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What are the three drilldown options available in the task pane for Receipt Remittance? (Choose three.)
Lockbox Transmission History
Create Automatic Receipts
Correct Funds Transfer Errors
Create Receipt Remittance Batch
Manage Receipt Remittance Batches
Answer: B, D, E
After reviewing an incomplete invoice, the Billing Manager clicks the Complete button in the Transactions window. What are three results of this action? (Choose three.)
Payment schedules are created using the payment terms specified.
The invoice is sent for a dunning follow-up.
The invoice can now be printed.
The invoice is eligible for transfer to the General Ledger.
The invoice is included in the standard aging and collection process if the transaction type has the Open Receivables option set to No.
Answer: A, B, C
You schedule print runs of transactions and balance forward bills according to the needs of your enterprise. Which three statements are true? (Choose three.)
It is not recommended to print transactions and balance forward bills directly from BI Publisher.
If you have printed a transaction, the View Print button will not display a preview of the print.
If you have not printed a transaction, the View Print button (Preview of Print) displays the transaction according to the default template in BI Publisher.
It is recommended that you always print directly from BI Publisher to give you more control over the templates in case you need to change them.
Both the transaction, or each transaction in a balance forward bill, will be marked as printed in the system.
Answer: C, D, E
Identify three activities that you can perform from the Collections Dashboard. (Choose three.)
Verify Customer Payments.
Assign a Collector to a delinquent customer.
View the Total Amount Due for delinquent customers.
Record an activity to create a task or tasks to follow up on a delinquent customer.
Update the work status of a work item for a delinquent customer.
Answer: B, D, E
Identify the receivables system option that relates to customers.
Automatic Site Numbering
Answer: B, C
You have created payment terms in a system and associated them in the USA reference data set. All the payment terms in the system are shown as follows. Business Unit X has a set assignment of Enterprise Set for payment terms.
Payment Term = Net 30; Reference Data Set = Enterprise Set Payment Term = Net 45; Reference Data Set = Enterprise Set Payment Term = 1%/10 Net 30; Reference Data Set
= USA Set Payment Term = Net 45; Reference Data Set = USA Set
If an invoice is created in Business Unit X, which payment term set is available for use in a transaction?
Net 45 (Enterprise Set), Net 45 (USA Set)
Net 30 (Enterprise Set), Net 45 (Enterprise Set)
Net 30 (Enterprise Set), Net 45 (USA Set)
1%/10 Net 30 (USA Set), Net 45 (USA Set)
You need to make decisions about how an application should behave, such as date ranges and defaults. What should you consider before defining Collections Preferences?
user application privileges
the employees who are involved with the collections process and how the collectors will be assigned
customer contact information
Which three transaction types are used to generate late charges? (Choose three.)
Adjustments against the original transaction
Answer: B, C, E
When a customer opts to make a payment by a credit card, this receipt is identified as a(n)
1Z0-962 Oracle Financials Cloud: Receivables 2017 Implementation Essentials
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Oracle Financials Cloud: Receivables 2017 Implementation Essentials education
Inforum 2018 – Flint Hills elements shares a way to pull off a quick CloudSuite Financials implementation | 1Z0-962 Real Questions and VCE Practice Test
Rachel Black of FHR, proposing at Inforum 2018
on the end of a hectic Inforum 2018 day one, the Infor comms team set me free to take a look at a client presentation of my identifying. My pick? "all of a sudden transform Your financial solution." As in:
find out how Flint Hills substances partnered with Infor and carried out CloudSuite Financials, Payables, Receivables, and international Ledger in just ten months.
Now, if you've examine my cloud ERP merits series, you understand i am not a large fan of speeding to go-live. sooner implementations aren't necessarily more advantageous implementations. That spoke of, avoiding lengthy, bloated ERP initiatives is a good thing.
The presentation changed into a mixed effort of the Flint Hills resources (FHR) CIO, lead programs analyst and business lead. Seeing a tech/biz team latest collectively is all the time a draw.
FHR is an American producer and marketer of fuels and chemical compounds with a sixty-yr historical past. they're owned by using Koch Industries, which made a tremendous funding in Infor in 2017, to the tune of $2 billion and change. Koch Industries is also in the midst of probably the most biggest - if no longer the greatest - Infor CloudSuite implementations on the planet (highlights were shared in the Inforum day one keynote).
despite the fact, FHR undertook their own option manner - after identifying to circulation on from Oracle Financials. You may argue that FHR's choice to put in force Infor CloudSuite Financials became a no-brainer given the Koch Industries investment in Infor, but that does not matter for my purposes right here. No count number which product you opt for, you might be now not getting results and not using a a success implementation - and FHR had some first rate information on a way to pull that off.
Legacy ERP and the issue of extreme customization
FHR CIO Christopher Dahl explained that the pace of economic alternate changed into relocating sooner than their ERP equipment, which required a major improve each three to five years. Dahl noted that with every upgrade, they have been looking for a way to get off that cycle.
