Sep 18, 2023 1z0-1055-22 Exam Crack Test Engine Dumps Training With 142 Questions
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Oracle 1z0-1055-22 Exam tests candidates on a wide range of topics related to the implementation and administration of Oracle Financials Cloud Payables. This includes understanding the various features and functionalities of the application, as well as being able to configure and customize it to meet specific business needs. Candidates will also be tested on their ability to troubleshoot issues that may arise during the implementation process.
Oracle 1z0-1055-22 exam is a critical certification for professionals who work with Oracle Financials Cloud: Payables 2022. It covers a wide range of topics and requires a deep understanding of the software and its features. Passing 1z0-1055-22 exam can provide professionals with numerous benefits, including increased job opportunities and higher salaries. Therefore, anyone looking to advance their career in the financials industry should consider taking 1z0-1055-22 exam.
NEW QUESTION # 85
The Government has introduced a new reduced tax recovery rate for certain services. You need to amend the configuration for your current tax regime to reflect this change.
Which three setups will you need to complete? (Choose three.)
- A. Setup a new tax rate
- B. Setup a new tax rule
- C. Setup a new recovery rate
- D. Setup Determining Factor and Condition Sets
- E. Setup a new status
- F. Setup a new tax
Answer: A,B,E
Explanation:
Set up details for the taxes of a tax regime. Each separate tax in a tax regime includes records that are used to calculate and report on the tax, including:
Tax statuses
Tax rates
Tax rules
NEW QUESTION # 86
You have 10 ledgers and 30 business units and want to leverage Preference Data Sets. What is the function of Reference Data Sets?
- A. allow you to maintain sets of related data in a Data Dictionary
- B. allow you to secure data by business unit
- C. allow you to assign multiple business units to users in a shared service center
- D. allow you to share reference data, such as payment terms, across multiple business units to avoid redundant setup
Answer: D
Explanation:
Reference Data Sets
You begin this part of your implementation by creating and assigning reference data to sets. Make changes carefully as changes to a particular set affect all business units or application components using that set. You can assign a separate set to each business unit for the typeofobject that is being shared. For example, assign separate sets for payment terms, transaction types, and sales methods to your business units.
Your enterprise can determine that certain aspects of your corporate policy can affect all business units. The remaining aspects are at the discretion of the business unit manager to implement. This allows your enterprise to balance autonomy and control for each business unit. For example, your enterprise holds business unit managers accountable for their profitand loss, but manages working capital requirements at a corporate level. In such a case, you can let managers define their own sales methods, but define payment terms centrally. In this example:
Each business unit has its own reference data set for salesmethods.
One central reference data set for payment terms is assigned to all business units.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAIGL/FAIGL1493157.htm#FAIGL94314
NEW QUESTION # 87
When working with reference data sets in Payables, what reference data sharing method can you use for Payables Payment Terms?
- A. Assignment to one set only; no common values allowed
- B. Assignment to multiple sets; no common values allowed
- C. Assignment to one set only with common values
- D. Assignment to multiple sets with common values allowed
Answer: B
Explanation:
Assignment to multiple sets, no common values allowed. The method of sharing reference data that allows a reference data object instance to be assigned to multiple sets. For instance, Payables Payment Terms use
this method.
NEW QUESTION # 88
You are resolving payment validation errors during the payment build process. Which two actions can you perform to resolve these errors?
- A. Terminate the payment process request.
- B. Run the create accounting program.
- C. Run the invoice validation program.
- D. Remove the documents or payments causing the error and resume the payment process.
- E. Correct the setup errors for remittance bank accounts, third party payees, payment methods, or payment formats and submit resume payment process.
Answer: D,E
Explanation:
Using the Resolve Document Validation Errors Page, you may review the errors and takeaction. You may fix related data, such as third party payee information, and submit the documents for revalidation. You may also remove documents from the Payment Process Request, which sends the documents back to the source product with the validation failure reason, just as rejection does.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e13415/T456136T484670.htm
NEW QUESTION # 89
Which method can you use to route payment approval rules?
- A. Sequential
- B. Both Parallel and Sequential
- C. Approval Groups
- D. Serial and FYI (For Your Information)
- E. Parallel
Answer: A
NEW QUESTION # 90
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 date is not in the current open period.
