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

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

Question 29

Which are the two ways will an invoice be impacted when an inclusive prepayment is unapplied from it?

Options: -

A. The unpaid invoice amount is increased by the amount of the prepayment.

B. An installment is created for the prepayment amount.

C. The invoice validation status changes to Needs Revalidation.

D. The invoice paid status changes from Partially Paid to Unpaid.

E. The invoice accounting status changes to Partially Accounted.

Correct Answer: A & D

Answer Explanation:

If you mistakenly apply a prepayment to an invoice, you can unapply it. Payables automatically creates a reversal distribution and a new scheduled payment for the prepayment in the amount that you unapply.

Payables also increases the Amount Available for the prepayment by the unapplied amount. Payables updates the status of the invoice to unpaid or partially paid.

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

Question 30

Which three duty roles are granted to the Corporate Card Administrator?

 

Options: -

A. Corporate Card Transaction Management Duty

B. Corporate Card Issuer Payment Request Management Duty

C. Business Intelligence Applications Worker

D. Corporate Card Transaction Review Duty

E. Expense Export Duty

Correct Answer: A, B & C

Answer Explanation:

Duties assigned directly and indirectly to the job role Corporate Card Administrator include: Corporate Card Transaction Management Duty Corporate Card Issuer Payment Request Management Duty Business Intelligence Applications Worker.

Question 32

Which are the two scenarios for the invoice line type Prepayment automatically generated?

Options: -

A. a prepayment created with invoice type as Prepayment

B. a prepayment applied to the invoice

C. a prepayment is unapplied to the invoice

D. a manually created invoice line with type as Prepayment

E. at the time of validating a Prepayment Invoice

Correct Answer: B & C

Answer Explanation:

Invoice line types categorize the lines on an invoice. You can select some invoice line types, such as the

Item line type. Other line types, such as the Prepayment line type, are automatically generated.

This table describes the types of invoice lines.

Invoice Line Type, Description

* Prepayment: Prepayment application or unapplication. Prepayment lines are created automatically.

* Item: Details of goods and services.

* Freight: Freight charges on an invoice. Freight charges can be allocated to Item lines.

* Miscellaneous: Other charges on an invoice, such as installation or service. Miscellaneous charges can be allocated to Item lines.

* Tax: Tax lines that are either generated automatically or entered manually.

Withholding tax: Withholding tax lines that are either generated automatically or entered manually.

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

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

Question 171

You have a high volume of invoices to enter that have similar lines and do not require extensive validation. What must you do if you want to group multiple invoices in a batch during spreadsheet entry?

Options:

A. Make sure the Invoice Number is the same.

B. Make sure all the invoice dates are the same.

C. Assign the same Invoice Header Identifier to multiple invoices you want to group.

D. Enable the invoice option Require Invoice Grouping, and the system automatically groups invoices entered in the same spreadsheet.

E. Enter a value in the Invoice Group field to group similar invoices into a batch.

 

Answer: B

Answer Explanation: NA

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

Question 172

When submitting the Payables to General Ledger Reconciliation report, the extract did not select any data. What should you check?

Options:

A. Make sure you assign an Account parameter when running the extract to include liability accounts.

B. Make sure you specified a Business Unit in the parameters when running the extract.

C. Make sure you enabled the Reconciliation flag to all of your liability natural account values.

D. Make sure you assigned a Financial Category of Accounts Payable to all your liability natural account values.

Answer: D

Answer Explanation: NA

 

 

Question 173

 Which two statements are true related to configuration package?

Options:

A. You can export and import the custom roles from Oracle Identity Manager.

B. You can export and import the allocation rules from the allocation manager.

C. You can export and import the approval rules from the approval management engine.

D. You can export and import selected business units.

E. You can export and import selected business object services.

 

Answer: A & E

Answer Explanation: NA

 

Question 174

The payment build program has completed but with errors. When submitting the payment process request, which processing option is used to review the error messages from the Manage Payment Process Request Inquiry?

