142 Q&As in UPDATED 1Z0-1055-21 Exam Questions Certification Test Engine to PDF
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NEW QUESTION 37
If you accidentally paid an invoice using Create Payment flow, can you undo the operation?
- A. no
- B. yes, by creating a credit memo to offset the payment
- C. yes, by canceling the payment process from the process monitor
- D. Cancel the invoice and create a new one.
- E. yes, by voiding the payment created
Answer: A
Explanation:
Explanation
You cannot terminate a Payment Instruction:
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T369088.htm
NEW QUESTION 38
When creating a check payment, from where is the payment document defaulted?
- A. Legal Entity
- B. Business Unit
- C. Supplier
- D. Bank
- E. Bank Account
Answer: E
Explanation:
Explanation
Create Check
This step shows how to create a check to pay the customer for theclaim. The customer will be paid with the designated amount in Oracle Payables.
Navigation: Actions > Pay in Full.
Notes:
Bank Account: Select BofA.
Document: Select Check.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e16295/T544851T544993.htm
NEW QUESTION 39
Which reports can show you differences between your subledger balances and general ledger balances to help you reconcile quickly?
- A. Payables Trial Balance and General Ledger Trial Balance reports
- B. Payables to Ledger Reconciliation report
- C. General Ledger Financial Statements and the Accounts Payable and Invoice Registers
- D. Payables Aging reports with the General Ledger Trial Balance report
Answer: A
Explanation:
Explanation
Payables Trial Balance Report lists and subtotals by supplier and liability account all unpaid and partially paid invoices thatPayables transferred to the general ledger. Accounts Payable Trial Balance Report helps to verify that total accounts payable liabilities in Payables equal to those in the Fusion General Ledger.
References:
http://apps2fusion.com/oracle-fusion-online-training/fusion-applications/oracle-fusion-financials/fusion-financia rate-trial-balance-report
NEW QUESTION 40
A Bill Payable document was paid but has not yet matured.
What is the status of the payment?
- A. Cleared
- B. Issued
- C. Negotiable
- D. In Transit
Answer: B
NEW QUESTION 41
Which two statements are true about the Invoice Validation process? (Choose two.)
- A. validates project information
- B. creates accounting entries in draft
- C. creates tax lines and distributions
- D. updates supplier balances
- E. opens the relevant accounting period
Answer: A,C
Explanation:
Explanation
Invoice validations
Etc.
References: https://docs.oracle.com/cloud/farel9/financialscs_gs/FAPPP/F1011878AN100C4.htm
NEW QUESTION 42
Your customer has an electronic payment format program in use and wants all the documents to use the pay group "Domestic". What should you do to achieve this?
- A. Modify your template to hard code the value "Domestic" for the pay group position.
- B. Define a user validation at the format program to include: Field "Document pay group", condition
"Equal to String", value "Domestic", and Field "Document pay group", condition "Required" and value
- not applicable. - C. Define a user validation at the format program to include: Field "Document pay group", condition
"Equal to String", and value "Domestic". - D. Define a user validation at the formatprogram to include: Field "Document pay group", condition
"Equal to String", value "Domestic", and Field "Format Program Code", condition "Equal to String" and value - as desired.
Answer: C
Explanation:
Explanation
User-Defined Validation That Checks a Specific Condition and Value
References:https://docs.oracle.com/cloud/farel9/financialscs_gs/FAIPP/F1469799AN17B6B.htm
NEW QUESTION 43
The Accounts Payable Manager voided a foreign currency payment due to insufficient funds. Which three statements are correct? (Choose three.)
- A. All related interest invoices are reversed if previously created.
- B. Any realized gain or loss previously calculated is reversed.
- C. Any previous accounting and payment records for an invoice are reversed.
- D. All related withholding tax invoices are automatically voided.
- E. Voiding the payment automatically places an invoice on hold.
Answer: A,B,C
Explanation:
Explanation
D: When you void a payment, Payables automatically reverses the accounting and payment records so your general ledger will have the correct information, and so the status of the paid invoices is reset to Unpaid. Payables also reverses any realized gains or losses on foreign currency invoices recorded as paid by the payment.
B: If you withhold taxes at payment time and you void a payment that paid an invoice with an associated withholding tax invoice, then Payables automatically creates a negative (reversing) invoice for the tax authority supplier to offset the amount of the tax withholding invoice. You determine when you withhold taxes by selecting the Apply Withholding Tax option in the Payables Options page.
References: Oracle Payables User's Guide, Voiding Payments Using the Payments Window
NEW QUESTION 44
Which two are classified as Self-Billed invoices? (Choose two.)
