[Nov-2021] Verified 1z0-1055-20 dumps Q&As - 1z0-1055-20 dumps with Correct Answers
The Best Oracle Financials Cloud Study Guide for the 1z0-1055-20 Exam
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NEW QUESTION 67
You want your expense auditors to audit only expense reports for specific business units. How do you do this?
- A. Create a custom duty role and assign the data roles to each auditor.
- B. Assign the expense auditors job role and business unit security context and value to the user.
- C. Make auditors the managers of the corresponding business unit to route expense reports properly.
- D. Create your own audit extension rules that correspond to the business unit.
Answer: B
NEW QUESTION 68
Which attributes on the payables invoice can be used during approval rule creation?
- A. cost center segment and supplier only
- B. supplier only
- C. company and cost center segment only
- D. company segment, cost center segment, supplier, and Attribute 1 on the invoice line
Answer: D
NEW QUESTION 69
Which two statements are true when you are using the Intercompany Reconciliation Reports? (Choose two.)
- A. You can drill down on the links in the Period Summary report to view the balances by Intercompany Organization.
- B. You must run the prepare Intercompany Reconciliation Reporting Information process.
- C. 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.
- D. The reports will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.
- 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 70
XYZ Supplier has third party relationships defined with ABC Supplier and ACME Corporation. However, when reviewing the invoice installments for XYZ Supplier the payables specialist is unable to override the remit-to supplier name and address on the Invoice installments.
What is the reason for this?
- A. The option 'Allow remit-to supplier override for third-party payments' is not checked in the Payment Options page for the business unit.
- B. The option 'Allow remit-to supplier override for third-party payments' is not checked in the Common Options for Payables and Procurement page for the business unit.
- C. The option 'Allow remit-to supplier override for third-party payments' is not checked in the Invoice Options page for the business unit.
- D. The option 'Allow remit-to supplier override for third-party payments' is not checked in the Disbursement System Options page for the business unit.
Answer: C
NEW QUESTION 71
What is the recommendation when setting up Reconciliation Rule Sets?
- A. Many to Many rules should always be used first in the sequence.
- B. Many to Many rules should always be used last 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 72
You have successfully processed the expense reports for reimbursement and have transferred the information to Payables. What is the next step before you can pay them?
- A. Create a payment process request in Payments.
- B. Create Accounting for the invoice in Payables.
- C. Transfer the data to General Ledger.
- D. Validate the invoice in Payables.
Answer: A
Explanation:
Explanation
Oracle Fusion Expenses provides reimbursement functionality that ensures corporate card issuers and employees are reimbursed for business expenses. Expenses uses Oracle Fusion Payables to process expense reports for reimbursement. To reimburse card issuers and employees, the expense auditor runs the Process Expense Reimbursement process and the corporate card administrator runs the process, Create Corporate Card Issuer Payment Requests. After payment requests are created in Payables, corporate card issuers and employees are paid by Oracle Fusion Payments.
Thisfigure shows the flow of data when the expense auditor runs the Process Expense Reimbursement program.
NEW QUESTION 73
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. Make sure the Invoice Number is the same.
- C. Enter a value in the Invoice Group field to group similar invoices into a batch.
- D. Enable the invoice option Require Invoice Grouping, and the system automatically groups invoices entered in the same spreadsheet.
- E. Make sure all the invoice dates are the same.
Answer: D
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 74
While entering an expense report for your corporate card transactions, you notice that the conversion rate defined in the Manage Conversion Rates and Policies page is not used.
What is the reason?
- A. You did not define conversion rates in the General Ledger Cloud.
- B. Only cash transactions use those settings.
- C. You did not define conversion rates for your business unit.
- D. You did not specify a default expense template.
Answer: B
Explanation:
Explanation
Conversion rate behavior applies only to cash expenses, not to corporate card expenses.
References:https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAIEX/F1456644AN125F2.htm
NEW QUESTION 75
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 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).
- B. 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).
- C. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the invoice line is retained.
- D. The tax for the prepayment is recalculated and the generated tax line amount will be $250 USD (5% *
10,000-5000).
Answer: A
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 76
Identify three scenarios where you are not allowed to cancel an invoice. (Choose three.)
- A. The invoice is fully or partially paid.
- B. The invoice was adjusted by a credit or a debit memo.
- C. Prepayments were applied to the invoice.
- D. An accounting entry has been created for the invoice.
- E. The invoice is validated.
Answer: A,B,C
Explanation:
Explanation
Why can't I cancel an invoice?
The invoice is:
Additional reasons thatyou can't cancel an invoice are as follows:
You can cancel any unapproved invoice, or an approved invoice that does not have anyeffective payments or posting holds.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011878.htm#FAPPP1011878
NEW QUESTION 77
Identify three statements that indicate the purpose of Functional Setup Manager.
- A. It automatically generates lists of setup tasks in the correct sequence with dependencies highlighted.
- B. It automatically marks the completion status of tasks as Completed once they have been completed.
- C. It allows you to centrally manage the close processes across subledgers and ledgers.
- D. it allows you to assign setup tasks to individuals with due dates where users must manually update their completion status.
- E. It provides a central place to access and perform all of the setup steps across the applications.
Answer: A,B,E
Explanation:
Explanation
With Oracle Fusion Functional Setup Manager you can:
References:https://docs.oracle.com/cd/E56614_01/common_op/OAFSM/F1166427AN1007E.htm
NEW QUESTION 78
You have assigned additional roles to an existing user. However, the new roles are not appearing for the user in their Navigator menu. What should you check?
- A. Make sure you can query the user using Oracle Identity Manager (OIM) and the roles are assigned.
