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Reliable Oracle 1Z0-1055-24 Real Test, 1Z0-1055-24 Reliable Exam Questions
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| Topic |
Details |
| Topic 1 |
- 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.
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| Topic 2 |
- 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.
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| Topic 3 |
- Processing Expenses: This section evaluates the capabilities of Auditors in managing expense-related tasks156. It covers entering expense reports, managing expense approvals, processing expense reimbursements, managing corporate cards, auditing expense reports, and setting up expenses within the system. These skills ensure compliance with expense policies and accurate reimbursement processes.
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| Topic 4 |
- 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.
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Oracle Financials Cloud: Payables 2024 Implementation Professional Sample Questions (Q24-Q29):
NEW QUESTION # 24
You implemented the service provider model for Payables payments, where your United Kingdom (UK) headquarters works solely as an outsourced payment processing unit on behalf of your other UK business units.
What is this type of payment service provider model known as?
- A. Dedicated
- B. Dedicated and Self-Service
- C. Procurement
- D. Self-Service
Answer: A
NEW QUESTION # 25
As an Oracle Payables Subject Matter Expert, you are familiarizing yourself with Intelligent Document Recognition (IDR). After detailed review, you consider Adaptive Learning one of the most beneficial features of IDR. Adaptive learning increases the accuracy of invoice scanning and improves touchless processing.
When users make corrections in the interactive viewer, each invoice edit trains the algorithms and improves future recognition.
Which is NOT a key consideration for Adaptive Learning?
- A. Adaptive Learning for Routing Attributes
- B. Sharing Adaptive Learning Between Environments
- C. Bill-To Recognition from Invoice Document
- D. Legal Entity Recognition from Invoice Document
- E. Adaptive Learning for Invoice Lines
Answer: C
NEW QUESTION # 26
Which three are valid reasons why you cannot close your Payables period?
- A. Bills payable requiring maturity
- B. Incomplete payment files
- C. Unaccounted invoices and payments
- D. Suppliers on payment holds
- E. Unapplied prepayments
Answer: A,B,C
Explanation:
Comprehensive and Detailed In-Depth Explanation:
Closing a Payables period in Oracle Financials Cloud requires that all transactions for the period are fully processed and accounted for. The system enforces certain checks to ensure data integrity and accurate financial reporting. The following are valid reasons that can prevent the closure of a Payables period:
Incomplete Payment Files (Option B):
Suppliers on Payment Holds (Option E):
In summary, to successfully close a Payables period, ensure that all payment files are complete, bills payable are matured and accounted for, and all invoices and payments are fully processed and posted.
Reference:
Bills Payable Requiring Maturity (Option C):
Unaccounted Invoices and Payments (Option D):
Options A and E are not valid reasons for preventing period closure:
Unapplied Prepayments (Option A):
NEW QUESTION # 27
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 has been partially paid by another payment.
- C. The invoice date is not in the current open period.
Answer: B
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 # 28
Which three are valid reasons why you cannot close your Payables period?
- A. Bills payable requiring maturity
- B. Incomplete payment files
- C. Unaccounted invoices and payments
- D. Suppliers on payment holds
- E. Unapplied prepayments
Answer: A,B,C
Explanation:
Comprehensive and Detailed In-Depth Explanation:
Closing a Payables period in Oracle Financials Cloud requires that all transactions for the period are fully processed and accounted for. The system enforces certain checks to ensure data integrity and accurate financial reporting. The following are valid reasons that can prevent the closure of a Payables period:
* Incomplete Payment Files (Option B):
* Explanation: Payment files that have been initiated but not completed will prevent period closure. All payment processes must be finalized to ensure that all disbursements are accurately recorded.
Reference: Considerations for Closing a Payables Period
Bills Payable Requiring Maturity (Option C):
Explanation: Bills payable that have not yet reached their maturity date or have not been accounted for will block the period from closing. It's essential to update the status of all bills payable to reflect their maturity and ensure they are accounted for in the correct period.
Reference: Payables Period Close Exceptions Report
Unaccounted Invoices and Payments (Option D):
Explanation: Invoices and payments that have been entered but not yet accounted for will prevent period closure. All such transactions must be fully processed and posted to the general ledger to ensure financial statements are accurate and complete.
Reference: Considerations for Closing a Payables Period
Options A and E are not valid reasons for preventing period closure:
Unapplied Prepayments (Option A):
Explanation: While unapplied prepayments represent amounts paid in advance that have not yet been matched to invoices, they do not prevent the closure of a Payables period. These can remain unapplied across periods and do not impact the period close process.
Suppliers on Payment Holds (Option E):
Explanation: Suppliers placed on payment holds indicate that payments to these suppliers are temporarily suspended. This status does not affect the ability to close a Payables period, as it pertains to future payments rather than existing transactions within the period.
In summary, to successfully close a Payables period, ensure that all payment files are complete, bills payable are matured and accounted for, and all invoices and payments are fully processed and posted.
NEW QUESTION # 29
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