Options:

A. Set the validation failure handling for documents to "show errors."

B. Set the validation failure handling for payments to "stop process for review."

C. Set the validation failure handling for payments to "show errors."

D. Enable debug for the payment format program.

 

Answer: B

Answer Explanation: NA

 

Question 175

Which three types of payments can you make if you have access to Disbursement Process Management Duty?

Options:

A. Reimbursement of employee expense reports

B. Employee advances

C. Supplier payments

D. Customer refunds

E. Ad hoc payments

 

Answer: A, C & D

Answer Explanation: NA

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

Question 112

A company has implemented the Integrated Imaging Solution. While extracting an invoice batch, RTS fails to extract and validate an invoice in the batch.

What is the next step?

 

Options: -

A. The failed invoice will be removed from the batch and remaining Invoices will be sent to IPM for routing.

B. The failed invoices will be loaded with the data available and the user needs to enter the missing information manually.

C. The entire invoice batch will be sent to IPM tor routing including invoice failed validation.

D. The entire batch is marked as failed and needs to be resubmitted after corrections.

E. Only the invoices that failed validation will be marked as failed and these need to be resubmitted after corrections

 

Answer: D

 

Answer Explanation:

Forms Recognition Verifier is the quality assurance application of the Forms Recognition suite. The application detects all documents with data recognition problems and presents them to the operator for verification.

If Forms Recognition Runtime Service fails to extract and validate an invoice in a batch, the entire batch is marked as failed and will not be exported to the image repository. An accounts payable specialist reviews incomplete batches using Forms Recognition Verifier and resubmits them after correcting the exceptions.

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

Question 113

Identify three fields that will be extracted from an invoice when using the Integrated imaging solution.

 

Options: -

A. Purchase Order number

B. Item number

C. item price

D. Invoice amount

E. Supplier name

 

Answer: A, D & E

Explanation:

The predefined Payables initialization file supports optical character recognition (OCR) and extraction of the following invoice header attributes:

Purchase order number

Invoice amount

Supplier

Invoice number

Invoice date

 

 

Question 114

An invoice is created, paid, and is accounted for. Two adjustments are made to the invoice and validated with the same accounting date.

Which statement is correct?

 

Options: -

A. A Payment Adjustment Event is created for both adjustments.

B. Only one Payment Adjustment Event is created because the first Payment Adjustment Event has not been accounted.

C. The Payment Adjustment Event created in the first instance will be overwritten by the second.

D. A Payment Adjustment Event is created in the second instance even though the first event had not been accounted.

E. A Payment Adjustment Event is NOT created in both the cases.

 

Answer: A

Answer Explanation: Payment Adjustment Event

A payment adjustment event occurs when you change the invoices recorded on a Manual payment. For the newly selected invoices, the accounting entries for this event relieve the liability accounts in the amount of the payment. For the originally paid invoices, the entries reverse the invoice liability that the payment had relieved. Payables also reverses any gains or losses for the originally paid invoices, and records any gains or losses for the newly selected invoices.

Payables creates accounting entries for this event only if the Account for Payment When Payment is Issued option is enabled in the Payables Options window. For payments the accounting date for this event is the payment date. If the payment date is in a closed period, then the GL Date is the first day of the next open period

 

 

Question 115

A user, while entering an invoice for an asset for capitalization, has entered the GL Distribution charge Account.

Identify the asset related account to which this invoice should match in order for it to be automatically converted into an asset in Fusion Assets.

 

Options: -

A. Asset Cost Account

B. Asset Amortization Account

C. Depreciation Account

D. Accumulated Depreciation Account

E. Asset Clearing Account

 

Answer: E

Answer Explanation: Validation: The account must be set up as an existing asset category, and it must be either an asset clearing account or a construction-in-process (CIP) clearing account.

