1Z0-1055-23 Exam Questions Dumps, Selling Oracle Products
1Z0-1055-23 Cert Guide PDF 100% Cover Real Exam Questions
NEW QUESTION # 16
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 Party Tax Profile of the Third Party Site
- C. From the Income Tax region of the Supplier
- D. From the Site Assignments of the Supplier Site
Answer: D
Explanation:
Set withholding tax options on the Manage Tax Reporting and Withholding Tax Options page and on the supplier setup.
NEW QUESTION # 17
Which job role has full access to perform all Functional Setup Manager related activities?
- A. Application System Administrator
- B. Application Implementation Consultant
- C. Any Functional User
- D. IT Security Manager
- E. Functional Setup Manager Superuser
Answer: B
NEW QUESTION # 18
Which statement is true about selecting a bank account on the Create Payment page?
- A. Bank account must match the supplier's bank account.
- B. LE on the bank account should be equal to LE on the invoice.
- C. Users can pick any bank account as long as the bank account is tried to the business unit.
- D. LE on the bank account should be different from the LE on the invoice.
- E. There is no relationship between the business unit, bank, and LE. Users can pick any bank account that is setup in their system.
Answer: E
Explanation:
Note: LE = legal entity
NEW QUESTION # 19
During your business trip to the UK, you took a taxi ride and paid for it by using your personal Visa credit card. While entering your expenses, you get a warning that a different conversion rate was applied to the taxi expense by Visa that the one used by your company.
How do you handle this situation?
- A. Overwrite the conversion rate with the one Visa provided and enter a justification that Visa used a different conversion rate.
- B. Call Visa to address the issue and tell them to make adjustments to their conversion rate. Then, wait to get a revised statement.
- C. Do not enter the taxi expense and call your Finance Department so that they can make changes in the conversion rate settings and you do not violate the allowable limit.
- D. Use the corporate-defined conversion rate even if it means you will not be reimbursed fully.
Answer: D
Explanation:
Payables uses five types of exchange rates. Payables uses exchange rates to convert invoice and payment amounts into your ledger currency.
* User. Used to manually enter your own exchange rate during invoiceentry or at payment time. If you use the User exchange rate type, if the Payables option Calculate User Exchange Rate is enabled, and if you are using the Invoices window or the open interface table, then Payables calculates the invoice exchange rate if you provide the Ledger Currency amount.
Etc.
References:https://docs.oracle.com/cd/E18727_01/doc.121/e12797/T295436T368341.htm
NEW QUESTION # 20
During an expense audit the auditor marks an expense item that is missing a receipt to be Short Paid. They choose to complete the audit and warn the user.
Given that the Expense Report Audit Approval is set to After Manager Approval, what two are valid results of the auditor action?
- A. The approved part of the expense report is eligible for expense reimbursement.
- B. New expense report containing disallowed expense items is not created until manager approves the short payment.
- C. New expense report containing disallowed expense items is immediately created.
- D. Approved part of the expense report is not eligible for expense reimbursement.
Answer: C,D
Explanation:
New expense report containing disallowed expense items is immediately created.
Expense report isn't eligible for expense reimbursement.
NEW QUESTION # 21
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 English language, then upload it to Business Intelligence (BI) under the custom/payment folder under the templates region with country locale.
- B. 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.
- C. 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.
- D. 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.
Answer: C
NEW QUESTION # 22
You are evaluating the predefined expense report approval rules within your test environment to see if they meet current business requirements.
Which three rule sets are part of the predefined setup? (Choose three.)
- A. Approval by Project Manages in parallel or serial mode
- B. Approval by supervisor based on expenses type amount
- C. Approval by Cost Centre owners in parallel or serial mode
- D. Approval by supervisor based on report amount
- E. Approval by a Group based on report amount in parallel or serial mode
Answer: A,B,D
Explanation:
Approval by cost center owners in parallel mode
Approval by cost center owners in serial mode
Approval by project managers in parallel mode
Approval by project managers in serial mode
Approval by supervisor based on report amount
NEW QUESTION # 23
The Accounts Payable Manager voided a foreign currency payment due to insufficient funds. Which three statements are correct? (Choose three.)
- A. Any previous accounting and payment records for an invoice are reversed.
- B. All related interest invoices are reversed if previously created.
- C. All related withholding tax invoices are automatically voided.
- D. Voiding the payment automatically places an invoice on hold.
- E. Any realized gain or loss previously calculated is reversed.
Answer: A,C,E
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 # 24
An invoice for $200 USD and a credit memo for $225 USD are due for payment and the "Apply credits up to zero amount" option is enabled for the payment process request. Which statement is correct?
- A. The payment process request pays only $200 USD alone.
- B. The payment process request doesn't select the invoice or credit memo for payment because the credit reduces the payment to - $25 USD, which is below zero.
- C. The payment process request applies $200 USD of the credit memo to the invoice, leaving a remaining credit of $25 USD, and creates a payment for $0 USD.
- D. The payment process request creates a refund for $225 USD and leaves the invoice unpaid.
Answer: A
Explanation:
When you submit a "payment process request", you can enable the Apply credits up to zero amount payment option. Enablingthe 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 memofor 225 USD are due for payment.