- A. Debit Memos created by the Return to Supplier feature
- B. Customer Refunds initiated from Receivables
- C. Evaluated Receipt Settlement (ERS) Invoices
- D. Invoices created using Integrated Imaging
- E. Invoices entered through the Supplier Portal
- F. Expense Reports transferred from Expenses
Answer: C,E
Explanation:
Explanation
Select ERS and Use in the Transaction source parameter when running the Pay on Receipt Auto-invoice concurrent program.
You enable paying your supplier by selecting a method on the Purchasing tab of the Supplier Sites window in Oracle Payables.
NEW QUESTION 45
Which statement is true about selecting a bank account on the Create Payment page?
- A. There is no relationship between the business unit, bank, and LE. Users can pick any bank account that is setup in their system.
- B. LE on the bank account should be equal to LE on the invoice.
- C. Bank account must match the supplier's bank account.
- D. Users can pick any bank account as long as the bank account is tried to the business unit.
- E. LE on the bank account should be different from the LE on the invoice.
Answer: B
Explanation:
Explanation
Note: LE = legal entity
NEW QUESTION 46
A company has a requirement to pay small suppliers outside of Payables, but it does not want to manually record each payment.
Which solution should you implement?
- A. Create payments by using a clearing payment method for thosesuppliers because this payment method does not generate a file.
- B. Create payments by using Electronic Funds Transfer (EFT) for those suppliers but do not send the electronic file to the bank.
- C. Create payments by using the Check Payment method for those suppliers and then destroy those checks.
- D. Create a payment by using a wire payment method for those suppliers.
Answer: D
Explanation:
Explanation
When you create a payment outside of Payables, for example, using a typed check or wire transfer, within Payables you can record the payment and update the invoices that you paid.
NEW QUESTION 47
Your customer has implemented English as base language and French as a local language. The customer's bank needs the payment file to be sent to them in French. What is the relevant step to do this for preparing the payment template?
- A. Create your template in the local language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region with English locale.
- B. Create your template in English language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region with country locale.
- C. Create your template in English language, then upload it to Business Intelligence (BI) under the custom/payment folder, under the templates region. Use English locale and generate the XLIFF file.
Then upload the file back under the translated region. - D. Create your template in the local language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region. Use English locale and generate the XLIFF file.
Then upload the file back under the translated region.
Answer: C
NEW QUESTION 48
A Payables supervisor wants to apply a prepayment to an invoice.
Which combination of invoice and payment currencies allow the application of a prepayment to an invoice?
- A. Standard Invoice: Invoice Currency USD, Payment Currency USD
Prepayment: Invoice Currency CAD, Payment Currency CAD - B. Standard Invoice: Invoice Currency USD, Payment Currency CAD
Prepayment: Invoice Currency CAD, Payment Currency CAD - C. Standard Invoice: Invoice Currency CAD, Payment Currency GBP
Prepayment: Invoice Currency USD, Payment Currency AUD - D. Standard Invoice: Invoice Currency USD, Payment Currency GBP
Prepayment: Invoice Currency USD, Payment Currency AUD
Answer: D
Explanation:
Explanation
You can pay a prepayment in a currency that's different from the invoice currency. To apply that prepayment to an invoice, the invoice must have the same invoice currency as the invoice currency of the prepayment.
NEW QUESTION 49
What is the result of voiding a payment?
- A. The payment is reconciled to the bank statement.
- B. A bills payable payment was created but is not yet matured.
- C. The payment is no longer valid.
- D. A stop payment request has been initiated to the bank.
Answer: C
NEW QUESTION 50
What is the name of the Work Area that is used to access Functional Setup Manager?
- A. Functional Work Area
- B. Functional Setup Manager
- C. Customization Manager
- D. Setup and Maintenance
- E. Customize Setup and Maintenance
Answer: D
Explanation:
Explanation
All Oracle Functional Setup Manager functionality is available from the Setup and Maintenance work area.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FACSF/FACSF1004385.htm
NEW QUESTION 51
Which component is not included in the security architecture for credit card data and bank account data encryption?
- A. Oracle Wallet
- B. Payments master encryption key
- C. Sensitive data encryption and storage
- D. Payments subkeys
- E. Supplier master encryption key
Answer: E
NEW QUESTION 52
What is the recommendation when setting up Reconciliation Rule Sets?
- A. One to One rules should be sequenced above rules of other types.
- B. Many to Many rules should always be used last in the sequence.
- C. One to One rules should be sequenced below rules of other types.
- D. Many to Many rules should always be used first in the sequence.
Answer: A
NEW QUESTION 53
A Payables user creates a manual invoice and a Withholding Tax Classification Code defaults on the invoice line when the invoice is saved.
Where does this Withholding Tax Classification Code default from?
- A. From the Manage Tax Reporting and Withholding Tax Options
- B. From the Income Tax region of the Supplier
- C. From the Site Assignments of the Supplier Site
- D. From the Party Tax Profile of the Third Party Site
Answer: A
Explanation:
Explanation
Set withholding tax options on the Manage Tax Reporting and Withholding Tax Options page and on the supplier setup.