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

Question 80

A company needs to implement corporate cards with Company Pay or Both Pay Payments liability. Select three correct statements regarding corporate card implementation ?

 

Options: -

A. Specific expense clearing account can be set up per card program.

B. Setting up of expense clearing account is required only for Company Pay and Both Pay payment liability.

C. One clearing account can be set up for all card programs.

D. Payables uses the clearing account to record only the debits.

 

Correct Answer: A, B & D

Answer Explanation:

Option B: Individual Pay. Employee pays the credit card provider for all credit card transactions.

Note: When you implement the corporate credit card functionality for Internet Expenses, one of the essential decisions you need to make is whether your company or your employees are responsible for paying the credit card provider. The three payment options which you can implement in Internet Expenses are:

Individual Pay. Employee pays the credit card provider for all credit card transactions.

Both Pay. The employee pays the credit card provider for personal expenses, and your company pays the credit card provider for business expenses.

Company Pay. Company pays the credit card provider for all transactions.

 

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

Question 81

Identify two privileges granted to the job role Accounts Payable Supervisor ?

 

Options: -

A. running Payables Data Extraction Program

B. managing Accounting Period Status

C. preparing French DAS2 Contractor Letters

D. managing Payables Activities

E. initiating Payables Invoice Approval Task Flow

 

Answer: C & E

Answer Explanation: NA

Question 82

Which are three key features of Expense Report Entry?

Options: -

A. approval of expense reports through Oracle Fusion Approvals Management

B. scheduled processes to create card issuer and employee payment requests

C. association of receipt image for expedited processing

D. contextual search and expense tracking for easy retrieval

E. consolidated Information-Driven Work Area

 

Answer: A, C & E

Answer Explanation:

Key Features.

* Mobile entry for expenses

* Automated support for accounting and

project allocations

* (A) Embedded transactional intelligence guide approves decisions.

* Out-of-the box imaging integration

* Unique approval routing for project and cost center expenses

 

Key Benefits:

Quick expense entry using mobile apps or offline spreadsheets

Greater accuracy and compliance with integrated corporate card usage.

Simplified expense process definition

* (C) Out-of-the-box imaging solution with Fusion Automated Invoice Processing Increased visibility of errors and fraud with sophisticated audit management.

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

 

Question 76

Select three correct statements regarding a supplier submitting invoices online through the Supplier portal.

 

Options: -

A. A supplier can submit invoices against open, approved, standard, or blanket purchase orders that are

not fully billed.

B. After submitting the invoice, a supplier can validate it.

C. A supplier can submit a single invoice against multiple-purchase orders, provided the currency and organization for all the items on an invoice are the same.

D. A supplier can submit a single Invoice against multiple purchase orders, even if different currencies and organizations, are specified for the items on the invoice.

E. After submitting the invoice, a supplier can NOT make changes to it.

 

Answer: A, C & E

Answer Explanation:

Option A: Suppliers can create invoices against open, approved, standard purchase orders, or blanket releases that are not fully billed.

Option C: Suppliers can enter a credit memo against a fully billed purchase order as well as invoice against multiple purchase orders.

Option E: In Oracle Purchasing, the buyer creates the purchase order, and the process sends notification to the supplier. The supplier then acknowledges the purchase order, and optionally can reject shipments and make changes to a purchase order line or shipment. After making any optional changes, the supplier submits the acknowledgement. The buyer receives notification in Oracle Purchasing and responds to the change request submitted during acknowledgement. The purchase order is revised automatically in Oracle

Purchasing. The supplier receives notification of the revised purchase order and can view the revised purchase order in Oracle I Supplier Portal.

 

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

Question 78

Identity three events across the life cycle of an expense report?

