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

Question 20

Which are the three actions performed by the Payables department for I Supplier invoices?

Options: -

A. Validating invoices

B. creating accounting

C. creating Non-Purchase Order matched invoices

D. creating Purchase Order matched invoices

E. processing payments

Correct Answer: A, B & E

Answer Explanation:

It is the supplying company that creates PO & non-PO invoices through I Supplier. So, this would be their Receivables department, not their Payables dept. The buying company Payables Dept would receive the AP invoices and therefore create the accounting.

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

QUESTION 21

Which hold type prevents accounting of a foreign currency invoice if the conversion rate is missing?

Options: -

A. Unmatched Invoices hold

B. Distribution Variance hold

C. Invoice Amount Limit hold

D. No Rate hold

E. Incorrect Conversion Rate hold

Correct Answer: D

Answer Explanation:

The Apply Missing Conversion Rate process automatically applies conversion rates to foreign currency invoices or payments that have no conversion rate and a conversion rate type other than User. If a foreign currency invoice is missing a conversion rate, then when you validate the invoice, the validation process applies a No rate hold, which prevents payment and accounting of the invoice.

Question 22

A company has a business requirement to pay small suppliers outside of the system, but it does NOT want to manually record each such transaction.

Which solution should be implemented?

Options: -

A. Create Payment batches using a check payment method for those multiple suppliers and destroy those checks.

B. Create payment batches using an electronic Funds Transfer (EFT) for those multiple suppliers and then do not send the resulting electronic file to the bank.

C. Create batches using a clearing payment method for those multiple suppliers because the payment method does not generate a file.

D. Create payment batches using a wire payment method for those multiple suppliers and then delete the resulting electron file.

E. Create payment batches using bills payable functionality for those multiple suppliers and then delete the resulting electronic file.

Correct Answer: A

Answer Explanation:

Check. Payment in a payment batch, Quick payment, or manual payment. Usually a paper check you give to your supplier.

Question 24

Identify three features of Expenses regarding expense report approvals.

Options: -

A. Enforce Receipts received automatically before approval

B. Review of Cost Center and Project Allocations

C. Integration with Fusion Imaging and Process Management

D. Automatic conversion to User Preferred currency

E. Spotting of issues, thus facilitating informed decisions using previous expense patterns

Correct Answer: A, B & D

Answer Explanation:

Option A: Specifying a Receipt Required Policy If your accounts payable department requires a receipt for each expense, then you must specify the following for each expense type that you define in the Create Expense Type page:

A receipt requirement rule that reflects your company receipt policy. A receipt can be required for cash only or corporate card and cash.

An expense amount, above which a receipt is required Warning and error tolerance percentages so the application knows when to warn the user, if opted, of a receipt required policy violation or, in the case of an error, actually prevent submission of the expense report Warnings are tracked by the application. You can view them in the Expense Items region of the Edit Expense Report page, whereas errors are not tracked because they prevent submission of the expense report.

Option B: Approval by Cost Center Owners in Parallel Mode

The predefined ruleset for approval of expense reports by cost center owners is called CostCenterApprovalStage CostCenterRuleSet. This ruleset has the following predefined rules:

If the total amount charged to cost centers other than the employee’s default cost center is more than zero, the expense report is sent to the cost center owner for approval.

If expenses are charged to a cost center other than the employee’s default cost center, the applicable cost center owners receive the approval notification in parallel. The approval is complete when all cost center owners identified as approvers have approved the expense report.

If the cost center of the expenses is the same as the default cost center of the employee, automatic response is generated indicating that there is no cost center-specific approval.

Option D: Specifying a Conversion Rate Policy.

You can define conversion rate behavior for each business unit in your company. These definitions enable you to enforce conversion rate policies and to validate the conversion rates that employees enter for foreign currency receipts. If you enter a conversion rate value in an expense report, or override a defaulted value, the value you enter is validated against the current conversion rate definitions. You specify the following conversion rate behavior in the Edit Conversation Rates and Policies page:

Type of conversion rate, whether Corporate, Spot, or User Whether you want the conversion rate to default onto a newly created expense report