Free Oracle Financials Cloud: Payables 2020 Implementation Essentials Exam 1Z0-1055-20 Exam Practice Test

An installment meets all of the selection criteria of a Payment Process Request but it still did not get selected for payment processing. Identify two reasons for this.

• The pay-through date is in a closed Payables period.
• The pay-through date is in a future period.
• The invoices need revalidation.
• The invoice has not been accounted.
• The installment was manually removed. An installment can meet the selection criteria of a payment process request, yet not get selected for payment for one or more reasons. You can review installments that were not selected for payment, along with the reasons they were not selected, on the Not Selected tab of the Review Installments page. The reasons are as follows: References:https://docs.oracle.com/cd/E37017_01/doc.1115/e22897/F438410AN16238.htm

Certain suppliers that your customer regularly deals with are exempt from tax. How would you configure tax for this?

• Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax line from these suppliers.
• 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.
• Create a new Tax Regime for the Exempt tax and subscribe the exempt suppliers to the tax regime on the Configuration Options tab.
• 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.

What is the invoice type of an unapproved, unmatched invoice that was created in the Supplier Portal?

• Standard Invoice
• Standard invoice request
• Credit Memo
• Supplier payment request
• iSupplier Invoice

Which three reports are generated by the export setup data process? (Choose three.)

• Exported Business Object Report
• Process Results Report
• Process Results Summary Report
• Process Results Detail Listing Report
• Setup Data Report

Before you can configure payment approval rules, your company must define a payment approval policy. Which three are done by the payment approval policy? (Choose three.)

• It allows approvers to review payments and decide whether or not to approve a payment.
• It defines criteria for triggering the payment approval process, such as payment amount, bank account, or pay group.
• It defines a list of approvers who review payments and make final payment decisions.
• It defines when to initiate the payment approval process.
• It determines which payments must go through the payment approval process.

After you submitted a Payment Process Request, you noticed errors. You want to void the payments. Identify two statements that indicate when it is not possible to void a payment. (Choose two.)

• A payment that pays a prepayment that has been applied to an invoice.
• A payment that has already cleared the bank.
• A payment that has been accounted and posted to General Ledger.
• A payment with the status of Issued.
• A payment for an invoice with an associated Withholding Tax invoice.

You need to enter a high volume of users into the system. What is Oracle's recommendation to do this?

• Use the Enter a Supplier user interface and enter each user manually.
• Use the Hire an Employee user interface and enter each user manually.
• Use the spreadsheet templates available in Oracle Enterprise Repository (OER) and then import users into Cloud Applications.
• use the spreadsheet of Oracle Identity Manager (OIM) to import users.

You need to create a payment for a supplier before the next payment run. The invoice you wish to pay is not available for selection in the Create Payment page.Which two are possible reasons for this? (Choose two.)

• The payment supplier site is different to the supplier site on the invoice.
• The invoice is not yet due.
• The invoice is not validated.
• The payment method for the invoice is Electronic.
• The invoice is not accounted.

Identify three statements that indicate the purpose of Functional Setup Manager.

• It allows you to centrally manage the close processes across subledgers and ledgers.
• it allows you to assign setup tasks to individuals with due dates where users must manually update their completion status.
• It automatically marks the completion status of tasks as Completed once they have been completed.
• It automatically generates lists of setup tasks in the correct sequence with dependencies highlighted.
• It provides a central place to access and perform all of the setup steps across the applications.

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?

• The payment process request pays only $200 USD alone.
• 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.
• The payment process request creates a refund for $225 USD and leaves the invoice unpaid.
• 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.