financials Cloud: Receivables 2023 Implementation Essentials", covers the implementation and configuration of Oracle Financials Cloud's Receivables module. The main points revolve around these key areas:

• Setting up Receivables: This includes defining chart of accounts, setting up accounting methods, defining customer master data (including customer hierarchies and credit limits), and configuring payment methods. Understanding how these foundational elements interact is crucial.

• Transaction Management: This section focuses on creating and managing invoices, credits, payments, adjustments, and applying cash receipts. You'll need to know how to handle different invoice types, manage disputes, and apply payments effectively. Understanding the revenue recognition process within Receivables is also vital.

• Customer Account Management: This goes beyond basic customer setup. You need to know how to manage customer balances, analyze aging reports, handle collections, and manage credit limits effectively. This includes understanding the implications of various customer relationships and credit management strategies.

• Reporting and Analysis: The exam tests your ability to generate and interpret reports from the Receivables module. This includes understanding key metrics, using standard reports, and potentially customizing reports (though deep customization may not be a major focus). Understanding how to analyze data to identify trends and potential issues is key.

• Integration with Other Modules: Oracle Financials Cloud is a suite of integrated applications. You need to understand how Receivables interacts with other modules, such as General Ledger, Cash Management, and potentially Procurement. Knowing how data flows between modules is essential.

• Receivables Setup and Configuration: This includes understanding setup options, setting up different parameters and options for the Receivables module to meet specific business requirements. The subtleties of configuration choices and their implications are tested.

• Security and Controls: Understanding the security features and controls for the Receivables module is also important. This includes access controls, audit trails, and segregation of duties.

In short, the 1Z0-1055-24 exam isn't just about knowing how to use the Receivables module but also why certain configurations are chosen and the implications of those choices. A strong understanding of business processes related to accounts receivable is just as important as the technical knowledge of the Oracle application. The exam emphasizes practical, implementation-focused scenarios.