 

Options: -

A. An invoice is created in Accounts Payable.

B. The expenses incurred by a user while transacting business are entered in an expense report.

C. The expense items and expense reports will be tagged and can be located through the Tag Center.

D. There in seamless desktop integration through Excel for offline expense entry.

E. Line managers can approve the expense report submitted by the user for approval.

 

Answer: A, B & E

Answer Explanation:

Option A: Oracle Projects integrates with Oracle Payables so that you can create and pay invoices for project- related expense reports in Oracle Payables.

Option D: You can enter and upload pre-approved expenditure batches using Microsoft Excel spreadsheets. You can validate records during entry by connecting to the database or you can create the spreadsheet offline and allow validation to occur during the transaction upload.

Note: Oracle Payables Integration--Expense Reports

Oracle Projects integrates with Oracle Payables so that you can create and pay invoices for project- related expense reports in Oracle Payables. Oracle Payables creates invoices from expense reports, maintains and tracks payments, and creates accounting information in Oracle Subledger Accounting. You can also use Oracle Internet Expenses to enter project-related expense reports and import the expense reports into Oracle Payables. If you adjust expense report expenditure items in Oracle Projects, then you run processes in Oracle Projects to generate accounting events and create the accounting entries for the adjustments in Oracle Subledger Accounting. Oracle Subledger Accounting transfers the accounting entries to Oracle General Ledger.

Question 79

Which two statements are true about the Invoice Requiring Attention section of the invoice Dashboard?

 

Options: -

A. displays links to all prepayment type invoices that have NOT been fully applied.

B. lists invoices entered or imported in the past seven days that are NOT yet accounted or accounted for in draft only.

C. displays Invoices in the system that are waiting for approval *

D. displays invoices rejected in the approval process along with the reason for rejection

E. displays all scanned invoices through the Integrated imaging solution that have NOT yet had accounts Payables invoices created

 

Answer: C & D

Answer Explanation:

Note: You can review installment holds on the Manage Installments page, or in the Invoices Requiring Attention region on the Invoice Overview page. Installment holds are holds that you manually place on an installment to prevent payment.

For example, a supplier sends you an invoice for two desks and delivers only one. You can partially pay the invoice by splitting the installment and placing a hold on one installment. You can manually release the hold after you receive the second desk, making the installment available for payment.

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

Question 59

Which two Payment Controls can be overridden by creating a manual Single Payment Request?

 

Options: -

A. Multiple Pay Alone Invoices

B. All payment methods

C. Enable Charge Deduction from Payment

D. Supplier, with the Hold All Payments option enabled

E. Allow Pre-Date

 

Answer: A & D

Answer Explanation:

With a manual payment, you can override some payment controls of Payables. You can record a single payment for multiple Pay Alone invoices. You can record payment for invoices that are associated with any Payment Method type, except Electronic. You can also record a payment for an invoice for a supplier that has the Hold All Payments option enabled.

 

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

Question 60

There is a business requirement to cancel all related invoices when voiding a payment. In which two scenarios the invoices can NOT be canceled?

 

Options: -

A. The invoice is fully matched to a Purchase Order which is fully received.

B. The invoice has been partially paid by another payment.

C. The Invoice has been partially paid by a Prepayment.

D. The invoice has an associated withholding tax invoice.

E. The invoice is already accounted.

Correct Answer: B & C

Answer Explanation:

You can cancel only unpaid invoices.

Option B: You can cancel any unapproved invoice, or an approved invoice that does not have any effective payments or posting holds. If an invoice has a hold that prevents posting, you must release the hold before you cancel the invoice. You cannot cancel an invoice that has been selected for payment in a payment batch. A cancelled invoice does not show up in your invoice liability reports and you cannot pay or adjust a cancelled invoice. You can cancel single invoice distributions by reversing them.

Option C: You cannot cancel an invoice to which you have applied a prepayment. You must first unapply any prepayments and void the payment that paid the prepayment. You can then cancel the prepayment

Question 62

A supplier is using a payment term where the total amount is due on the 10th day of the month; two months ahead with cut off day of 20. The invoice date terms for this specific Supplier.

