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Oracle - 1z0-1055-24 Dumps Q&A 1 of 21 Success Guaranteed, 100% Valid Exam Topic Breakdown Exam Topic Number of Questions Topic 1 : Multiple Choice Questions 5 Topic 2 : Challenges (Hands-on Performance Based) 4 TOTAL 9 Oracle - 1z0-1055-24 Dumps Q&A 2 of 21 Success Guaranteed, 100% Valid A. B. C. Topic 1, Multiple Choice Questions Question #:1 - (Exam Topic 1) Which reference data sharing method can you use for Payables Payment Terms when working with reference data sets in Payables? Assignment to one set only; no common values allowed Assignment to multiple sets with common values allowed Assignment to multiple sets; no common values allowed Answer: C Explanation Comprehensive and Detailed In-Depth Explanation: In Oracle Fusion Applications, (also known as ) enables organizations to share reference data sharing SetID common configuration data across various organizational units, such as business units, without unnecessary duplication. This approach streamlines maintenance and ensures consistency of reference data across the enterprise. Payment Terms in Oracle Payables define the conditions under which a company pays its suppliers. These terms can vary between business units based on factors like regional practices or supplier agreements. To accommodate this variability, Oracle Payables employs a specific reference data sharing method for Payment Terms. Reference Data Sharing Methods: Assignment to One Set Only; No Common Values Allowed: Each reference data object instance is assigned to a single set exclusively. No sharing of values across multiple sets. Example: Asset Prorate Conventions are defined and assigned to only one reference data set. Assignment to One Set Only, with Common Values: Reference data objects can be assigned to one set, but there's a common set whose values are accessible to all business units. Example: Receivables Transaction Types are assigned to a common set that's available to all business units. Oracle - 1z0-1055-24 Dumps Q&A 3 of 21 Success Guaranteed, 100% Valid A. B. C. D. E. Assignment to Multiple Sets; No Common Values Allowed: A reference data object instance can be assigned to multiple sets. There's no common set; each set operates independently. Example: Payables Payment Terms use this method, allowing each payment term to be assigned to one or more sets. For , the applicable method is Payables Payment Terms "Assignment to multiple sets; no common values This means that each payment term can be associated with one or more reference data sets, but allowed." there's no overarching common set that includes all payment terms. This flexibility allows organizations to define payment terms specific to certain business units while also sharing others across multiple units as needed. Practical Application: Shared Payment Terms: If multiple business units operate under similar payment conditions, a single payment term (e.g., "Net 30") can be assigned to multiple reference data sets corresponding to those units. Specific Payment Terms: For unique business units with distinct payment agreements, specific payment terms (e.g., "Net 15") can be created and assigned exclusively to the relevant reference data set. This approach ensures that each business unit has access to the payment terms relevant to its operations without unnecessary proliferation of identical terms across the system. References: Reference Data Sets and Sharing Methods Payment Terms Question #:2 - (Exam Topic 1) Oracle Cloud currently offers two invoice scanning solutions: Integrated Imaging and Intelligent Document Recognition (IDR). Both solutions function similarly. In which two ways do these invoice scanning solutions operate in the cloud? Customers scan the invoice on-premises and email the images. Customers ask suppliers to send electronic invoices. Customers ask their suppliers to scan and email the invoice. Customers scan and store the invoice images on-premises and attach them during invoice entry. Customers cannot use invoice imaging in the Cloud. Oracle - 1z0-1055-24 Dumps Q&A 4 of 21 Success Guaranteed, 100% Valid Answer: A C Explanation Comprehensive and Detailed In-Depth Explanation: Oracle Cloud's Integrated Imaging and Intelligent Document Recognition (IDR) solutions streamline the processing of supplier invoices by automating data extraction and invoice creation. These solutions support multiple methods for capturing and importing invoice images into the cloud system. A. Customers scan the invoice on-premises and email the images. Organizations that receive paper invoices can digitize them by scanning the documents on-premises. Once scanned, these images are emailed to a designated address provided by Oracle Cloud. The Integrated Imaging or IDR system retrieves these images from the email inbox, processes them to extract relevant data, and automatically creates invoices within the Payables module. This method ensures that paper-based invoices are efficiently integrated into the cloud system without manual data entry. docs.oracle.com C. Customers ask their suppliers to scan and email the invoice. To enhance efficiency, customers can request that their suppliers scan physical invoices and send the digital images directly via email. These emailed invoice images are received by the designated email account associated with the customer's Oracle Cloud instance. The Integrated Imaging or IDR solutions then process these images, extracting the necessary invoice data and creating corresponding entries in the Payables system. This approach reduces processing time and minimizes potential errors associated with manual data entry. docs.oracle.com B. Customers ask suppliers to send electronic invoices. While encouraging suppliers to send electronic invoices (such as XML or EDI formats) is a best practice for streamlining invoice processing, this method does not involve the Integrated Imaging or IDR solutions, which are specifically designed for processing scanned invoice images. Electronic invoices are typically processed through different channels within Oracle Cloud, such as the Supplier Portal or electronic data interchange systems. blogs.infosys.com D. Customers scan and store the invoice images on-premises and attach them during invoice entry. In this scenario, customers manually scan and store invoice images on their local systems and then attach these