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Oracle 1z0-1055-20 PDF Questions - Exceptional Practice To Oracle Financials Cloud: Payables 2020 Implementation Essentials
NEW QUESTION 10
You want to customize the Payables Invoice Register template to only display invoices when the Supplier name is Company A. Supplier name is a group that repeats on every page.
Which is the correct way to customize the template?
- A. Hard code Supplier Name "Company A" in the report template and only invoices for that supplier will be displayed.
- B. Insert the syntax <?if:VENDOR_NAME= 'COMPANY A'?> before the Supplier field on the template.
Then, enter the <?end if?> tag after the invoices table. - C. Insert the syntax <?if:condition?> before the Supplier field and then enter the closing tag
</<?if:condition?>. - D. Insert the syntax <?if:'COMPANY A'?> before the Supplier field and then enter the closing tag
</<?if:COMPANY A?> after the invoices table.
Answer: A
Explanation:
Explanation
Use an if statement to define asimple condition; for example, if a data field is a specific value.
Insert the following syntax to designate the beginning of the conditional area.
<?if:condition?>
Insert the following syntax at the end of the conditional area: <?end if?>.
References:https://isu.ifmo.ru/docs/XMLP/help/en_US/htmfiles/B25951_01/T421739T421743.htm
NEW QUESTION 11
You have invoices with distributions across primary balancing segments that represent different companies.
What feature should you use if you want the system to automatically balance your invoice's liability amount across the same balancing segments on the invoice distributions?
- A. Payables' Allow Reconciliation Accounting
- B. Intercompany Balancing
- C. Subledger Accounting's Account Rules
- D. Suspense Accounts
- E. Payable's Automatic Offset
Answer: B
Explanation:
Explanation
If you do not enable Automatic Offsets, Payables records the invoice liability using the liability account on the invoice, which defaults from the supplier site. When you distribute invoice distributions across multiple balancing segments, the invoice will not balance by balancing segment. However, General Ledger can automatically create intercompany balancing entries when you post the invoice if you have enabled the Balance Intercompany Journals option for your set of books.
References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/autoff01.htm
NEW QUESTION 12
You entered an invoice of 12,000 and paid it for Office Suppliers. The payment was never received by the supplier, and you decide to return the entire order. What should you do?
- A. Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits the expense.
- B. Issue a credit memo, which will debit the liability and credit the expense.
- C. Void the payment, which debits cash and credits the liability, and then issue a credit memo, which debits the liability and credits the expense.
- D. Cancel the invoice, which debits the liability and credits the expense.
Answer: A
NEW QUESTION 13
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 calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
- 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 for the prepayment is recalculated and the generated tax line amount will be $250 USD (5% *
10,000-5000). - 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 14
Which is the Payables tool based on real-time data?
- A. Oracle Financial Reporting (FR)
- B. Oracle Transactional Business Intelligence (OTBI)
- C. Smart View
- D. Oracle Business Intelligence Applications (OBIA)
- E. Essbase Cube
Answer: B
Explanation:
Explanation
Oracle Transactional Business Intelligence (OTBI) provides real-time insight into HCM business processes.
Traditional ad-hoc reporting tools require a user to have an understanding of the data objects in the database.
References:http://www.oracle.com/us/products/applications/fusion/hcm-oracle-transactional-bi-ds-2187697.pdf
NEW QUESTION 15
Which two statements are true when you are using the Intercompany Reconciliation Reports? (Choose two.)
- A. The reports will include Ledger balancing lines generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance.
- B. You must run the prepare Intercompany Reconciliation Reporting Information process.
- C. The reports will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.
- D. You can drill down on the links in the Period Summary report to view the balances by Intercompany Organization.
- E. The reconciliation period summary report will not show the intercompany receivables and intercompany payables lines generated for the provider and receiver of each intercompany transaction.
Answer: E
Explanation:
Explanation
A (not C): The Reconciliation Period Summary report displays the intercompany receivables and intercompany payables balances in summary for a period, and any differences between them.
D:Ledger balancing lines generated when the primary balancing segmentvalue is in balance but either the second balancing segment or the third balancing segment is out of balance
NEW QUESTION 16
You need to have an invoice line automatically distributed across multiple cost centers. For example, you want your monthly utility bill allocated across multiple cost centers based on a percentage.
Select two methods to achieve this. (Choose two.)
- A. Define a distribution set and assign it manually to the invoice.
- B. Define a distribution set and assign it to the supplier.
- C. Configure Subledger Accounting rules to allocate costs.
- D. Choose the 'All Lines' option from the Allocate menu in the invoice line area.
Answer: A,C
Explanation:
Explanation
A: Account Rules by Segment
Define segment rules to derive a specific segment of the general ledger account. For example, a particular segment like the company segment can be determined from the distribution account. Another segment can be determined with the use of a constant value. Creating the account one segment at a time offers greater flexibility, but also requires more setup.
