The Accounts Payable Manager voided a Payment Request issued for a foreign currency invoice due to insufficient funds. Which three statements are correct?
Options: -
A. The process places the invoice on hold automatically.
B. Accounting and payment records for the invoices that were
paid automatically are reversed.
C. Any realized gain or loss on foreign currency invoices is recorded as paid by the payment when reversed.
D. All related withholding tax invoices are automatically
reversed.
E. All related interest invoices are reversed if already
created.
Correct Answer: B, C & E
Answer Explanation:
What happens if I void a payment?
The accounting and payment records for the invoices that
were paid are automatically reversed.
If applicable, the following transactions also occur:
Any realized gains or losses on foreign currency invoices
recorded as paid by the payment are reversed. If you select the Create interest
invoices check box on the Manage Invoice Options page, all related interest invoices
are reversed.
If you withhold taxes at payment time, and you void a payment that paid an invoice with an associated withholding tax invoice, then a reversing invoice for the tax authority supplier is automatically created to offset the amount of the withholding tax invoice. ONLY WITHHOLDING INVOICES CREATED AT PAYMENT TIME ARE REVERSED, THEREFORE STATEMENT THAT ALL WITHHOLDING INVOICES ARE REVERSED IS INCORRECT In addition, when you void a payment, you can select the action you want to take on the invoices that were paid. You can cancel the invoices, place a hold on the invoices, or leave the invoices available for payment.
Identify two stages in the Payment Process Request that require manual actions to complete ?
Options: -
A. Pending
B. Retry payment creation
C. Pending installments review
D. Failed document validation
E. Pending Proposed Payment review
Answer: D & E
Answer Explanation:
Option E:
* If proposed payment review is required, the request status is set to Pending Proposed Payment Review. This status prevents the Payment Process Request from being picked up for processing into a payment instruction. The status of the proposed payments is set to Created.
* PENDING PROPOSED PAYMENT REVIEW:
This status will only appear if you selected the Option. Stop Process for Review After Creation of Proposed Payments option on the Processing tab of the PPR header. In this case, the system is waiting for you to review (and modify, if needed) the proposed payments for this batch. Click on the Take Action icon to be taken to the Review Proposed Payments window.
Which section of the Accounts Payable dashboard displays information about supplier sites on payments hold?
Options: -
A. Invoice Requiring Attention
B. Payment Process Requests
C. Stop Payment Requests
D. Supplier Sites on Payment Hold
E. Payment Files Requiring Attention
Answer: D
Answer Explanation: NA
What are the two types of Holds available?
Options: -
A. Installment holds
B. Supplier Site holds
C. Supplier Location holds
D. Invoice Line holds
E. Payment holds
Answer: A & B
Answer Explanation:
Holds are constraints that Oracle Fusion Payables automatically applies to an invoice or supplier, or that you manually place on an invoice, to prevent payment and, in some cases, creation of accounting entries.
You can release some holds manually and Payables provides a predefined holds resolution workflow for manually releasable holds. Other holds require that you fix the exception condition before Payables releases the hold.
The different types of holds are as follows:
Installment holds
Supplier site holds
Invoice holds
System holds
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