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

QUESTION 46

Identify three correct statements about creating and maintaining supplier profile entities ?

Options: -

A. Tax Registrations can be created and maintained only at the supplier level.

B. Bank Accounts can be created and maintained at supplier and supplier site level.

C. Multiple sites can NOT be created for the same address.

D. One supplier address can be associated with one or more supplier contacts and one contact can be

associated with one or more addresses.

E. Transaction Controls are maintained at supplier site level.

Correct Answer: B, D & E

Answer Explanation:

1. Tax registrations can be created and maintained at the supplier address level.

2. Bank accounts can be created and maintained at three levels: supplier, address and site.

3. A site must be associated with exactly one address. Multiple sites can be created for the same address, which is common when more than one procurement business unit sources from the same supplier. Note: A site can be created while creating an address, to save time from navigating to the Sites tab after creating the address.

4. Address Contacts and Contact Addresses represent two ways an association can be made between a supplier address and supplier contact. This association can be established when performing maintenance in either entity. One address can be associated to one or more contacts, and one contact can be associated to one or more addresses. Additionally, when a contact is associated with an address, it is implicitly associated with all sites using the address. This establishes the concept of a Site Contact. Some transactions, such as purchasing documents, allow for a Site Contact to be selected on the transaction.

 

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

Question 47

How are prepayments for invoices configured?

Options: -

A. Create the prepayment terms and associate it with the prepayment Invoice.

B. Enable Allow Prepayments in Define General Payables Options.

C. Enable the Profile Option for Prepayment in the Manage Payable profile options page.

D. No additional configuration is required. Users must select the invoice type as prepayment when the

invoice is created.

E. No additional configuration is required. Users must select the payment type as prepayment when the

payment is created.

 

Answer: D

Answer Explanation:

In payables there are 11 types of Invoices:

That is

1. Standard Invoice

2. Debit memo

3. Credit memo

4. Expense report

5. Mixed Invoice

6. Prepayment

7. PO default

8. Withholding tax

9. Recurring Invoice

10.Interest Invoice

11.Quick match

Prepayment: advance payment you make to a suppliers or employee. If you enter Temporary for the Prepayment type field, then you can later apply prepayment to an invoice.

Two types of prepayments are there, namely, temporary and permanent. In case of earlier one. it is treated as advance to the supplier and will be adjusted against any invoice on or after the settlement date but in case of later one, it is treated as deposit with the supplier.

Question 48

Identify two items that are defined in the Common Options in the Payables and Procurement window?

 

Options: -

A. Discount Allocation Method

B. Automatic Offset

C. Payment Terms

D. Apply Withholding Tax

E. Conversion Rate Type

 

Correct Answer: B & E

Answer Explanation:

Common Options for Payables and Procurement are setup options that are used by features throughout the procure-to-pay business flow, such as default accounts, additional legal entity information, accounting options, and self-billed invoices. Set options for the following:

· Default distributions

· Offset segments (Automatic Offset)

· Currency conversion (Conversion Rate Type)

· Expense accruals

· Self-billed invoices

· Legal entity information