C: You can use a Distribution Set to automatically enter distributions foran invoice when you are not matching it to a purchase order. For example, you can create for an advertising supplier a Distribution Set that allocates advertising expense on an invoice to four advertising departments.
References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/distsets.htm
NEW QUESTION 17
You purchased a computer from Company A for 2000 USD. Company B ships you the computer with freight charges of 100 USD. You would like the cost of the computer to include those freight charges.
How can you achieve this?
- A. Choose Match to Receipt.
- B. Choose to Match to Invoice Lines.
- C. Enter the Invoice manually and add the freight line.
- D. Choose to Match in full to the Purchase Order.
- E. Choose to Match to Receipt Charges.
Answer: E
NEW QUESTION 18
You need to enter a last-minute invoice during the close process. What is the quickest way to enter and post the invoice to general ledger?
- A. Enter the invoice via a spreadsheet and then validate, account, and post the invoice from the spreadsheet.
- B. Enter and post a manual journal entry directly into the general ledger.
- C. Enter the invoice via a spreadsheet. Then, from the Manage Invoices page, query the invoice, validate it, create accounting, and then open general ledger's Manage Journals page and post the associated invoice journal entry.
- D. Enter the invoice in the Create Invoice page, choose the Validate option, and then the Account and Post to Ledger option.
Answer: D
NEW QUESTION 19
Identify two ways the invoice imaging solution works in the Cloud. (Choose two.)
- A. Customers ask suppliers to send electronic invoices.
- B. Customers scan the invoice on-premise and email the images.
- C. Customers cannot use invoice imaging in the Cloud.
- D. Customers scan and store the invoice images on-premise and attach them during invoice entry.
- E. Customers ask their suppliers to scan and email the invoice.
Answer: B,E
NEW QUESTION 20
Which two statements are true about processing corporate card expenses? (Choose two.)
- A. You can process payment for credit card using Electronic funds transfer, check, or wire.
- B. Usage policy for expense category tolerances does not apply to credit card expenses.
- C. Card transactions will be paid directly from Expenses Cloud.
- D. Conversion rate defaults apply only to cash expenses, not to corporate card expenses.
- E. Conversion rate defaults are applicable to corporate card expenses, just as they are applicable to cash expenses.
Answer: B,D
Explanation:
Explanation
Conversion rate behavior applies only to cash expenses, not to corporate card expenses.
To enable your company to pay a corporate card issuer, you enter a default payment method, whether check, EFT (Electronic funds transfer), or wire, in the Address Payment Information region of the Edit Corporate Card Issuer page, as well as bank account information.
References:
https://docs.oracle.com/cloud/latest/financialscs_gs/FAIEX/FAIEX1456644.htm
https://docs.oracle.com/cd/E48434_01/fusionapps.1118/e49599/F1110434AN7B1F9.htm
NEW QUESTION 21
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. All related interest invoices are reversed if previously created.
- C. All related withholding tax invoices are automatically voided.
- D. Any realized gain or loss previously calculated is reversed.
- 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 22
What is the recommendation when setting up Reconciliation Rule Sets?
- A. Many to Many rules should always be used last in the sequence.
- B. Many to Many rules should always be used first in the sequence.
- C. One to One rules should be sequenced above rules of other types.
- D. One to One rules should be sequenced below rules of other types.
Answer: C
NEW QUESTION 23
You need to route invoices to three different approvers at the same time, and only one approver needs to approve the invoice.
Which approval ruleset should you use?
- A. FyiTypeParticipantInParallelModeRuleSet
- B. ParallelTypeParticipantInParallelModeRuleSet
- C. InvoiceApprovalRuleSet
- D. SingleTypeParticipantInParallelModeRuleSet
Answer: B
NEW QUESTION 24
What is the result of voiding a payment?
- A. The payment is no longer valid.
- B. A stop payment request has been initiated to the bank.
- C. The payment is reconciled to the bank statement.
- D. A bills payable payment was created but is not yet matured.
Answer: A
NEW QUESTION 25
You have 10 ledgers and 30 business units and want to leverage Preference Data Sets. What is the function of Reference Data Sets?
- A. allow you to assign multiple business units to users in a shared service center
- B. allow you to share reference data, such as payment terms, across multiple business units to avoid redundant setup
- C. allow you to maintain sets of related data in a Data Dictionary
- D. allow you to secure data by business unit
Answer: B
Explanation:
Explanation
Reference Data Sets
You begin this part of your implementation by creating and assigning reference data to sets. Make changes carefully as changes to a particular set affect all business units or application components using that set. You can assign a separate set to each business unit for the typeofobject that is being shared. For example, assign separate sets for payment terms, transaction types, and sales methods to your business units.
