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Oracle 1Z0-1055-21 Exam Syllabus Topics:
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NEW QUESTION 83
You have a high volume of invoices to enter that have similar lines and do not require extensive validation.
What must you do if you want to group multiple invoices in a batch during spreadsheet entry?
- A. Assign the same Invoice Header Identifier to multiple invoices you want to group.
- B. Enable the invoice option Require Invoice Grouping, and the system automatically groups invoices entered in the same spreadsheet.
- C. Make sure the Invoice Number is the same.
- D. Make sure all the invoice dates are the same.
- E. Enter a value in the Invoice Group field to group similar invoices into a batch.
Answer: B
Explanation:
Explanation
What's an invoice group?
A collection of invoices that is used as a parameter for the Validate Payables Invoice process, a selection criteria for submitting a payment process request, and a parameter in some reports. If you enable the invoice option Require invoice grouping, you must associate each invoice with an invoice group.
References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAPPP/F1011878AN100C4.htm
NEW QUESTION 84
You have an invoice for a three-month lease and wish to recognize the expense monthly for the duration of the lease.
What must be entered on the invoice in order to do this?
- A. You must provide a start date, an end date, and the accrual account for the prepaid expenses in the invoice lines or distributions.
- B. You must provide a start date and an end date for the prepaid expenses in the invoice lines or distributions.
- C. You must provide the accrual account for the prepaid expenses in the invoice lines or distributions.
- D. You must provide a start date and the accrual account for the prepaid expenses in the invoice lines or distributions.
Answer: C
NEW QUESTION 85
You have created your first implementation project. You have assigned the Application Implementation Consultant role to your user. However, you are unable to create and add roles to users in Oracle Identity Management (OIM).
This issue is caused because you did not assign the ________.
- A. Superuser role to your user
- B. Line Manager role to your user
- C. IT Security Manager role to your user
- D. Application Implementation Manager role to your user
Answer: D
Explanation:
Explanation
For an implementation to begin, at least one user must be provisioned with the Application Implementation Manager role, and another or the same user must be provisioned with the ApplicationImplementation Consultant role. The Application Implementation Consultant has broad access to set up all enterprise structures.
NEW QUESTION 86
Which two are classified as Self-Billed invoices? (Choose two.)
- A. Invoices created using Integrated Imaging
- B. Debit Memos created by the Return to Supplier feature
- C. Customer Refunds initiated from Receivables
- D. Invoices entered through the Supplier Portal
- E. Expense Reports transferred from Expenses
- F. Evaluated Receipt Settlement (ERS) Invoices
Answer: D,F
Explanation:
Explanation
Select ERS and Use in the Transaction source parameter when running the Pay on Receipt Auto-invoice concurrent program.
You enable paying your supplier by selecting a method on the Purchasing tab of the Supplier Sites window in Oracle Payables.
NEW QUESTION 87
What happens if a company runs the Payables Unaccounted Transactions Sweep program for February 2018 if the invoices with a Hold status have an invoice date of January 20, 2018?
- A. The accounting dates of all unaccounted invoices will change to February 28, 2018, the last day of the next period.
- B. The accounting dates of all unaccounted invoices will be changed to February 1, 2018, the first day of the next period.
- C. The accounting dates of all unaccounted invoices will remain unchanged at January 20, 2018.
- D. The accounting dates of all unaccounted invoices will be changed to February 20,2018, the same day of the next period.
Answer: B
Explanation:
Explanation
Run the Payables Unaccounted Transactions Sweep program to transfer unaccounted transactions from one accounting period to another. If your accounting practices permit it, use this program to change the accounting date of the transactions to the next open period.
The program transfers unaccounted transactions to the period you specify by updating the accounting dates to the first day of the new period.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011880AN1B948.htm
NEW QUESTION 88
You have created an approval rule as follows:
Rule 1: If the invoice amount > $1000, route it to User 1.
Rule 2: If the invoice amount < $1000, auto approve it.
Now, the user creates an invoice for $1000 and routes it for approval. What will happen?
- A. Invoice will be auto-approved.
- B. Invoice will be sent to User 1 for approval.
- C. Invoice will not be processed.
- D. The system will issue an error message after the approval has been initiated.
Answer: C
NEW QUESTION 89
Which job role has full access to perform all Functional Setup Manager related activities?
- A. Application Implementation Consultant
- B. Any Functional User
- C. Functional Setup Manager Superuser
- D. IT Security Manager
- E. Application System Administrator
Answer: A
NEW QUESTION 90
While processing an expense report, the system placed a payment hold on the expense report. What are two ways to release payment holds? (Choose two.)
- A. The expense auditor can manually release the payment hold at his discretion.
- B. The employee's supervisor can manually release the hold.
- C. Payables Manager can release payment holds in Payables.
- D. Based on the receipt status, the Expenses program can automatically release the payment hold once it detects that receipts are received or waived.
- E. The employee can manually release the hold.
