Oracle
1Z0-1055-23
Oracle Financials Cloud: Payables 2023 Implementation
Professional
QUESTION & ANSWERS
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QUESTION 1
You have evaluated the use of Oracle Maps Cloud service with Expenses for mileage calculation. The
decision is to use this feature.
How do you enable the feature?
A.
B.
C.
D.
Set the profile option ORA_EXM_ORACLE_MAPS to yes at the site level.
Set Enable Oracle Maps to yes in the expense mileage policies.
Set Enable Oracle Maps to yes in the expense report template.
Set Enable Oracle Maps to yes in the expenses system options.
Correct Answer: B
Explanation/Reference:
Explanation:
Create a mileage policy, optionally include a commute deduction rule, and then assign the mileage
policy to an expense type to activate the policy.
QUESTION 2
You are testing the Payables to General Ledger Reconciliation report at the ledger level for your UK
Ledger, you have run and selected the extract for the report but the request returned the message no
data to display.
What is the reason for this?
A.
B.
C.
D.
You did not specify the range of liability accounts to include in the extract.
The reconciliation flag has not been enabled for your liability accounts.
The financial category of Accounts Payable is not assigned to the liability accounts.
You did not select the business units associated to the UK Ledger.
Correct Answer: C
QUESTION 3
You applied a prepayment amount of $5,000 USD to a $10,000 USD invoice. At the time of
prepayment, the applicable tax rate was 5% ($250 USD); at the time of invoice creation, the tax rate
is 10%. When you set up taxes, you choose to Recalculate Taxes for the Applied Amount Handling
option.
How will the resulting tax be calculated?
A. The tax for the prepayment is recalculated and the generated tax line amount will be $250 USD
(5% * 10,000-5000).
B. The tax for the prepayment is recalculated to use the new invoice tax rate that is also used for the
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invoice line amount. The two generated tax lines show $1,000 USD (10% * 10,000) for the invoice
line tax amount and a prepayment tax line of -500 USD (10% * -5000).
C. The tax calculation creates two tax lines: one for the invoice line amount and one for the
prepayment with a negative amount. The two generated tax lines show $1,000 USD (10% *
10,000) for the invoice line tax amount and a prepayment tax line of -250 USD (5% * -5000).
D. The tax calculated on the prepayment is reversed completely and the tax rateapplied to the
invoice line is retained.
Correct Answer: B
Explanation/Reference:
Explanation:
When you apply a prepayment to an invoice, the tax rate at the time of prepayment may differ from
the tax rate at the time that the prepayment is applied to an invoice. Oracle Fusion Tax considers the
tax calculated on the prepayment according to the value assigned to the Applied Amount Handling
option in the tax record. The values are Recalculated and Prorated.
For example, you apply a prepayment amount of 5,000 USD to an invoice with a total amount
of10,000 USD. At the time of prepayment, the applicable tax rate was 5% (250 USD tax on the
prepayment); at the time of invoice creation, the applicable tax rate is 10%. Tax is calculated in this
way:
* Recalculated: The tax is recalculated on the prepayment using the invoice tax rate and the same tax
rate is applied to the invoice line amount. The tax calculation creates two tax lines: one for the invoice
line amount and one for the prepayment with a negative amount. In the invoice example, the
calculationcreates an invoice line amount tax line of 1,000 USD (10% * 10,000 USD) and a
prepayment tax line of -500 USD (10% * -5000 USD). This reverses tax calculated on the invoice for
the prepayment amount applied. The tax calculated on the prepayment is retained.
* Prorated:Etc.
References:https://docs.oracle.com/cloud/farel8/financialscs_gs/FAFTT/F1006655AN242EE.htm
QUESTION 4
When creating a check payment, from where is the payment document defaulted?
A.
B.
C.
D.
E.
