Blog

Josh Evans Josh Evans

0 Course Enrolled • 0 Course Completed

Biography

Quiz Oracle - Fantastic 1Z0-1055-24 - Oracle Financials Cloud: Payables 2024 Implementation Professional Latest Exam Format

The Oracle 1Z0-1055-24 exam practice questions are being offered in three different formats. These formats are Oracle 1Z0-1055-24 web-based practice test software, desktop practice test software, and PDF dumps files. All these three Oracle 1Z0-1055-24 exam questions format are important and play a crucial role in your Oracle Financials Cloud: Payables 2024 Implementation Professional (1Z0-1055-24) exam preparation. With the Oracle 1Z0-1055-24 exam questions you will get updated and error-free Oracle Financials Cloud: Payables 2024 Implementation Professional (1Z0-1055-24) exam questions all the time. In this way, you cannot miss a single NewPassLeader Oracle 1Z0-1055-24 exam question without an answer.

Oracle 1Z0-1055-24 Exam Syllabus Topics:

Topic
Details

Topic 1

Using AI Capabilities in Payables: This section measures the skills of AI Implementation Specialists in leveraging AI within Oracle Payables1. It covers understanding how to leverage Oracle’s pervasive AI approach in Oracle Cloud Applications, describing the integration and application of AI within the Oracle ERP ecosystem, and using AI to automate intelligent account combination defaulting1. These skills ensure the effective utilization of AI to improve efficiency and accuracy in payables processes.

Topic 2

Processing Payments: This section assesses the skills of Process Owners and focuses on creating and processing payments, along with explaining bank reconciliations within Oracle Financials Cloud156. Proficiency in these areas ensures accurate and timely payment processing, along with reconciliation for financial accuracy.

Topic 3

Using Reporting and Managing Period Close: This section measures the understanding of Financial Analysts in utilizing reporting tools and managing period-end activities1. It includes explaining Oracle Transactional Business Intelligence (OTBI), using Business Intelligence Publisher (BIP) Reports, using the Payables to Ledger Reconciliation Report, and explaining the close process1. These skills are essential for monitoring financial performance and ensuring accurate period-end closing.

Topic 4

Managing Payables Invoices: This section measures the skills of Accounts Payable Administrators and explains invoice imaging and recognition solutions, creating and accounting for invoices, and managing suppliers within Oracle Financials Cloud156. These skills are fundamental for efficiently handling invoice processing and supplier relationships.

Topic 5

Configuring Payables and Payments: This section assesses the skills of Implementation Consultants in configuring payables and payments within Oracle Financials Cloud156. It covers managing withholding and transaction taxes, configuring payables and payments, managing business units, managing sub-ledger accounting, and managing invoice and payment approvals1. These skills are vital for setting up and customizing the system to meet specific business requirements.

>> 1Z0-1055-24 Latest Exam Format <<

Oracle 1Z0-1055-24 Flexible Testing Engine - 1Z0-1055-24 Exam Review

Like the Web-based Oracle Financials Cloud: Payables 2024 Implementation Professional practice exam, the Desktop 1Z0-1055-24 practice test software of NewPassLeader provides its valuable customers with 1Z0-1055-24 test questions which are very similar to the actual Oracle Financials Cloud: Payables 2024 Implementation Professional exam questions. There is no hustle. The Oracle Financials Cloud: Payables 2024 Implementation Professional 1Z0-1055-24 Practice Test material is updated and created after feedback from more than 90,000 professionals around the globe. A free demo of any Oracle Financials Cloud: Payables 2024 Implementation Professional exam dumps format will be provided by NewPassLeader to the one who wants to assess before purchasing.

Oracle Financials Cloud: Payables 2024 Implementation Professional Sample Questions (Q11-Q16):

NEW QUESTION # 11
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.
What will happen if a user creates an invoice for $1000 and routes it for approval?

A. Invoice will be auto-approved.
B. Invoice will be sent to User 1 for approval.
C. The initiate option is greyed out for the invoice.
D. The workflow will fail once approval is initiated, and the invoice will not get processed.

Answer: D

Explanation:
Comprehensive and Detailed In-Depth Explanation:
In Oracle Payables, when configuring invoice approval rules, it's crucial to ensure that all possible scenarios are accounted for to prevent workflow errors. In the given setup:
Rule 1: Invoices with an amount greater than $1000 are routed to User 1 for approval.
Rule 2: Invoices with an amount less than $1000 are auto-approved.
However, there is no rule defined for invoices equal to $1000. This omission creates a gap in the approval process. When an invoice for exactly $1000 is submitted, the system doesn't find a matching rule to apply, leading to a workflow failure. As a result, the approval process cannot proceed, and the invoice remains unprocessed.
Best Practice: To avoid such issues, it's essential to define comprehensive and inclusive approval rules that cover all possible scenarios. In this case, modifying the rules to include invoices equal to $1000 would resolve the problem. For example:
Revised Rule 1: If the invoice amount ≥ $1000, route it to User 1.
Revised Rule 2: If the invoice amount < $1000, auto-approve it.
This adjustment ensures that invoices with an amount of exactly $1000 are routed appropriately, preventing workflow failures.
Reference:
How You Create Invoice Approval Rules Using a Spreadsheet
Predefined Invoice Approval Rules: Explained

NEW QUESTION # 12
While processing an expense report, the system placed a payment hold on the expense report. What are the two ways to release payment holds?