Answer: A,D
Explanation:
Explanation
Payment holds are released in the following ways:
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAWDE/F1005004AN1204B.htm
NEW QUESTION 91
Which three options are available to filter data when you submit the Prepare Payables to Ledger Reconciliation report? (Choose three.)
- A. Supplier
- B. Ledger Set
- C. Balancing Segment Value
- D. Business Unit
- E. Legal Entity
- F. Natural Account
Answer: B,C,D
Explanation:
Explanation
Typically General Ledger users are secured by data access sets. Data access sets use primary balancing segment values to secure access to ledgers, ledger sets, and portions of ledgers. Payables users are secured by business units.
For the Payables to General Ledger Reconciliation report:
General Ledger users can see general ledger data for the balancing segment values in their data access set.
General Ledger users can also see the Payables or Oracle Fusion Subledger Accounting data for all business units linked to the ledger.
Payables users can see the Payables and Subledger Accounting data for business units in their security definition. Payables users can also see general ledger data for all balancing segment values in the ledger.
NEW QUESTION 92
What does the Place of Supply rule value "Bill to Party" imply in an Oracle Payables Invoice?
- A. Location assigned to the Business Unit for the transactions
- B. Location assigned to the Legal Entity for the transactions
- C. Location assigned to the Legal Entity Reporting Unit for the transactions
- D. Location assigned to the Supplier Party Site for the transactions
Answer: C
Explanation:
Explanation
The corresponding place of supply differs based on the type of transaction. For example, a place of supply of Ship to corresponds to the location of your first-party legal entity for Payables transactions. For Receivables transactions, Ship to corresponds to the location of your customer site.
NEW QUESTION 93
You are resolving payment validation errors during the payment build process. Which two actions can you perform to resolve these errors?
- A. Remove the documents or payments causing the error and resume the payment process.
- B. Correct the setup errors for remittance bank accounts, third party payees, payment methods, or payment formats and submit resume payment process.
- C. Terminate the payment process request.
- D. Run the create accounting program.
- E. Run the invoice validation program.
Answer: A,B
Explanation:
Explanation
Using the Resolve Document Validation Errors Page, you may review the errors and takeaction. You may fix related data, such as third party payee information, and submit the documents for revalidation. You may also remove documents from the Payment Process Request, which sends the documents back to the source product with the validation failure reason, just as rejection does.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e13415/T456136T484670.htm
NEW QUESTION 94
An invoice for $200 USD and a credit memo for $225 USD are due for payment and the "Apply credits up to zero amount" option is enabled for the payment process request. Which statement is correct?
- A. The payment process request pays only $200 USD alone.
- B. The payment process request applies $200 USD of the credit memo to the invoice, leaving a remaining credit of $25 USD, and creates a payment for $0 USD.
- C. The payment process request doesn't select the invoice or credit memo for payment because the credit reduces the payment to - $25 USD, which is below zero.
- D. The payment process request creates a refund for $225 USD and leaves the invoice unpaid.
Answer: B
Explanation:
Explanation
When you submit a "payment process request", you can enable the Apply credits up to zero amount payment option. Enablingthe option causes the payment process to apply credits when the credits reduce the payment amount below zero.
The following scenario illustrate the impact of this option.
Credit Amount Greater Than Invoice Amount
An invoice for 200 USD and a credit memofor 225 USD are due for payment.
The following table describes the payment processing that occurs based on the setting for the Apply credits up to zero amount payment option.
Assume that the "Apply Credits Up to Zero Amount" option is enabled.
Payment processing applies 200 USD of the credit memo to the invoice and creates a payment for 0 USD. The remaining credit is 25 USD.
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9F438E13CC89BA0CE040D30A68816F7
NEW QUESTION 95
After you submitted a Payment Process Request, you noticed errors. You want to void the payments. Identify two statements that indicate when it is not possible to void a payment. (Choose two.)
- A. A payment with the status of Issued.
- B. A payment for an invoice with an associated Withholding Tax invoice.
- C. A payment that pays a prepayment that has been applied to an invoice.
- D. A payment that has been accounted and posted to General Ledger.
- E. A payment that has already cleared the bank.
Answer: C,E
Explanation:
Explanation
A: You can't: Void a payment for aprepayment that's applied. You must first unapply the prepayment, then void the payment.
D: If the payment is cleared in cash management then it has to be uncleared first before you can void the payment.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011879.htm
NEW QUESTION 96
A Payment Process Request was submitted and errors were found in the payment file. The payment file and process were terminated.
Which two statements are true? (Choose two.)
- A. The status of each payment in the payment file is Terminated.
- B. The status of each payment in the payment file is Cancelled and the related documents are available for future selection.
- C. The invoices are placed on payment hold.
- D. The status of the payment file is Terminated.
- E. The status of the payment file is Cancelled.
Answer: B,D
Explanation:
Explanation
If the payment file has been terminated and the documents payable have been returned to the source product, then the status of the Printed Payment File is Terminated.
