Oracle launches new Fusion Financials Cloud Service Exams

By | October 30, 2015

oracle, exams, exam, fusion financial cloud serviceDue to the recent update of its Fusion Financial Cloud Software version R10, on October 17th Oracle has released Beta versions of two new Fusion Financial Cloud Service Exams:  Payables 2016 Implementation Essentials 1Z1-334 and Receivables 2016 Implementation Essentials 1Z1-335.  Both tests are mandatory for related certifications: Oracle Fusion Financials Cloud Service: Payables 2016 Certified Implementation Specialist and Oracle Fusion Financials Cloud Service: Receivables 2016 Certified Implementation Specialist.

There is one more exam within Fusion Financial Cloud certification, which we were discussing earlier this October, General Ledger 2016 Implementation Essentials 1Z1-333.

By passing these certifications you will become Oracle certified Specialist with proven skills in implementing and selling Oracle Fusion Financials Cloud Service Solutions. The credential is recognized by Oracle Partner Network and after the test you will be placed in the superior position on the marketplace.

Both 1Z1-334 and 1Z1-335 exams will be offered in Beta version until January 9th, after that you will be able to take the production versions of the tests. Each exam costs 43 euro, and it is administered in the Pearson VUE centres around the world. You can register for the tests and find testing locations on their official website.

The duration of the exams is 2.5-3 hours long and it comprises of 150-225 multiple-choice questions, the certifications are conducted in English. The test passing score are stated as TBD on the official website, as for the results, they should be provided within 11 weeks after the end of the Beta period.

As for the preparation, Oracle hasn’t announced which courses from Oracle Academy are linked towards 1Z1-334 and 1Z1-335 exams yet, however as for the 1Z1-333 test you can find recommended training on the exam official page. Additionally it is mentioned that for successful test passing, prior job experience and practice is a must, since training materials will not cover all exams’ topics.

Now let’s have a closer look on the tests’ composition.

Oracle Fusion Financials Cloud Service: Payables 2016 Implementation Essentials 1Z1-334

The credential test consists of 6 main topics: General Set Up, Invoicing, Payments, Fusion Expenses, Reporting and Other Fusion Payable Topics.

General Set Up:  Composition of the Functional Setup Manager, knowledge of configuration packages, ability to create implementation project, skills in reporting and data validation, ability to set up users and roles.

Invoicing: knowledge of standard invoices, integrated imaging solutions, creating invoices using spread sheets, knowledge of iSupplier invoices, know how to approve invoices, ability to manage suppliers’ information.

Payments: know how to create single payments, execution of payment process requests, payments’ cancellation, knowledge of bank reconciliations, ability to customize payments’ formats, setting up fusion payments for remunerations.

Fusion Expenses: entering and approval of expense reports, processing of expense reimbursements, managing corporate cards, audit of expense reports, setting up fusion expenses.

Reporting: knowledge of reporting tools and Oracle transactional business intelligence, ability to use business intelligence publisher, knowledge of use of payables in reconciliation reporting, skills in processing of intercompany reconciliations.

Other Fusion Payables Topics: invoice and payment dashboards, income tax and tax calculations, creation of accounting entries, closing process, configuration of fusion payable setups and business units.

Oracle Fusion Financials Cloud Service: Receivables 2016 Implementation Essentials 1Z1-335

This test comprises of 8 main parts including General Set Up, Reporting, Overview of Receivables, Overview of Billing and Revenue Management, Collections, Receipt Management and Other Accounts Receivable topics.

General Set Up: knowledge of Functional Setup Manager, Configuration Packages, creation of implementation project, reporting and data validating, Users and Roles.

Reporting: reporting tools, Oracle Transactional Business Intelligence (OTBI), Business Intelligence Publisher (BIP), Receivables for Reconciliation Reporting, intercompany reconciliations.

Overview of Receivables: managing customers with AR, Reference Data Sets, Troubleshoot FBDI (File Based Data Import).

Overview of Billing and Revenue Management: billing transactions, bill presentment, revenue, Billing Work Area, Income Tax calculations, Bills Receivables.

Collections: Delinquency process, customer correspondence, dispute handling, Collection Work Area, Collection Preferences, Collections Strategy.

Receipt Management: funds capture, receipt processing, customer refunds, Receivables Balances Work Area, Bills Receivable Remittances.

Other Accounts Receivable Topics: write offs, adjustments, and chargebacks, period close process, Subledger Accounting, late charges.

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