A. The employee's supervisor can manually release the hold from the notification.
B. The expense auditor can manually release the payment hold in a discretionary manner.
C. Expenses automatically releases holds when receipts are received or waived.
D. Payables Manager can release payment holds in Payables.
E. The employee can manually release the hold from the notification.

Answer: B,C

Explanation:
Comprehensive and Detailed In-Depth Explanation:
In Oracle Financials Cloud, when an expense report is placed on payment hold, there are specific methods to release these holds:
* Manual Release by the Expense Auditor (Option A):
* Process:
* The expense auditor navigates to the Audit Expense Report page.
* From the Actions menu in the header, selects Release Hold.
* Outcome: This action releases the payment hold on the entire expense report, changing its status to Pending Payment.
Reference: Audit Actions
Automatic Release by the System (Option C):
Process:
The system monitors the status of required receipts for the expense report.
If receipts are received or waived, the system automatically releases the payment hold.
Outcome: The expense report progresses to the next stage in the payment process without manual intervention.
Reference: Expense Report Payment Hold Rules
Clarifications on Other Options:
Option B: The employee cannot manually release a payment hold from the notification. This responsibility lies with the expense auditor or the system based on receipt status.
Option D: The employee's supervisor does not have the authority to release payment holds from notifications.
Option E: While the Payables Manager can manage invoice holds in Payables, the release of payment holds on expense reports is specifically handled within the Expenses module by the expense auditor or automatically by the system.
Therefore, the correct methods to release payment holds on expense reports are through manual intervention by the expense auditor or automatic release by the system upon receipt or waiver of required documents.

NEW QUESTION # 13
You recently processed a payment for a vendor and later discovered that the payment was made in error and needs to be voided. While voiding the payment, you selected Cancel as the Invoice Action. After performing the invoice voiding, you notice that the invoice is not cancelled; instead, it has an Invoice Cancel hold applied to it.
What is the reason for this?

A. The invoice is already on hold.
B. The invoice date is not in the current open period.
C. The invoice has been partially paid by another payment.

Answer: C

Explanation:
Comprehensive and Detailed In-Depth Explanation:
In Oracle Payables, voiding a payment involves specific actions that affect the associated invoices. When a payment is voided, users have the option to select an Invoice Action, such as Cancel, Hold, or None. The chosen action determines the subsequent status of the invoice linked to the voided payment.
A . The invoice date is not in the current open period.
If an invoice's date falls outside the current open accounting period, certain actions may be restricted. However, this condition does not specifically result in an Invoice Cancel hold being applied when attempting to void a payment. Therefore, this is not the reason for the observed behavior.
B . The invoice is already on hold.
An invoice that is already on hold may have restrictions on further processing. However, the presence of an existing hold does not directly lead to the application of an Invoice Cancel hold during the voiding process. Thus, this is not the cause of the issue.
C . The invoice has been partially paid by another payment.
When an invoice has been partially paid by multiple payments, voiding one of the payments and selecting Cancel as the Invoice Action does not cancel the invoice. Instead, Oracle Payables applies an "Invoice Cancel" hold to the invoice. This hold indicates that the invoice cannot be fully canceled because it has been partially satisfied by another payment. To resolve this, the remaining payments must be addressed appropriately before the invoice can be canceled. This behavior is documented in Oracle's guidelines, which state that attempting to cancel an invoice partially paid by another payment results in an Invoice Cancel hold being applied.
docs.oracle.com
Understanding the conditions under which Invoice Actions apply is crucial for effective invoice and payment management in Oracle Payables. Recognizing that partially paid invoices cannot be canceled outright helps prevent processing errors and ensures accurate financial records.

NEW QUESTION # 14
You have assisted your customer with the implementation of Oracle Intelligent document Recognition (IDR).
They want to track the accuracy of the invoice line recognition for invoices processed by IDR. You introduce them to the invoice documents recognition rate report to obtain the invoice line recognition details.
In which three formats is this report available?

