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

Question 42

Which three accounting event types are predefined for the Accounting Event Class Prepayment Applications?

Options: -

A. Prepayment Application Adjusted

B. Prepayment Applied

C. Prepayment Adjusted

D. Prepayment Validated

E. Prepayment Unapplied

 

Correct Answer: A, B & E

Answer Explanation:

Event Class: Prepayment Application

Event Types: Prepayment Application Adjusted Prepayment Applied Prepayment Unapplied.

Question 43

How do you classify a prepayment as permanent?

Options: -

A. Create the prepayment invoice with the prepayment type as Permanent.

B. Leave the Apply after date field blank in the Invoice Header.

C. Deselect the Allow Prepayment Application option in the Invoice Header page.

D. Permanent prepayments are not allowed.

E. Deselect the Allow Prepayment Application option In the Invoice Line.

 

Correct Answer: C

Answer Explanation:

Creating a Prepayment: To create a prepayment, you specify an invoice type of Prepayment. The option Allow prepayment application indicates that the prepayment is available for application and classifies the prepayment as temporary. An example of a temporary prepayment is a catering deposit to a hotel. When the invoice from the hotel arrives, apply the prepayment to the invoice to reduce the invoice amount you must pay.

If you uncheck the option Allow prepayment application, you cannot apply the prepayment, and the prepayment is classified as permanent. An example of a permanent prepayment is a lease deposit for which you do not expect to receive an invoice.

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

Question 44

A user issued a Payment Process Request and subsequently realized an error in the request. Which two options show instances where the payment can NOT be voided?

 

Options: -

A. A payment that pays a prepayment that has been applied to an invoice

B. A payment for an invoice that is already posted to General Ledger

C. A payment for an invoice which is a Withholding Tax Invoice

D. A payment that the bank has already cleared

E. A payment that has a status of Issued

 

Answer: A & D

Answer Explanation: void payments restrictions

1. When payment paid by third party.

2. When payment got clearance from bank

3. When the related invoices have prepayment to it.

4. Partially Paid.

* A Payment Administrator cannot void a payment that has an unconfirmed stop payment request placed on it.

* A check should only be voided if it is in your physical possession or has been successfully stopped by your bank. A Payment Administrator cannot void a payment that has an unconfirmed stop payment request placed on it.

* Click the Void icon for the applicable payment. The Void icon is only available for payments that have been marked complete and that do not have stop requests placed on them.

Question 45

Identify three statuses that appear in the Processed Tab in the Expense Report region ?

 

Options: -

A. Saved

B. Ready for Payment

C. Paid

D. Pending Your Resolution

E. Partially paid

F. Rejected

Correct Answer: B, C & E

Answer Explanation: NA