1Z0-1055-24 Relevant Questions, Pass 1Z0-1055-24 Test Guide

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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	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 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	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 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.

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Oracle Financials Cloud: Payables 2024 Implementation Professional Sample Questions (Q54-Q59):

NEW QUESTION # 54
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. The workflow will fail once approval is initiated, and the invoice will not get processed.
B. Invoice will be auto-approved.
C. Invoice will be sent to User 1 for approval.
D. The initiate option is greyed out for the invoice.

Answer: A

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.
References:
* How You Create Invoice Approval Rules Using a Spreadsheet
* Predefined Invoice Approval Rules: Explained

NEW QUESTION # 55
MANAGE EXPENSE REPORT TEMPLATE
Task 2:
Create Expense Items, where:
a. The effective start date is the current date.
b. There is no tax implication.
c. Projects are not used.
d. Receipt and expense fields are the same as the expense report template.
e. The dinner expense item is associated with the Meal policy created in the previous challenge.

Answer:

Explanation:
See the Explanation for Step-by-Step Solution.
Explanation:
TASK 2: CREATE EXPENSE ITEMS
We need to create expense items with the following requirements:
# Effective Start Date: Set to current date.# No tax implications.# Projects are not used.# Receipt and expense fields should match those from the expense report template created earlier.# Dinner expense item must be linked to the Meal policy created in the previous task.
Step-by-Step Solution: Configuring Expense Items in Oracle Financials Cloud Step 1: Navigate to the Expense Items Setup
* Log in to Oracle Financials Cloud as an Expense Manager or Financial Administrator.
* Navigate to Setup and Maintenance.
* In the Search Bar, type "Manage Expense Items".
* Click on Manage Expense Items.
Step 2: Create Expense Items
* Click Create New Expense Item.
* Enter the following details:
Expense Item: Internet
* Name: "Internet"
* Expense Category: "Meals and Entertainment"
* Effective Start Date: Current Date
* Tax Classification Code: None (No tax implications)
* Projects Used? No (Uncheck "Enable for Projects")
* Receipt Required? Follow Template Policy
* Expense Fields? Set as Optional
# Click Save and Close.
Expense Item: Room Rate
* Click Create New Expense Item again.
* Enter the following details:
* Name: "Room Rate"
* Expense Category: "Lodging"
* Effective Start Date: Current Date
* Tax Classification Code: None
* Projects Used? No
* Receipt Required? Follow Template Policy
* Expense Fields? Set as Optional
# Click Save and Close.
Expense Item: Dinner (Linked to Meal Policy)
* Click Create New Expense Item again.
* Enter the following details:
* Name: "Dinner"
* Expense Category: "Meals and Entertainment"
* Effective Start Date: Current Date
* Tax Classification Code: None
* Projects Used? No
* Receipt Required? Follow Template Policy
* Expense Fields? Set as Optional
* Link to the Meal Policy Created Earlier:
* Navigate to Expense Policies.
* Select the previously created Meal Policy.
* Ensure that Dinner Expense Item is associated with this policy.
* Set Limit Type: Warning Only (if applicable).
# Click Save and Close.
Step 3: Validate and Confirm the Expense Items
* Review the created expense items.
* Ensure that:
* No tax classification codes are applied.
* Projects are disabled.
* Receipt and expense fields match those in the Expense Report Template.
* Dinner Expense Item is correctly linked to the Meal Policy.
# Click Submit and Activate.
Step 4: Test the Expense Items
* Simulate an Expense Report Submission:
* Select Internet, Room Rate, and Dinner as expense types.
* Enter sample amounts.
* Ensure that:
* No tax implications appear.
* Projects field is disabled.
* Receipt rules match the Expense Report Template.
* A warning is displayed if the Dinner Expense exceeds the Meal Policy limit.
Expected Outcome:
# Expense items are successfully created.# No tax implications are applied.# Projects are not enabled.# Receipts and expense fields match the template.# Dinner expense item is linked to the Meal Policy and displays a warning if the limit is exceeded.
Conclusion
By following these steps, we have successfully created expense items that comply with all business requirements.