A. Invoice Line Summary
B. Invoice Line Details
C. Invoice Summary Details
D. Invoice Header supplier summary
E. Invoice Header Details
F. Invoice Header summary

Answer: A,D,E

NEW QUESTION # 15
MANAGE EXPENSE REPORT TEMPLATE
Task 1:
Create an Expense Report Template for the US1 Business Unit, where:
a. The effective start date is the current date.
b. The hotel expense type requires itemization and should include Internet, Room Rate, and Dinner.
c. The expense type is associated with the respective account
d. Card Expense Type Mapping is not enabled.
e. Company policy states that receipts
f. Users can indicate receipts are missing in their expense report and a warning should be displayed for any missing receipts.
g. All Expense Fields are optional.

Answer:

Explanation:
See the Explanation for Step-by-Step Solution.
Explanation:
Task 1: Create an Expense Report Template for the US1 Business Unit
The following configurations need to be implemented:
# Effective Start Date: The current date.# Hotel Expense Type: Requires itemization with Internet, Room Rate, and Dinner.# Expense Type: Associated with the respective GL account.# Card Expense Type Mapping: Not enabled.# Receipts Policy: Users can indicate missing receipts, and a warning should be displayed.# Expense Fields: All fields should be optional.
Step-by-Step Solution
Step 1: Navigate to Expense Report Templates
* Log in to Oracle Financials Cloud with the Expense Manager or Financial Administrator role.
* Navigate to Setup and Maintenance.
* In the Search Bar, type "Manage Expense Report Templates".
* Click on Manage Expense Report Templates.
Step 2: Create a New Expense Report Template
* Click Create New Template.
* Enter the following details:
* Name: "US1 Business Unit Expense Report"
* Business Unit: US1 Business Unit
* Effective Start Date: (Set to current date)
* Enable for Use: # (Check this box)
* Click Save.
Step 3: Define the Expense Type - Hotel with Itemization
* Navigate to the Expense Types tab.
* Click Add Expense Type.
* Enter the following details:
* Expense Type Name: "Hotel"
* Expense Category: "Lodging"
* Requires Itemization: # (Check this box)
* Under Itemization, click Add Itemization Categories:
* Internet
* Room Rate
* Dinner
* Click Save.
Step 4: Associate Expense Types with GL Accounts
* Click on Edit Expense Type "Hotel".
* Go to the Accounting section.
* Select the appropriate GL Account for lodging expenses.
* Repeat this process for other required expense types.
* Click Save and Close.
Step 5: Disable Card Expense Type Mapping
* Navigate to the Corporate Card Expense Mapping tab.
* Ensure the "Enable Corporate Card Mapping" checkbox is unchecked.
* Click Save.
Step 6: Configure Receipts Policy
* Navigate to the Receipts tab.
* Under Receipt Handling, set:
* Company Policy: Employees must provide receipts.
* Allow users to indicate missing receipts? # (Check this box).
* Action for Missing Receipts: Raise a Warning (so that expense submission is not blocked).
* Click Save.
Step 7: Set Expense Fields as Optional
* Navigate to the Fields Setup tab.
* Ensure all Expense Fields are set to Optional.
* Click Save and Close.
Step 8: Validate and Activate the Template
* Review all configurations.
* Click Submit and Activate.
* Run the Validate and Deploy Expense Templates process to ensure all settings are applied.
Step 9: Testing the Expense Report Template
* Simulate an Expense Report Submission:
* Select Hotel Expense and enter details.
* Verify if the system requires itemization (Internet, Room Rate, Dinner).
* Submit without a receipt to check if a warning is displayed.
* Ensure all fields remain optional.
* Verify no corporate card expense mapping applies.
Expected Outcome:
# The Expense Report Template is successfully created for US1 Business Unit.# Hotel expenses require itemization into Internet, Room Rate, and Dinner.# Receipts are required, and a warning is displayed for missing receipts.# GL Account mapping is correctly applied to each expense type.# Card Expense Type Mapping is disabled.# All fields are optional, allowing flexible data entry.
Conclusion
By following these steps, we have successfully created and configured an Expense Report Template that meets all business requirements for the US1 Business Unit.

NEW QUESTION # 16
......

Our product backend port system is powerful, so it can be implemented even when a lot of people browse our website can still let users quickly choose the most suitable for his 1Z0-1055-24 learning materials, and quickly completed payment. It can be that the process is not delayed, so users can start their happy choice journey in time. Once the user finds the learning material that best suits them, only one click to add the 1Z0-1055-24 learning material to their shopping cart, and then go to the payment page to complete the payment, our staff will quickly process user orders online.

1Z0-1055-24 Flexible Testing Engine: https://www.newpassleader.com/Oracle/1Z0-1055-24-exam-preparation-materials.html

Cookie	Duration	Description
cookielawinfo-checkbox-analytics	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional	11 months	The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance	11 months	This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy	11 months	The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.

Josh Evans Josh Evans

Biography

COOKIE NOTICE