The supplier has raised an invoice for goods received on April 18 with invoice date of April 24. The invoice was received on April 28. Determine the due date of the invoice?

 

Options: -

A. 10-May

B. 10-Jun

C. 24-Jun

D. 10-Jul

E. 24-Jul

 

Answer: D

Answer Explanation:

Customers who have invoices that fall due before the cutoff day of the invoices' payment terms receive invoices on the day that you specify in the Due: Day of Month field for the current month. Customers who have invoices with payment terms that fall due after the terms' cutoff day receive invoices on the day that you specify in the Due: Day of Month field for the next month of each of these terms.

Note:

* Cutoff Day. For Day of Month type terms only, the day of month after which the due and discount dates of the scheduled payment will be in a future month. The exact month depends on the value you enter for Months Ahead. Payables compares the invoice terms date to the Cutoff Day. If you leave this field blank, Payables always uses the current accounting month to determine the due and discount dates. For example, your Cutoff Day is 11, your Months ahead is zero, and your Day Of Month due date is 15. If you enter an invoice with a terms date of January 12, Payables will set the due date for February 15. If you use Due Days or Fixed Date type terms, do not enter a cutoff day.

Question 63

Which are the three tax types calculated and displayed in the totals area of the invoice page?

 

Options: -

A. Inclusive Tax

B. Recoverable Tax

C. Non-Recoverable tax

D. Withheld Tax

E. Self-Assessed Tax

 

Answer: A, D & E

Answer Explanation: NA

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

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

Question 16

Which are three types of invoice transactions for which invoice distributions are generated automatically.

Options: -

A. Purchase order or receipt-matched lines

B. Interest invoices generated during payment

C. Invoice validation

D. Invoice created through the Image Integration tool

E. Tax lines generated by Oracle Fusion Tax

Correct Answer: A, B & E

Answer Explanation:

Invoice distributions are generated automatically for:

Purchase order or receipt-matched lines

Prepayment application or unapplication lines

Automatic and manual withholding tax lines

Tax lines generated by Oracle Fusion Tax

Correction-related lines

Interest invoices generated during payment

Question 17

Which three details are required to create a Single Payment Request?

Options: -

A. Legal Entity

B. Business Unit

C. Type

D. Remit-to Account

E. Disbursement Bank Account

Correct Answer: B, C & D

Answer Explanation: NA

Question 18

What is the required parameter for the Payables to General Ledger Reconciliation Report?

Options: -

A. Balancing Segment Value

B. Business Unit

C. Ledger

D. Financial Period

E. Natural Segment Value

Correct Answer: C

Answer Explanation:

Note: Extract Reconciliation Data from Payables to General Ledger Parameters

Request Name: Enter a name that is descriptive of this extract. Consider using a name that indicates the accounting period, date, and time, especially if you are planning to create multiple extracts.

Ledger: The ledgers available for selection are based on your security assignment.

Business Unit: Use this parameter to reconcile by a specific organization.

Note: You must explicitly map the business units to balancing segment values. If not, you must reconcile by ledger. Period: You can select either Open or Closed accounting periods.

Account: If you have multiple payable general ledger accounts, you can limit the extract to specific general ledger accounts. The natural account segment values must have a Financial Category of Accounts payable assigned to be included in the Reconciliation report. If the Financial Category is not assigned to any natural account values in the chart of accounts, the extract will fail.

Intercompany Transactions: You can include or exclude intercompany transactions. Select Yes to include intercompany transactions in the reconciliation. Additionally, to reconcile only intercompany transactions, restrict the account range to include only the intercompany accounts.

Question 19 

Which three fields are required in the Invoice Header when creating an invoice using the spreadsheet

options?

 

Options: -

A. Invoice Group

B. Invoice Number

C. Payment Term

D. Supplier Site

E. Invoice Amount

Correct Answer: B, D & E

Answer Explanation: NA