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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

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.

Topic 3

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 4

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 5

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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Oracle Financials Cloud: Payables 2024 Implementation Professional Sample Questions (Q14-Q19):

NEW QUESTION # 14
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 Ship-to Location selected on the invoice
B. From the Party Tax Profile of the Third Party Site
C. From the Site Assignments of the Supplier Site

Answer: C

Explanation:
Comprehensive and Detailed In-Depth Explanation:In Oracle Financials Cloud, when a Payables user creates a manual invoice, the Withholding Tax Classification Code can default onto the invoice line from various sources depending on the system configurations. The correct source for defaulting this code is from the Site Assignments of the Supplier Site.
Explanation of Each Option:
A: From the Site Assignments of the Supplier Site (Correct Answer)
* The Withholding Tax Classification Code can be assigned at the supplier site level in Oracle Financials Cloud.
* When a supplier site has a predefined withholding tax classification, this automatically defaults onto the invoice line when an invoice is created for that supplier site.
* This setup ensures that consistent withholding tax is applied to transactions related to that supplier.
* According to Oracle documentation:
"For supplier sites that use withholding tax, the withholding tax classification that you define at the supplier site assignment level is used to populate the default tax classification on the invoice."(Oracle Financials Cloud Payables Guide) B: From the Party Tax Profile of the Third Party Site (Incorrect Answer)
* The Party Tax Profile contains tax-related settings for a supplier or third-party entity, including tax registration details.
* However, it does not directly default the Withholding Tax Classification Code onto invoice lines.
* Instead, the Party Tax Profile provides high-level tax configurations that may influence tax calculations but does not assign the default withholding tax classification.
C: From the Ship-to Location selected on the invoice (Incorrect Answer)
* The Ship-to Location on an invoice is used for logistics and sales tax calculations based on where goods are delivered.
* It does not impact withholding tax, which is typically linked to the supplier or supplier site.
* Therefore, the Withholding Tax Classification Code does not default from the Ship-to Location.
Final Conclusion:
* The correct source of the default Withholding Tax Classification Code on an invoice line is the Supplier Site Assignment.
* This ensures that withholding tax is consistently applied to transactions involving that supplier, reducing errors in tax calculations.
Reference:Oracle Financials Cloud Documentation - Withholding Tax Classifications in Payables(Oracle Documentation Link)

NEW QUESTION # 15
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 sent to User 1 for approval.
B. Invoice will be auto-approved.
C. The workflow will fail once approval is initiated, and the invoice will not get processed.
D. The initiate option is greyed out for the invoice.

Answer: C

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 # 16
As an Oracle Financials Cloud Consultant, you are familiarizing yourself with the new features in Adaptive Learning using IDR. You recently learned about Adaptive Learning for Invoice Lines where the interactive invoice viewer can be used to make corrections to certain invoice line-level attributes.
Which are the three line-level attributes where the interactive invoice viewer can be used to make corrections?

A. Description
B. Invoice Number
C. Invoice Date
D. Quantity
E. Invoice Requestor
F. Supplier
G. Amount

Answer: A,D,G

NEW QUESTION # 17
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 expense auditor can manually release the payment hold in a discretionary manner.
B. Payables Manager can release payment holds in Payables.
C. The employee's supervisor can manually release the hold from the notification.
D. The employee can manually release the hold from the notification.
E. Expenses automatically releases holds when receipts are received or waived.

Answer: A,E

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:
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.
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 # 18
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. The reconciliation flag has not been enabled for your liability accounts.
B. The financial category of Accounts Payable is not assigned to the liability accounts.
C. You did not select the business units associated to the UK Ledger.
D. You did not specify the range of liability accounts to include in the extract.

Answer: B

NEW QUESTION # 19
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