The following table describes 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 # 25
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 share reference data, such as payment terms, across multiple business units to avoid redundant setup
- B. allow you to maintain sets of related data in a Data Dictionary
- C. allow you to secure data by business unit
- D. allow you to assign multiple business units to users in a shared service center
Answer: A
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 # 26
How will system evaluate the tolerances for expense reports?
- A. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100)*currency precision.
- B. System will calculate error tolerance as Policy Rate * (1+Warning Tolerance+ Error Tolerance/100).
- C. System will calculate warning tolerance as Policy Rate * (1+Warning Tolerance/100).
- D. System will use absolute amount tolerance setup to do validations.
- E. System will calculate error tolerance as (|Policy Rate * (1+Error Tolerance/100)|) currency precision.
Answer: C
Explanation:
Error: A percentage is used to calculate an error. The error tolerance amount is calculated as follows:
Policy Rate * (1+Error Tolerance/100)
References:https://docs.oracle.com/cd/E60665_01/financialscs_gs/FAIEX/F1456644AN125F2.htm
NEW QUESTION # 27
You need to submit a 1099 report; your State format has changed slightly since last year. How should you submit your 1099s for the State in the current year?
- A. Run and submit your 1099s because it will automatically reflect any changes.
- B. Manually enter the 1099s for the State and submit.
- C. Edit the 1099 template to reflect the changes, and then run and submit the 1099 report.
- D. Generate a 1096 form and submit it instead.
Answer: C
NEW QUESTION # 28
What does the Place of Supply rule value "Bill to Party" imply in an Oracle Payables Invoice?
- A. Location assigned to the Legal Entity for the transactions
- B. Location assigned to the Business Unit for the transactions
- C. Location assigned to the Legal Entity Reporting Unit for the transactions
- D. Location assigned to the Supplier Party Site for the transactions
Answer: C
Explanation:
The corresponding place of supply differs based on the type of transaction. For example, a place of supply of Ship to corresponds to the location of your first-party legal entity for Payables transactions. For Receivables transactions, Ship to corresponds to the location of your customer site.
NEW QUESTION # 29
You have enabled Payment Approval for your payment process requests (PPR).
At what stage of the PPR is the payment approval process automatically triggered?
- A. Create Payment Files
- B. Review Installments
- C. Build Payments
- D. Review Proposed Payments
Answer: D
NEW QUESTION # 30
Which two statements are true when you are using the Intercompany Reconciliation Reports?
- A. The reports will show the intercompany receivable and the intercompany payable lines generated by the intercompany balancing feature.
- B. You can drill down on the links in the Period Summary report to view the balances by Intercompany Organization.
- C. The reports will include Ledger balancing lines generated when the primary balancing segment value is in balance but either the second balancing segment or the third balancing segment is out of balance.
- D. You must run the prepare Intercompany Reconciliation Reporting Information process.
- E. The reconciliation period summary report will not show the intercompany receivables and intercompany payables lines generated for the provider and receiver of each intercompany transaction.
Answer: A
Explanation:
A (not C): The Reconciliation Period Summary report displays the intercompany receivables and intercompany payables balances in summary for a period, and any differences between them.
D:Ledger balancing lines generated when the primary balancing segmentvalue is in balance but either the second balancing segment or the third balancing segment is out of balance
NEW QUESTION # 31
What are the two advantages of using a spreadsheet for correcting invoice import errors?
- A. identification of errors with clear error messages at the invoice header and line levels
- B. ability to correct errors and re-import invoices directly from a spreadsheet
- C. ability to correct errors within the spreadsheet and send invoice corrections for approval
- D. identification of errors with clear error messages at the invoice header level only
- E. ability to enter a high volume of invoices via a spreadsheet
Answer: B,D
Explanation:
A: You can fix the interface table data using the Correct Import Errors spreadsheet and resubmits the import process.
E: Consider using the spreadsheetto:
Expedite high volume invoice entry for simple invoices that don't require extensive validation.
Create invoices with similar lines.
Maximize the use of spreadsheet features, such as copy and paste, or hide and unhide.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAPPP/FAPPP1011878.htm
NEW QUESTION # 32
You want to customize the Payables Invoice Register template to only display invoices when the Supplier name is Company A. Supplier name is a group that repeats on every page.
Which is the correct way to customize the template?
- A. Insert the syntax <?if:VENDOR_NAME= 'COMPANY A'?> before the Supplier field on the template. Then, enter the <?end if?> tag after the invoices table.
- B. Hard code Supplier Name "Company A" in the report template and only invoices for that supplier will be displayed.
- C. Insert the syntax <?if:condition?> before the Supplier field and then enter the closing tag </<?if:condition?>.
- D. Insert the syntax <?if:'COMPANY A'?> before the Supplier field and then enter the closing tag </<?if:COMPANY A?> after the invoices table.
Answer: D
Explanation:
Use an if statement to define asimple condition; for example, if a data field is a specific value.
Insert the following syntax to designate the beginning of the conditional area.
<?if:condition?>
Insert the following syntax at the end of the conditional area: <?end if?>.
References:https://isu.ifmo.ru/docs/XMLP/help/en_US/htmfiles/B25951_01/T421739T421743.htm
NEW QUESTION # 33
Which invoice types can be included in the Create Payment flow?
- A. Standard, Credit Memo, and Invoice Request
- B. Standard, Credit Memo and Customer Refund
- C. Standard, Debit Memo and Customer Refund
- D. Standard, Credit Memo and Debit Memo
Answer: D
NEW QUESTION # 34
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