Your enterprise can determine that certain aspects of your corporate policy can affect all business units. The remaining aspects are at the discretion of the business unit manager to implement. This allows your enterprise to balance autonomy and control for each business unit. For example, your enterprise holds business unit managers accountable for their profitand loss, but manages working capital requirements at a corporate level.
In such a case, you can let managers define their own sales methods, but define payment terms centrally. In this example:
Each business unit has its own reference data set for salesmethods.
One central reference data set for payment terms is assigned to all business units.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAIGL/FAIGL1493157.htm#FAIGL94314
NEW QUESTION 26
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 a clearing payment method for thosesuppliers because this payment method does not generate a file.
- B. Create payments by using the Check Payment method for those suppliers and then destroy those checks.
- C. Create payments by using Electronic Funds Transfer (EFT) for those suppliers but do not send the electronic file to the bank.
- D. Create a payment by using a wire payment method for those suppliers.
Answer: D
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 27
Which three attributes are captured during the scanning of invoice images?
- A. Invoice Number
- B. Terms Date
- C. PO Number
- D. Payment Method
- E. Invoice Date
Answer: A,C,E
Explanation:
Explanation
For Payables invoice processing, PO number, supplier, invoice number, invoice amount, invoice date, customer taxpayer ID, and business unit are extracted as part of the predefined configurations.
This figure shows the Scanned information tileon the Invoices landing page.
References:http://docs.oracle.com/cd/E36909_01/fusionapps.1111/e20375/F569958AN60E65.htm
NEW QUESTION 28
Which three are subject area subfolders that report Payables reconciliation differences to General Ledger?
(Choose three.)
- A. Reconciliation Invoice Details
- B. Reconciliation Prepayment Application Details
- C. Reconciliation Payment Details
- D. Reconciliation Invoice Hold Details
- E. Reconciliation Invoice Request Details
Answer: A,B,C
NEW QUESTION 29
What two job roles are required to access information within Functional Setup Manager? (Choose two.)
- A. IT Security Manager
- B. Functional Setup Manager Superuser
- C. Application Implementation Consultant
- D. Application Implementation Manager
- E. Any Functional User
Answer: C,D
Explanation:
Explanation
Provision the implementation user with the Application Implementation Manager job role or the Application Implementation Consultant job role by usingthe Security Console Users tab.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FACSF/FACSF1004385.htm
NEW QUESTION 30
You have an invoice for $200 USD and a credit memo for $225 USD. In other words, the credit amount exceeds the invoice amount. If you enable the option to apply credits up to zero amount payment, then how will the invoice and credit memo be paid?
- A. Both the invoice and credit memo are included in the payment process request for a payment amount of
$0 USD. The credit memo is partially paid with a remaining credit of $25 USD. - B. Both the invoice and the credit memo are paid and a refund of $25 USD is created.
- C. Both the invoice and the credit memo are selected and the Payment Process Request requires attention.
- D. Neither the invoice nor the credit memo are included in the payment process request because the credit reduces the payment amount below zero.
Answer: A
Explanation:
Explanation
When you submit a "payment process request", you can enable the Apply credits up to zero amount payment option. Enabling the 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 memo for 225 USD are due for payment.
The following tabledescribes 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 31
Which statement is true about selecting a bank account on the Create Payment page?
- A. Bank account must match the supplier's bank account.
- B. LE on the bank account should be different from the LE on the invoice.
- C. There is no relationship between the business unit, bank, and LE. Users can pick any bank account that is setup in their system.
- D. LE on the bank account should be equal to LE on the invoice.
- E. Users can pick any bank account as long as the bank account is tried to the business unit.
Answer: D
Explanation:
Explanation
Note: LE = legal entity
NEW QUESTION 32
You have modified your tax setup and want to test the changes on actual Payables transactions. How do you validate before enabling for transaction?
- A. Oracle Transactional Business Intelligence (OTBI)
- B. by creating accounting in draft mode
- C. by changing the tax status to test and then entering a payables invoice
- D. by creating a payable invoice, and by validating and reviewing the tax application
- E. by using Tax Simulator to test
Answer: E
Explanation:
Explanation
Run taxes from all applicable tax regimes against a sample transaction to verify that your tax configuration and tax rules were created and applied according to yourrequirements. You can either create a sample transaction within Tax Simulator or copy an existing transaction. The simulated tax calculations do not affect live data.
Note:The Tax Simulator is a tool for simulating the tax determination process in your tax setup. The Tax Simulator lets you preview the workings of your tax configuration before you perform tax calculations on live transactions in a subledger application. TheTax Simulator also allows you to test new tax configuration in conjunction with existing tax configuration to preview the resulting tax calculation. The Tax Simulator is a useful tool to identify the root cause when tax calculation is not what is expectedon live data.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006654AN226D8.htm
NEW QUESTION 33
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