- B. The invoice accounting date is not in the current open period.
- C. The invoice is already on hold.
- D. The invoice has been partially paid by another payment.
Answer: D
NEW QUESTION # 91
Which two are classified as Self-Billed invoices? (Choose two.)
- A. Invoices created using Integrated Imaging
- B. Customer Refunds initiated from Receivables
- C. Invoices entered through the Supplier Portal
- D. Expense Reports transferred from Expenses
- E. Evaluated Receipt Settlement (ERS) Invoices
- F. Debit Memos created by the Return to Supplier feature
Answer: C,E
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 # 92
You have successfully processed the expense reports for reimbursement and have transferred the information to Payables. What is the next step before you can pay them?
- A. Validate the invoice in Payables.
- B. Transfer the data to General Ledger.
- C. Create a payment process request in Payments.
- D. Create Accounting for the invoice in Payables.
Answer: A
Explanation:
Oracle Fusion Expenses provides reimbursement functionality that ensures corporate card issuers and employees are reimbursed for business expenses. Expenses uses Oracle Fusion Payables to process expense reports for reimbursement. To reimburse card issuers and employees, the expense auditor runs the Process Expense Reimbursement process and the corporate card administrator runs the process, Create Corporate Card Issuer Payment Requests. After payment requests are created in Payables, corporate card issuers and employees are paid by Oracle Fusion Payments.
Thisfigure shows the flow of data when the expense auditor runs the Process Expense Reimbursement program.
NEW QUESTION # 93
Identify three scenarios where you are not allowed to cancel an invoice. (Choose three.)
- A. The invoice is validated.
- B. Prepayments were applied to the invoice.
- C. An accounting entry has been created for the invoice.
- D. The invoice was adjusted by a credit or a debit memo.
- E. The invoice is fully or partially paid.
Answer: B,D,E
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 # 94
Certain suppliers that your customer regularly deals with are exempt from tax. How would you configure tax for this?
- A. Create a new Tax Regime for the Exempt tax and subscribe the exempt suppliers to the tax regime on the Configuration Options tab.
- B. Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax line from these suppliers.
- C. Define a Tax Status and Rate for Exempt, define a Supplier Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Supplier Fiscal Classification.
- D. Define a Tax Status and Rate for Exempt, define a Party Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Party Fiscal Classification.
Answer: C
NEW QUESTION # 95
Which three are invoice types that can be entered using the Supplier Portal? (Choose three.)
- A. Purchase order matched invoices
- B. Invoices that are created from the Evaluated Receipt Settlement (ERS) process
- C. Non purchase order matched invoices
- D. B2B XML invoices
- E. Invoices that are automatically created when the supplier creates an ASN for drop shipments
Answer: A,B,D
NEW QUESTION # 96
Which three attributes are captured during the scanning of invoice images?
- A. Terms Date
- B. PO Number
- C. Payment Method
- D. Invoice Number
- E. Invoice Date
Answer: B,D,E
Explanation:
For Payables invoice processing, PO number, supplier, invoice number, invoice amount, invoice date, customer taxpayer ID, and business unit are extracted as part of the predefined configurations.
This figure shows the Scanned information tileon the Invoices landing page.
References:http://docs.oracle.com/cd/E36909_01/fusionapps.1111/e20375/F569958AN60E65.htm
NEW QUESTION # 97
You have an invoice for $200 USD and a credit memo for $225 USD. In other words, the credit amount exceeds the invoice amount. If you enable the option to apply credits up to zero amount payment, then how will the invoice and credit memo be paid?
- A. Both the invoice and the credit memo are selected and the Payment Process Request requires attention.
- B. Both the invoice and the credit memo are paid and a refund of $25 USD is created.
- C. Both the invoice and credit memo are included in the payment process request for a payment amount of $0 USD. The credit memo is partially paid with a remaining credit of $25 USD.
- D. Neither the invoice nor the credit memo are included in the payment process request because the credit reduces the payment amount below zero.
Answer: C
Explanation:
When you submit a "payment process request", you can enable the Apply credits up to zero amount payment option. Enabling the option causes the payment process to apply credits when the credits reduce the payment amount below zero.