- B. Make sure the user logs out and logs back in.
- C. Make sure you can query the user from the Manage Users page and verify the roles assigned.
- D. Make sure you ran the Retrieve Latest LDAP Changes program.
Answer: D
Explanation:
Explanation
Oracle Identity Management maintains Lightweight Directory Access Protocol (LDAP) user accounts for users of Oracle Fusion Applications. Oracle Identity Management also stores the definitions of abstract, job, and data roles, and holds information about roles provisioned to users.
Most changes to user and role information are shared automatically by Oracle Applications Cloud and Oracle Identity Management. No action is necessary to make this exchange of information happen.
However, you must run the processes Send Pending LDAP Requests and Retrieve Latest LDAP Changes to manage some types of information exchange between Oracle Applications Cloud and Oracle Identity Management.
References:https://docs.oracle.com/cd/E60665_01/common/FASER/FASER1345802.htm
NEW QUESTION 79
A Bill Payable document was paid but has not yet matured.
What is the status of the payment?
- A. In Transit
- B. Issued
- C. Negotiable
- D. Cleared
Answer: B
NEW QUESTION 80
Identify what Oracle considers two best practices when setting up Payables and Receivables account access for bank reconciliation. (Choose two.)
- A. Allow bank accounts to be accessed by all roles and users because the default value to secure a bank account by users and roles is No.
- B. Only business units who use the same ledger as the bank accounts owning legal entity can be assigned access.
- C. Do not assign bank accounts to business units.
- D. Business units must be granted access to the bank account.
- E. Assign a few general ledger cash accounts to multiple bank accounts to facilitate book-tobank reconciliation.
Answer: B,D
Explanation:
Explanation
Account Access
Payables and Receivables account access is secured by business unit. In addition to selecting theappropriate application use or uses, one or more business units must be granted access before the bank account can be used by Payables and Receivables. Only business units that use the same ledger as the bank accounts owning legal entity can be assigned access.
NEW QUESTION 81
During your business trip to the UK, you took a taxi ride and paid for it by using your personal Visa credit card. While entering your expenses, you get a warning that a different conversion rate was applied to the taxi expense by Visa that the one used by your company.
How do you handle this situation?
- A. Do not enter the taxi expense and call your Finance Department so that they can make changes in the conversion rate settings and you do not violate the allowable limit.
- B. Use the corporate-defined conversion rate even if it means you will not be reimbursed fully.
- C. Call Visa to address the issue and tell them to make adjustments to their conversion rate. Then, wait to get a revised statement.
- D. Overwrite the conversion rate with the one Visa provided and enter a justification that Visa used a different conversion rate.
Answer: D
Explanation:
Explanation
Payables uses five types of exchange rates. Payables uses exchange rates to convert invoice and payment amounts into your ledger currency.
* User. Used to manually enter your own exchange rate during invoiceentry or at payment time. If you use the User exchange rate type, if the Payables option Calculate User Exchange Rate is enabled, and if you are using the Invoices window or the open interface table, then Payables calculates the invoice exchange rate if you provide the Ledger Currency amount.
Etc.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T368341.htm
NEW QUESTION 82
Which statement is correct if the payment terms entered in the invoice differ from the payment terms on the purchase order?
- A. The payment term of the invoice overrides the purchase order payment term.
- B. The purchase order payment term cannot be overridden.
- C. The user needs to manually change the payment term on the invoice to match the purchase order payment term.
- D. The payment term of the purchase order overrides the invoice payment term.
- E. The user needs to specify which payment term to use.
Answer: A
NEW QUESTION 83
An invoice for $1,000 USD and a credit memo for ($1,100) USD are due for payment. What are the two outcomes if you chose the "Apply Credits Up to Zero Amount" option when submitting a Payment Process Request? (Choose two.)
- A. Both the invoice and the credit memo are included in the Payment Process Request.
- B. Both the invoice and the credit memo are fully paid.
- C. Neither the invoice nor the credit memo is included in the Payment Process Request.
- D. Only the invoice is paid fully but the credit memo is partially paid with a credit of ($100) USD remaining.
Answer: A,D
Explanation:
Explanation
When yousubmit 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 illustratethe 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 table describes the payment processing that occurs based on the setting for the Apply credits upto 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 84
Your customer has requested a modification to the payment file to meet the acceptable bank standards. The changes were based on a format of a seeded payment process profile which is already in use. The only changes made are to the field positions. What two steps can make these changes work?
- A. Copy and modify the existing template to alter the positions as requested by the bank.
- B. Oracle Data Integrator or Golden Gate can be used to map the fields as required.
- C. Create a newpayment process profile and a new format program.
- D. Keep the payment process profile and leave the format programs unchanged.
- E. No change in the template is needed as we can achieve this using user-defined validations to move the positions as required.
- F. Create a new template to make changes as requested by the bank.
Answer: A,F
NEW QUESTION 85
Which three are attributes that are recognized by Invoice Imaging? (Choose three.)
- A. Invoice Date
- B. Invoice Number
- C. Terms Date
- D. Payment Method
- E. PO Number
Answer: A,B,E
NEW QUESTION 86
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. The system will issue an error message after the approval has been initiated.
- C. Invoice will be sent to User 1 for approval.
- D. Invoice will not be processed.
Answer: D
NEW QUESTION 87
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. Cancel the invoice, which debits the liability and credits the expense.
- B. Void the payment, which debits cash and credits the liability, and then cancel the invoice, which debits the liability and credits 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. Issue a credit memo, which will debit the liability and credit the expense.
Answer: B
NEW QUESTION 88
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