Legal Entity
Bank
Business Unit
Bank Account
Supplier
Correct Answer: D
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Explanation/Reference:
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
QUESTION 5
Which dashboard or workarea displays the Scanned Invoices region for invoices processed through
the Payables Integrated Imaging solution?
A.
B.
C.
D.
E.
Manage Invoices page
C-level executives
Invoices Workarea only
Payables Dashboard only
Payables Dashboard and Invoices Workarea
Correct Answer: C
Explanation/Reference:
Explanation:
Accounts payable specialists can view the list of scanned images for invoice entry, along with the
additional routing attributes, in the Scanned Invoices region of the Invoices work area.
References:http://docs.oracle.com/cd/E36909_01/fusionapps.1111/e20375/F569958AN60E65.htm
QUESTION 6
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. 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.
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. Overwrite the conversion rate with the one Visa provided and enter a justification that Visa used a
different conversion rate.
D. Use the corporate-defined conversion rate even if it means you will not be reimbursed fully.
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Correct Answer: C
Explanation/Reference:
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
QUESTION 7
A company makes the payment in a currency different from the invoice and ledger currency. What
setup options are required to make the cross currency rate type the default?
A.
B.
C.
D.
E.
Manage Invoice Options and Manage common options for Payables and Procurement
Manage Payable Options and Manage Invoice Options
Manage Invoice Options and Manage Procurement agents
Manage common options for Payables and Procurement and Manage Procurement agents
Manage Payment Options and Manage common options for Payables and Procurement
Correct Answer: B
Explanation/Reference:
Explanation:
You can change the conversion rate type at invoice entry or payment creation time.
References:https://docs.oracle.com/cloud/latest/financialscs_gs/FAIPP/FAIPP1470345.htm
QUESTION 8
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 applies $200 USD of the credit memo to the invoice, leaving a
remaining credit of $25 USD, and creates a payment for $0 USD.
C. The payment process request creates a refund for $225 USD and leaves the invoice unpaid.
D. 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.
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Correct Answer: B
Explanation/Reference:
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_9F438E13CC89BA0CE040D30A68
816F77
QUESTION 9
Which two statements are true about processing corporate card expenses? (Choose two.)
A.
B.
C.
D.
E.
Conversion rate defaults apply only to cash expenses, not to corporate card expenses.
Usage policy for expense category tolerances does not apply to credit card expenses.
Card transactions will be paid directly from Expenses Cloud.
You can process payment for credit card using Electronic funds transfer, check, or wire.
Conversion rate defaults are applicable to corporate card expenses, just as they are applicable to
cash expenses.
Correct Answer: A,B
Explanation/Reference:
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
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QUESTION 10
Your client wants to retrieve values for the account code based on the invoice line description. For
example, Invoice Line Description = Laptop then Account Code = 5670.
Which Subledger Accounting option would you use to achieve this?
A.
B.
C.
D.
E.
Mapping Set
Description Rule
Supporting References
Event Class Settings
Transaction References
Correct Answer: B
Explanation/Reference:
Explanation:
If you're matching to a purchase order and don't enter a value, the import process uses the item
description from the purchase order line.
QUESTION 11
Certain suppliers that your customer regularly deals with are exempt from tax. How would you
configure tax for this?
A. Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax
line from these suppliers.
B. 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.
C. Create a new Tax Regime for the Exempt tax and subscribe the exempt suppliers to the tax
regime on the Configuration Options tab.
D. 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.
Correct Answer: D
QUESTION 12
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
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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 CAD, Payment Currency GBP
Prepayment: Invoice Currency USD, Payment Currency AUD
D. Standard Invoice: Invoice Currency USD, Payment Currency CAD
Prepayment: Invoice Currency CAD, Payment Currency CAD
Correct Answer: A
Explanation/Reference:
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.
QUESTION 13
Which method can you use to route payment approval rules?
A.
B.
C.
D.
E.
Approval Groups
Sequential
Both Parallel and Sequential
Parallel
Serial and FYI (For Your Information)
Correct Answer: B
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