The following scenario illustrate the impact of this option.
Credit Amount Greater Than Invoice Amount
An invoice for 200 USD and a credit memo for 225 USD are due for payment.
The following tabledescribes the payment processing that occurs based on the setting for the Apply credits up to zero amount payment option.
Assume that the "Apply Credits Up to Zero Amount" option is enabled.
Payment processing applies 200 USD of the credit memo to the invoice and creates a payment for 0 USD. The remaining credit is 25 USD.
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9F438E13CC89BA0CE040D30A68816F77
NEW QUESTION # 98
A company is centralizing their payment processing using the service provider model.
Which reporting level has to be used to run the Prepare Payables to General Ledger Reconciliation report?
- A. Run the Prepare Payables to General Ledger Reconciliation report at Ledger level.
- B. Run the Prepare Payables to General Ledger Reconciliation report at Business Unit level.
- C. Running the Prepare Payables to General Ledger Reconciliation report is NOT available when there is a centralized payment processing.
- D. Run the Prepare Payables to General Ledger Reconciliation report for combination of Ledger and Balancing Segment Value.
Answer: B
Explanation:
Business unit if you implemented centralized payment processing using the service provider model.
NEW QUESTION # 99
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 Site Assignments of the Supplier Site
- B. From the Manage Tax Reporting and Withholding Tax Options
- C. From the Party Tax Profile of the Third Party Site
- D. From the Income Tax region of the Supplier
Answer: B
Explanation:
Set withholding tax options on the Manage Tax Reporting and Withholding Tax Options page and on the supplier setup.
NEW QUESTION # 100
Your intercompany transaction type is active and enabled for invoicing. What are the two prerequisites to generate intercompany receivables and intercompany payable transactions after the Generate Intercompany Allocations process is run? (Choose two.)
- A. Run the processes Transfer Intercompany transactions to Receivables and Transfer Intercompany transactions to Payables.
- B. Supplier site primary pay flag and customer account bill to primary flag should be enabled.
- C. For the Legal Jurisdiction, Legal function: "Generate intercompany invoice" should be assigned.
- D. Schedule create accounting for the intercompany process.
- E. Run the processes Create Intercompany transactions to Receivables and Create Intercompany transactions to Payables.
- F. Manual Approvals should be allowed for the transaction type.
Answer: A,B
Explanation:
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAUGL/FAUGL1476872.htm
NEW QUESTION # 101
A company has three legal entities each with a corresponding business unit all within the same country. All organizations buy and sell the same products. You are configuring the tax setup.
What is the minimum number of Tax Regimes you need to configure for this company?
- A. 0
- B. 1
- C. 2
- D. 3
Answer: D
Explanation:
You must set up a separate tax registration to represent each distinct registration requirement for a first party legal reporting unit.
NEW QUESTION # 102
What data can you find in an Oracle Transactional Business Intelligence subject area attribute column?
- A. data that is metric and can be added up or aggregated
- B. values that are organized into parent-child relationships
- C. information about a business object with values that are dates, Ids or text
- D. data that provides a measure of something
Answer: C
NEW QUESTION # 103
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. Invoice will be auto-approved.
- B. The workflow will fail once approval is initiated.
- C. The initiate option is greyed out for the invoice.
- D. Invoice will be sent to User 1 for approval.
Answer: B
NEW QUESTION # 104
An invoice for $1,000 USD and a credit memo for ($1,100) USD are due for payment. What are the two outcomes if you chose the "Apply Credits Up to Zero Amount" option when submitting a Payment Process Request? (Choose two.)
- A. Neither the invoice nor the credit memo is included in the Payment Process Request.
- B. Only the invoice is paid fully but the credit memo is partially paid with a credit of ($100) USD remaining.
- C. Both the invoice and the credit memo are included in the Payment Process Request.
- D. Both the invoice and the credit memo are fully paid.
Answer: B,C
Explanation:
When yousubmit a "payment process request", you can enable the Apply credits up to zero amount payment option. Enabling the option causes the payment process to apply credits when the credits reduce the payment amount below zero.
The following scenario illustratethe impact of this option.
