Oracle Fusion Financial Payables Certification:1Z0-1055-20

Oracle Fusion Financial Payables Certification:1Z0-1055-20

Hi Friends, We are going to share Oracle Fusion Financial Payables Certification Questions Answer's set which you can refer for the Oracle Certification Exam 1Z0-1055-20. These are the most important questions which have in the asked last three years Oracle Fusion Financial Payables Certification exams. 

All the Best For you Exam !!

Question 1:

What are the three benefits derived by a Payables Manager when implementing Oracle fusion Payables?

Options: -

A. Simplified and expeditious reporting

B. Fulfilling of demands for local compliance

C. Streamlining reconciliation to the general lodger

D. Improvement in processing speed and manageability

E. Streamlining accounting policy changes

Answer: A, C & D

Answer Explanation: -

* A Payables Manager typically has to run multiple reports (A) or queries to identify invoice hold and approval issues and access multiple screens to resolve problems. Oracle Fusion Payables provides a Payables Manager Dashboard that pushes exceptions that occurred from automated invoice and payment processing, such as missing exchange rates on a foreign currency invoice or issues with the payment information. It also tracks the status of supplier invoices, such as invoices requiring approval, invoices on hold, suppliers on hold, and more--all from a consolidated page. The Payables Manager can then take action directly from the dashboard to resolve issues.

* The Payables Manager Dashboard alerts you to exceptions, like missing exchange rates that occur during automated invoice and payment processing. It also tracks the status of supplier invoices and identifies which invoices require approval, as well as which invoices and payments are on hold and more.

Question 2:

What are the three advantages of using the Spreadsheet for Import Error Correction feature?

Options: -

A. Identification of errors with clear messages at the invoice header and line level that failed to import

B. Identification of errors with clear messages at invoice header only that failed to import

C. Correction of errors and reimporting invoices directly from spreadsheet

D. Correction of errors in the spreadsheet and loading but reimporting cannot be done from spreadsheet

E. Viewing invoice header and lines in the same view

 

Correct Answer: A, C & E

Answer Explanation:

* The ledger and subledger transactions are captured in four ways: entering journals manually, entering

journals in spreadsheets, importing journals, and creating journals automatically

* Enter manual and recurring journal entries through a spreadsheet interface. Load the completed

spreadsheet into the import interface. Schedule or manually submit the Journal Import program to import the data into the ledger. Working in spreadsheets adds functionality such as the use of macros, formulas, and links to existing documents. Spreadsheets are created as templates for recurring entries and then each month, simply update the data and upload.

* The transaction data entered in both Oracle Fusion and legacy system subledgers is imported into the

General Ledger Interface table. Errors during the import process are available in a spreadsheet interface. After correcting the errors or deleting the error lines, run the Journal Import process again.

Question 3

A company has a business requirement that all invoices go through an approval process flow.

Identify three features of the Invoice Approval workflow that meets their requirement.

Options: -

A. allows automatic resubmission of an invoice if rejection occurs

B. has predefined criteria to identify which invoices require approval

C. provides automatic routing of invoices upon approval to another designated approver

D. allows for corrections to invoices to be made while still in the approval routing process

E. provides Lime limits as to how long an invoice can remain unapproved before being automatically

rerouted to the next approver.

 

Correct Answer: A, B & C

Answer Explanation:

Option A: If an approver rejects an invoice or invoice line, you can perform one of the following actions:

* Use the Force Approval option to manually approve the invoice.

* Use the Initiate Approval option to resubmit the invoice to the Invoice Approval Workflow after correcting any issue that caused the approver to reject the invoice.

* Use the Cancel Invoice option to cancel the approval process.

Option B, C: The Invoice Approval Workflow automates your invoice approval process. Based on rules you define, the workflow determines if an entire invoice (document) or invoice lines need approval, who the approvers are, and in what order approvers should approve payment of the invoice.

If you use Invoice Approval Workflow, then every invoice and invoice line that require approval must be approved before you can pay it. Payables indicates that an invoice requires approval by setting the value in the Approval status field in the Invoices window to Required. The approval status is derived from the approval status of the document maintained at the invoice header and the approval status of the invoice lines.

Question 4

Which section of the Payment Dashboard lists all the processes submitted within the last 72 hours?

Options: -

A. Payment Process requests

B. Stop Payment Requests

C. Schedule Requests

D. Process Monitor

E. Supplier Sites on Payment Hold

 

Answer: C

Answer Explanation:

Option C: Schedule Requests This section will list all process submitted within the last 72 hours. Each process will have a link to the Status description and any Log or Output file created. The data returned can be filtered by status and/or number of hours and displayed in Flat or Hierarchical mode. Processes can be resubmitted from here too.

Question 5

Which are the two duty roles that are granted to a Tax Administrator.

Options: -

A. French DAS2 Reporting Duty

B. Financial Application Lookups Administration Duty

C. Internal Contact Relationship Information Inquiry Duty

D. Classification Administration Duty

E. Customer Account Addresses Inquiry Duty

Correct Answer: B & E

Answer Explanation:

Question 7

Which two receipts modifications are displayed in the Payables Matched and Modified Receipts Report?

Options: -

A. Quantity received was incorrectly recorded

B. Product rejected during Quality Check

C. Damage made during Receiving Inspection and Transfer to Stores

D. Product Returned to Supplier

E. Substitution Products

 

Correct Answer: A & D

 

Answer Explanation:

Use this report to identify receipts that were changed after invoice matching. This report displays modified receipts and invoice distributions matched to them. Modifications include quantity adjustments and return to supplier transactions.

Question 8:-

Which are three reasons that a prepayment will NOT be available for applying to invoices.

Options: -

A. The prepayment validation status is Available.

B. The prepayment is of the Permanent type.

C. The prepayment validation status is Needs Revalidation.

D. The prepayment validation status is Unpaid.

E. The prepayment is of the Temporary type.

Correct Answer: B, C & D

Answer Explanation:

A prepayment is a type of invoice you enter to pay an advance payment for to a supplier or employee.

Option B : You can enter either a Temporary or a Permanent type prepayment. Temporary prepayments can be applied to invoices or expense reports you receive.

Option C, D : If you want to apply a prepayment to one or more invoices or expense reports, you must first approve and pay the prepayment. You control when a prepayment is available by the Settlement Date you enter and by optionally applying a hold to the prepayment.

When you enter an invoice for a supplier for whom you have outstanding Temporary prepayments, Payables notifies you that you have prepayments available that you can optionally apply. You can also review the Prepayment Status Report to check the status of all prepayments in your system.