Dahl painted a picture IT managers are prevalent with: the burden of "run and maintain costs" on the one hand, versus the human capital that could be used on aspirational projects. As Dahl advised attendees:
In our case, in our corporation we're about 60 to sixty five percent of "run and preserve to preserve the lights on." Then the relaxation of it's tied to new innovation, disruption, experimentation, issues like that.
that point-to-innovate is probably bigger than many IT shops already. but Dahl wanted greater:
What if you may get out of the run and maintain prices, and free up that human advantage, which is a key theme of this convention? To be capable of go work on the experimentation and the brand new innovation - this is in fact what we tried to do once we searched for an alternative to our present economic techniques.
Dahl hit on an important theme for clients relocating to cloud ERP, be it financials, HCM, or manufacturing: time to standardize your techniques. Your admin customizations should go:
one of the vital things about a heritage of particularly custom-made, totally personalized [on-premise] options over time is that they are constructed to your work methods over twenty years. What we've got found is there isn't any precise secret sauce in our work practices, mainly when it comes to fiscal purposes. how you pay expenses through accounts payable. the way you reconcile your customary ledger. No super secret stuff there.
this is no longer a attainable approach anymore:
through the years, we've got convinced ourselves that we have been in reality decent at that, so we customized our utility to the nth degree to be capable of do this. Which supposed it basically slowed us down from being able to adopt new enterprise strategies sooner.
Barbara (Mikkelsen) McEachern, FHR company system Analyst, shed gentle on their application comparison:
with a purpose to find the right contemporary healthy, we went through an choice evaluation. We checked out Microsoft, Oracle, Infor, and a few others. With Infor, what we in reality favored changed into the navigation, the seem to be and suppose, the functionality that became purchasable, and what turned into coming in the future.
Ten months to CloudSuite Financials go-are living
No extra "run and preserve"- time for a SaaS financials solution with "continuous delivery." however FHR additionally wanted a quick implementation. McEachern:
Our aim was in reality to implement a minimal attainable solution as immediately as possible, so we might have quicker time to cost and actually restrict our customizations and personalizations.
The FHR venture kicked off in can also 2017 - the go-reside happened in March 2018, ten months later. So what had been the keys? McEachern instructed attendees they determined now not to re-engineer their tactics. As a good deal as they may, they went for a "like for like" strategy, with an identical reporting capabilities and equivalent month-to-month time limits.
We is just not misled through the "minimum conceivable solution" language; FHR basically vital strong cloud financials. As Rachel Black, Accounting manager and CloudFinancials business project Lead informed us, FHR approaches transactions through seven hundred accounting entities.
That ability, on usual, they're processing virtually 2,000 bills payable invoices a day throughout 17,000 lenders. they're additionally receiving and applying money to a typical of 5,000 AR invoices a day, across pretty much 7,000 purchasers.
the brand new system isn't just transactional; finance clients can now operate 12 months-over-year evaluation inside one utility. Black had a vital piece of counsel that should still resonate with ERP groups: examine, test, verify. earlier than FHR did their data conversion, they practiced the conversion assorted instances:
We practiced both the extractions out of our legacy methods and the imports in the CS [CloudSuite] app. We discovered that being in a position to run through distinctive iterations of that definitely definitely helpful. We were in a position to flush out issues and also put chance mitigation concepts in region before we got to cutover weekend.
So what were the keys to success from the IT aspect? McEachern credited:
their strong partnership with Infor
the project's organizational constitution
the purchase-in of business homeowners and sponsors
On the venture crew aspect, FHR didn't make the error of half-time business consumer involvement. they'd 5 discipline count consultants from the company aspect fully dedicated to the undertaking. equal on the IT facet, with 12 dedicated team members. putting the crew in the identical room paid off:
we all sat within the equal area, and this changed into very really helpful to assist with the collaboration throughout the whole undertaking.
When the project peaked, they doubled the IT materials. Crunch time became nonetheless crunch time - McEachern said they might have used much more IT supplies, but it become a problem at that element to onboard them. McEachern additionally mentioned that being an early adopter posed some challenges - there wasn't lots of CloudSuite Financials practicing material to utilize yet. New tools like Infor ION posed a studying curve: "a more robust practicing strategy, on our part, would had been a good suggestion."
The wrap - preserve a startup mentality, and fight scope creep
As I listened to this team's story, a different key jumped out at me: when everybody takes initiative, managing change is an awful lot less difficult. McEachern spoke without delay to that:
We had been in reality challenged to ignore the proven fact that we had two decades of ancient techniques and historic records in our equipment, and definitely believe and behave like a startup. So, when you're a brand new startup business you simply go, you shouldn't have years of legacy to should drag behind you. We tried to retain that attitude in mind all over the whole task.
That helped to curb a notorious ERP problem: scope creep.
We did a really good job of managing our scope, and we saved the out-of-the-field performance the vast majority of the time.
i am looking forward to listening to greater from this group at next yr's Inforum. Why? as a result of they should be extra alongside the path of quantifying the business benefits from the mission. it be the advanced merits of cloud ERP that are the most mighty in the long run - together with the shift from an administrative to a extra strategic use of statistics, and the altering roles of those that work with that data. however for now, McEachern says the project is considered successful via FHR management, and that's job one.
One component I appreciated about Inforum's client shows: a number of time for Q/A.
I wish greater vendors would air these issues out on the keynote stage alongside their next-gen offerings. customers keep us all on our toes - correctly.
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