NEW QUESTION # 56
Adaptive Intelligence (AI), integrated with Oracle Payables Cloud, supports sophisticated data science that drives early payment discount offers.
Which of these is NOT a feature of early payment discounts?

A. Variable annual percentage rate (APR), based on "days paid early," is used to determine the discount amount.
B. Eligible discounts decrease on a sliding scale based on the supplier's discretion.
C. The earlier the payment, the greater the discount.

Answer: B

Explanation:
Comprehensive and Detailed In-Depth Explanation:
Oracle Payables Cloud, enhanced with Adaptive Intelligence (AI), offers a feature known as Early Payment Discounts. This functionality enables organizations to optimize their cash flow by taking advantage of discounts offered for early invoice payments.
Key Features of Early Payment Discounts:
Variable Annual Percentage Rate (APR) Based on "Days Paid Early" (Option B):
Therefore, Option A is not a feature of the early payment discounts as implemented in Oracle Payables Cloud with Adaptive Intelligence.
Reference:
The Earlier the Payment, the Greater the Discount (Option C):
Clarification of Option A:
Eligible Discounts Decrease on a Sliding Scale Based on the Supplier's Discretion:
Early Payment Discounts
Early Payment Discount Offers
Once enrolled, a supplier discount is set and applies to all payments indefinitely, until supplier unsubscribes.

NEW QUESTION # 57
You have been asked by the cloud customer to create some user-defined account derivation rules for Payables invoices that were imported from lease accounting.
Which two lease accounting source attributes are predefined and can be used in rule creation?

A. Lease preparer
B. DFF values on the Asset tab
C. ROU Flag value
D. Lease location
E. DFF values on the Schedule tab

Answer: B,C

Explanation:
Comprehensive and Detailed In-Depth Explanation:
In Oracle Lease Accounting, integration with Oracle Payables allows for the seamless import of lease-related invoices. To ensure accurate financial reporting, it's essential to configure account derivation rules that map specific lease attributes to the appropriate general ledger accounts. Oracle provides a set of predefined source attributes that can be utilized in creating these rules.
Key Predefined Lease Accounting Source Attributes:
* DFF Values on the Asset Tab (Option A):
* Explanation: Descriptive Flexfields (DFFs) on the Asset tab capture additional, user-defined information related to leased assets. These fields can store bespoke data pertinent to an organization's reporting requirements. When configuring account derivation rules, these DFFs can be referenced to derive specific accounting treatments based on the custom attributes recorded.
Reference: Accounting Configuration for Lease Accounting Invoices
ROU Flag Value (Option D):
Explanation: The Right-of-Use (ROU) flag indicates whether an asset is recognized as a right-of-use asset under lease accounting standards. This distinction is crucial for determining the appropriate accounting treatment for lease-related transactions. In account derivation rules, the ROU flag can be used to route transactions to the correct accounts, ensuring compliance with accounting standards.
Reference: Accounting Configuration for Lease Accounting Invoices
Other Options Analysis:
DFF Values on the Schedule Tab (Option B):
Explanation: While Descriptive Flexfields on the Schedule tab may capture additional information related to payment schedules, they are not explicitly listed among the predefined source attributes available for account derivation rule creation in Oracle Lease Accounting.
Lease Preparer (Option C):
Explanation: The individual who prepares the lease (Lease Preparer) is not a predefined source attribute available for configuring account derivation rules. Accounting rules typically rely on attributes directly impacting financial transactions rather than user-specific data.

NEW QUESTION # 58
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. Legal Entity Recognition from Invoice Document
B. Sharing Adaptive Learning Between Environments
C. Bill-To Recognition from Invoice Document
D. Adaptive Learning for Invoice Lines
E. Adaptive Learning for Routing Attributes

Answer: C

NEW QUESTION # 59
......

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1Z0-1055-24 RELEVANT QUESTIONS, PASS 1Z0-1055-24 TEST GUIDE

1Z0-1055-24 Relevant Questions, Pass 1Z0-1055-24 Test Guide