Credit Amount Greater Than Invoice Amount
An invoice for 200 USD and a credit memo for 225 USD are due for payment.
The following table describes the payment processing that occurs based on the setting for the Apply credits upto zero amount payment option.
Assume that the "Apply Credits Up to Zero Amount" option is enabled.
Payment processing applies 200 USD of the credit memo to the invoice and creates a payment for 0 USD. The remaining credit is 25 USD.
References:https://fusionhelp.oracle.com/helpPortal/topic/TopicId_P_9F438E13CC89BA0CE040D30A68816F77
NEW QUESTION # 105
You need to have an invoice line automatically distributed across multiple cost centers. For example, you want your monthly utility bill allocated across multiple cost centers based on a percentage.
Select two methods to achieve this. (Choose two.)
- A. Choose the 'All Lines' option from the Allocate menu in the invoice line area.
- B. Define a distribution set and assign it manually to the invoice.
- C. Define a distribution set and assign it to the supplier.
- D. Configure Subledger Accounting rules to allocate costs.
Answer: B,D
Explanation:
A: Account Rules by Segment
Define segment rules to derive a specific segment of the general ledger account. For example, a particular segment like the company segment can be determined from the distribution account. Another segment can be determined with the use of a constant value. Creating the account one segment at a time offers greater flexibility, but also requires more setup.
C: You can use a Distribution Set to automatically enter distributions foran invoice when you are not matching it to a purchase order. For example, you can create for an advertising supplier a Distribution Set that allocates advertising expense on an invoice to four advertising departments.
References:https://docs.oracle.com/cd/A60725_05/html/comnls/us/ap/distsets.htm
NEW QUESTION # 106
Your customer matches their invoices to a purchase order and have noticed that the payment terms are defaulting from the order. For some suppliers, they would like to use the payment terms from the supplier site.
How can the customer achieve this?
- A. Enter the payment terms at the supplier site level so they default onto the invoice.
- B. Enter the payment terms in the Manage Invoice Options page so they default onto the invoice.
- C. Enter the payment terms at the Supplier level so they default onto the invoice.
- D. Manually override the payment terms that have defaulted from the purchase order for those suppliers.
- E. Enter the payment terms in the Manage Payment Options page so they default onto the invoice.
Answer: D
NEW QUESTION # 107
You have two business units: Vision Operations and Vision Services. How can you enable expense auditors to audit expense reports for specific business units?
- A. Assign the Expense Auditor as the owner of each business unit on the Manage Business Unit Set Assignments page.
- B. Assign the Expense Auditor job role to each auditor and use segment value security rules to secure access to the business units.
- C. Assign the Expense Auditor job role to each auditor and associate the business unit to the role by using the Manage Data Access for Users page.
- D. Assign the Expense Auditor job role to each auditor and use a data access set to associate the business unit to the role.
Answer: C
NEW QUESTION # 108
You have three procurement business units, four requisition business units and five sold-to business units. For which will the supplier registration flows be deployed?
- A. twelve business units per supplier
- B. one business unit per supplier
- C. five sold-to business units
- D. four requisition business units
- E. three procurement business units
Answer: E
Explanation:
A supplier is modeled as a global entity, meaning it is not created within a business unit or any other organizational context. A procurement business unit establishes a relationship with asupplier through the creation of a site which maintains internal controls for how procure to pay transactions are executed with the supplier. The other entities of the supplier profile capture mostly external information that is provided by the supplier, such as taxidentifiers, addresses, contact information, and so on.
References:https://docs.oracle.com/cd/E51367_01/procurementop_gs/OAPRC/F1007476AN106E5.htm
NEW QUESTION # 109
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 GBP
Prepayment: Invoice Currency USD, Payment Currency AUD - B. Standard Invoice: Invoice Currency USD, Payment Currency USD
Prepayment: Invoice Currency CAD, Payment Currency CAD - C. Standard Invoice: Invoice Currency USD, Payment Currency CAD
Prepayment: Invoice Currency CAD, Payment Currency CAD - D. Standard Invoice: Invoice Currency CAD, Payment Currency GBP
Prepayment: Invoice Currency USD, Payment Currency AUD
Answer: A
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 # 110
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