Oracle Fusion Paymentsinforms the source product of the terminated documents payable. Then for each payment in the payment file, Payments sets the status to Canceled.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAPPP/F1011879AN17393.htm
NEW QUESTION 97
Which three are valid reasons why you cannot close your Payables period? (Choose three.)
- A. Unapplied prepayments
- B. Suppliers on payment holds
- C. Bills payable requiring maturity
- D. Unaccounted invoices and payments
- E. Incomplete payment files
Answer: C,D,E
NEW QUESTION 98
A Payables supervisor wants to apply a prepayment to an invoice.
Which combination of invoice and payment currencies allow the application of a prepayment to an invoice?
- A. Standard Invoice: Invoice Currency CAD, Payment Currency GBP
Prepayment: Invoice Currency USD, Payment Currency AUD - B. Standard Invoice: Invoice Currency USD, Payment Currency CAD
Prepayment: Invoice Currency CAD, Payment Currency CAD - C. Standard Invoice: Invoice Currency USD, Payment Currency GBP
Prepayment: Invoice Currency USD, Payment Currency AUD - D. Standard Invoice: Invoice Currency USD, Payment Currency USD
Prepayment: Invoice Currency CAD, Payment Currency CAD
Answer: C
Explanation:
Explanation
You can pay a prepayment in a currency that's different from the invoice currency. To apply that prepayment to an invoice, the invoice must have the same invoice currency as the invoice currency of the prepayment.
NEW QUESTION 99
You applied a prepayment amount of $5,000 USD to a $10,000 USD invoice. At the time of prepayment, the applicable tax rate was 5% ($250 USD); at the time of invoice creation, the tax rate is 10%. When you set up taxes, you choose to Recalculate Taxes for the Applied Amount Handling option.
How will the resulting tax be calculated?
- A. The tax for the prepayment is recalculated and the generated tax line amount will be $250 USD (5% *
10,000-5000). - B. The tax for the prepayment is recalculated to use the new invoice tax rate that is also used for the invoice line amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -500 USD (10% * -5000).
- C. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
- D. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice line tax amount and a prepayment tax line of -250 USD (5% * -5000).
Answer: B
Explanation:
Explanation
When you apply a prepayment to an invoice, the tax rate at the time of prepayment may differ from the tax rate at the time that the prepayment is applied to an invoice. Oracle Fusion Tax considers the tax calculated on the prepayment according to the value assigned to the Applied Amount Handling option in the tax record. The values are Recalculated and Prorated.
For example, you apply a prepayment amount of 5,000 USD to an invoice with a total amount of10,000 USD.
At the time of prepayment, the applicable tax rate was 5% (250 USD tax on the prepayment); at the time of invoice creation, the applicable tax rate is 10%. Tax is calculated in this way:
* Recalculated: The tax is recalculated on the prepayment using the invoice tax rate and the same tax rate is applied to the invoice line amount. The tax calculation creates two tax lines: one for the invoice line amount and one for the prepayment with a negative amount. In the invoice example, the calculationcreates an invoice line amount tax line of 1,000 USD (10% * 10,000 USD) and a prepayment tax line of -500 USD (10% * -5000 USD). This reverses tax calculated on the invoice for the prepayment amount applied. The tax calculated on the prepayment is retained.
* Prorated:Etc.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006655AN242EE.htm
NEW QUESTION 100
A company has a requirement to pay small suppliers outside of Payables, but it does not want to manually record each payment.
Which solution should you implement?
- A. Create payments by using Electronic Funds Transfer (EFT) for those suppliers but do not send the electronic file to the bank.
- B. Create a payment by using a wire payment method for those suppliers.
- C. Create payments by using the Check Payment method for those suppliers and then destroy those checks.
- D. Create payments by using a clearing payment method for thosesuppliers because this payment method does not generate a file.
Answer: B
Explanation:
Explanation
When you create a payment outside of Payables, for example, using a typed check or wire transfer, within Payables you can record the payment and update the invoices that you paid.
NEW QUESTION 101
The Accounts Payable Manager voided a foreign currency payment due to insufficient funds. Which three statements are correct? (Choose three.)
- A. Any previous accounting and payment records for an invoice are reversed.
- B. Any realized gain or loss previously calculated is reversed.
- C. All related withholding tax invoices are automatically voided.
- D. All related interest invoices are reversed if previously created.
- E. Voiding the payment automatically places an invoice on hold.
Answer: A,B,D
Explanation:
Explanation
D: When you void a payment, Payables automatically reverses the accounting and payment records so your general ledger will have the correct information, and so the status of the paid invoices is reset to Unpaid. Payables also reverses any realized gains or losses on foreign currency invoices recorded as paid by the payment.
B: If you withhold taxes at payment time and you void a payment that paid an invoice with an associated withholding tax invoice, then Payables automatically creates a negative (reversing) invoice for the tax authority supplier to offset the amount of the tax withholding invoice. You determine when you withhold taxes by selecting the Apply Withholding Tax option in the Payables Options page.
References: Oracle Payables User's Guide, Voiding Payments Using the Payments Window
NEW QUESTION 102
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