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

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

Question 91

Select three true statements about the Invoice Validation process ?

 

Options: -

A. creates tax lines and distributions

B. creates withholding invoices

C. validates project information

D. creates Accounting Entries

E. updates Supplier Balance

 

Answer: A, B & E

Answer Explanation:

The following settings affect the invoice validation process:

* (A) Apply withholding tax: If you set this option on the Manage Tax Reporting and Withholding Tax Options page to at invoice validation, the invoice validation process calculates withholding.

* (B) Create withholding invoice: If you set this option on the Manage Tax Reporting and Withholding Tax Options page to at invoice validation, the invoice validation process creates withholding invoices.

* (E) Invoice tolerances: The invoice validation process checks for matching variances using the quantity and amount tolerance templates assigned to a supplier. If a supplier does not have quantity or amount tolerance templates, invoice validation uses the tolerances specified on the Manage Invoice Options page.

Note: Invoice validation performs various actions, such as calculating tax, checking that matching variances fall within specified amount or quantity tolerance limits and placing holds for exception conditions.

Reference; Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide, How Invoices Are Validated

 

Question 92

What are the three exceptions in the Payables Period Close Exceptions Report?

 

Options: -

A. Unapplied Prepayments

B. Unaccounted Invoices

C. Open Intercompany Transactions

D. Open Interface Import Errors

E. Incomplete Payment Process Request

 

Answer: B, C & E

 

Answer Explanation:

The types of exceptions reported are as follows:

* (B)Unaccounted invoices

* (C) Open intercompany transactions

* (E) Incomplete payment process requests

* Unaccounted payment activity

* Bills payable requiring maturity event and accounting

* Other exceptions

 

Question 93

A company has implemented the Supplier Portal. Select three correct statements regarding registration of a supplier in the Supplier Portal?

 

Options: -

A. The buyer verifies the supplier information and sends an update on the registration request.

B. The buying company can NOT register users directly and can only initiate the process of adding new suppliers by inviting supplier users.

C. The buying company initiates the process of adding new suppliers by inviting supplier users to register or by registering supplier users directly.

D. The User Administrator, after getting registered as a supplier, can NOT create new user accounts directly for his or her company’s users.

E. The buyer company sends an invitation to the Supplier requesting a registration with the system, which in turn, sends a notification to the supplier.

 

Correct Answer: A, C & E

Answer Explanation:

Note:

* The figure below shows the supplier contact change request process flow.

* Enable Supplier Registration

It is easy and quick to enable suppliers to use Oracle Fusion Supplier Portal. Suppliers can be quickly on-boarded through a simple online registration process. And once they are active, suppliers can easily manage their contact information to ensure that you have up to date and accurate information. Suppliers can also manage their business classifications during registration. This gives you easy access to supplier diversity information which is critical to compliance and reporting.

Question 94

An installment for $2,000 is due for payment on July 31, 2012. The Installment has two discounts: the first discount date is June 15, 2012, for $150 and the second discount date is June 30, 2012 for $100.

You submit a payment process request:

What will be the resulting status of the installment and discount?

 

Options: -

A. The installment is selected and a discount of $150 is availed.

B. The installment is, selected and a discount of $100 is availed.

C. The installment is NOT selected because the due date is later than the Pay Through Date.

D. The installment is selected, and no discount is availed.

E. The installment is NOT selected because the discount dates are before the Pay Through Date.

 

Answer: C

Answer Explanation:

Due Date for an installment for 3,000 USD is due for payment on March 31, 2011. The installment has two discounts. The first discount date is February 15, 2011, for 150 USD. The second discount date is February 28, 2011, for 100 USD.

You submit a payment process request with the following data:

· Payment Date = February 8, 2011

· Pay Through Date = March 30, 2011

· Date Basis = Due date

The installment is not selected for payment because the installment due date of March 31, 2011, is later than the Pay Through Date of March 30, 2011. The Pay Through Date determines the installment selection.