NEW QUESTION 54
You are voiding a payment and have selected Cancel as the Invoice Action. After performing the void, you notice the invoice is not cancelled but has an Invoice Cancel hold on it.
What is reason for this?
- A. The invoice has been partially paid by another payment.
- B. The invoice accounting date is not in the current open period.
- C. The invoice is already on hold.
- D. The invoice date is not in the current open period.
Answer: A
NEW QUESTION 55
Which two statements are true about processing corporate card expenses? (Choose two.)
- A. Usage policy for expense category tolerances does not apply to credit card expenses.
- B. Conversion rate defaults are applicable to corporate card expenses, just as they are applicable to cash expenses.
- C. Conversion rate defaults apply only to cash expenses, not to corporate card expenses.
- D. You can process payment for credit card using Electronic funds transfer, check, or wire.
- E. Card transactions will be paid directly from Expenses Cloud.
Answer: A,C
Explanation:
Explanation
Conversion rate behavior applies only to cash expenses, not to corporate card expenses.
To enable your company to pay a corporate card issuer, you enter a default payment method, whether check, EFT (Electronic funds transfer), or wire, in the Address Payment Information region of the Edit Corporate Card Issuer page, as well as bank account information.
References:
https://docs.oracle.com/cloud/latest/financialscs_gs/FAIEX/FAIEX1456644.htm
https://docs.oracle.com/cd/E48434_01/fusionapps.1118/e49599/F1110434AN7B1F9.htm
NEW QUESTION 56
Identify what Oracle considers two best practices when setting up Payables and Receivables account access for bank reconciliation. (Choose two.)
- A. Only business units who use the same ledger as the bank accounts owning legal entity can be assigned access.
- B. Business units must be granted access to the bank account.
- C. Do not assign bank accounts to business units.
- D. Assign a few general ledger cash accounts to multiple bank accounts to facilitate book-tobank reconciliation.
- E. Allow bank accounts to be accessed by all roles and users because the default value to secure a bank account by users and roles is No.
Answer: A,B
Explanation:
Explanation
Account Access
Payables and Receivables account access is secured by business unit. In addition to selecting theappropriate application use or uses, one or more business units must be granted access before the bank account can be used by Payables and Receivables. Only business units that use the same ledger as the bank accounts owning legal entity can be assigned access.
NEW QUESTION 57
Which method can you use to route payment approval rules?
- A. Parallel
- B. Both Parallel and Sequential
- C. Serial and FYI (For Your Information)
- D. Approval Groups
- E. Sequential
Answer: E
NEW QUESTION 58
Identify three scenarios where you are not allowed to cancel an invoice. (Choose three.)
- A. The invoice was adjusted by a credit or a debit memo.
- B. An accounting entry has been created for the invoice.
- C. The invoice is validated.
- D. The invoice is fully or partially paid.
- E. Prepayments were applied to the invoice.
Answer: A,D,E
Explanation:
Explanation
Why can't I cancel an invoice?
The invoice is:
Additional reasons thatyou can't cancel an invoice are as follows:
You can cancel any unapproved invoice, or an approved invoice that does not have anyeffective payments or posting holds.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011878.htm#FAPPP1011878
NEW QUESTION 59
You want to route invoices to three different approvers at the same time and only one approver needs to approve the invoice. Which approval ruleset should you use?
- A. InvoiceApproversFYIParticipantInParallelMode
- B. InvoiceApproversParallelParticipantInParallelMode
- C. InvoiceApproversSingleParticipantInParallelMode
- D. Invoice Approvers
Answer: B
NEW QUESTION 60
You have created your first implementation project. You have assigned the Application Implementation Consultant role to your user. However, you are unable to create and add roles to users in Oracle Identity Management (OIM).
This issue is caused because you did not assign the ________.
- A. Line Manager role to your user
- B. IT Security Manager role to your user
- C. Application Implementation Manager role to your user
- D. Superuser role to your user
Answer: C
Explanation:
Explanation
For an implementation to begin, at least one user must be provisioned with the Application Implementation Manager role, and another or the same user must be provisioned with the ApplicationImplementation Consultant role. The Application Implementation Consultant has broad access to set up all enterprise structures.
NEW QUESTION 61
You have created an approval rule as follows:
Rule 1: If the invoice amount > $1000, route it to User 1.
Rule 2: If the invoice amount < $1000, auto approve it.
Now, the user creates an invoice for $1000 and routes it for approval. What will happen?
- A. The system will issue an error message after the approval has been initiated.
- B. Invoice will not be processed.
- C. Invoice will be auto-approved.
- D. Invoice will be sent to User 1 for approval.
Answer: B
NEW QUESTION 62
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