images during manual invoice entry into the Oracle Cloud Payables module. This process does not utilize the automated capabilities of the Integrated Imaging or IDR solutions, which are designed to handle the import, recognition, and processing of invoice images sent via email. docs.oracle.com E. Customers cannot use invoice imaging in the Cloud. Oracle - 1z0-1055-24 Dumps Q&A 5 of 21 Success Guaranteed, 100% Valid A. B. C. D. E. F. G. A. B. C. This statement is incorrect. Oracle Cloud provides robust invoice imaging solutions, namely Integrated Imaging and Intelligent Document Recognition, enabling customers to process scanned invoices efficiently within the cloud environment. docs.oracle.com By leveraging these solutions, organizations can automate the extraction of invoice data from scanned images, reduce manual intervention, and improve the accuracy and efficiency of their accounts payable processes. Question #:3 - (Exam Topic 1) Your company has set certain entertainment daily limits in its Entertainment Policy to restrict employee entertainment expenses. Oracle Expenses supports the requirements within your entertainment policy where you can configure and define daily sum limits, along with single instance limits and yearly limits that depend on your policy requirements. What are three considerations when enabling and defining daily limits in entertainment policies? The limits defined in the policy will be enforced per attendee regardless of whether the policy has rate determinants set up. The limits apply only to company employees and excludes nonemployees. This policy can be associated with both travel and entertainment policies. Use the entertainment policy to define single or multiple daily limits that need to be enforced per attendee or group of attendees. The limits defined in the policy will be enforced per attendee only if the policy has rate determinants set up. This policy can be associated only with entertainment policies. Use the entertainment policy to define single, daily, or yearly limits that need to be enforced per attendee. Answer: E F G Question #:4 - (Exam Topic 1) 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? DFF values on the Asset tab DFF values on the Schedule tab Oracle - 1z0-1055-24 Dumps Q&A 6 of 21 Success Guaranteed, 100% Valid C. D. E. Lease preparer ROU Flag value Lease location Answer: A D 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): Oracle - 1z0-1055-24 Dumps Q&A 7 of 21 Success Guaranteed, 100% Valid A. B. C. D. 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. Question #:5 - (Exam Topic 1) You have enabled Payment Approval for your Payment Process Requests (PPR). At what stage of the PPR is the payment approval process automatically triggered? Review Proposed Payments Create Payment Files Review Installments Build Payments Answer: A Explanation Comprehensive and Detailed In-Depth Explanation: In Oracle Financials Cloud, the Payment Process Request (PPR) undergoes several stages, each with specific functions and potential user interventions. When is enabled, the system incorporates an Payment Approval approval workflow to ensure that payments are reviewed and authorized before disbursement. Stages of Payment Process Request: Installment Selection: Description: The system selects invoice installments based on predefined criteria such as due dates, payment methods, and supplier information. User Action: Optional review if the "Review Installments" option is selected. Document Validation: Description: Validates the selected installments for completeness and correctness, ensuring all necessary information is present. User Action: Required if there are validation errors or missing information. Build Payments: Description: Groups validated installments into payments based on attributes like payment date, disbursement bank account, and payment method. Oracle - 1z0-1055-24 Dumps Q&A 8 of 21 Success Guaranteed, 100% Valid User Action: None, this is an automated process. Review Proposed Payments: Description: Allows users to review and, if necessary, modify the proposed payments before finalizing them. User Action: Required if the "Review Proposed Payments" option is selected. Payment Approval: Description: If enabled, this stage involves routing the proposed payments to designated approvers for authorization before disbursement. User Action: Approvers must review and approve or reject the payments. Create Payment Files: Description: Generates the necessary payment files for disbursement, such as electronic funds transfer (EFT) files or check print files. User Action: None, unless issues arise during file creation. Trigger Point for Payment Approval: The process is automatically triggered at the stage. At this Payment Approval Review Proposed Payments point, the system pauses to allow approvers to review the proposed payments and make decisions regarding their authorization. This control mechanism ensures that all payments are vetted before funds are disbursed, aligning with organizational policies and financial controls. According to Oracle's documentation: "If enabled, the payment process stops at the Review Proposed Payments stage. Approvers can then optionally remove payments directly from a payment process request and approve it." docs.oracle.com Analysis of Options: A. Review Proposed Payments: Correct. This is the stage where the payment approval process is triggered, allowing approvers to review and authorize payments. B. Create Payment Files: Incorrect. This stage occurs after payment approval and involves generating the actual payment files for disbursement. C. Review Installments: Incorrect. This is an earlier stage where selected installments are reviewed before payments are built, but it does not involve the payment approval workflow. D. Build Payments: Incorrect. This stage involves grouping validated installments into payments and occurs before the Review Proposed Payments stage. Oracle - 1z0-1055-24 Dumps Q&A 9 of 21 Success Guaranteed, 100% Valid Conclusion: Enabling Payment Approval in Oracle Financials Cloud introduces a critical control point at the Review stage of the Payment Process Request. This setup ensures that all proposed payments Proposed Payments undergo managerial review and authorization before the creation of payment files and the actual disbursement of funds. Implementing this approval process helps maintain robust financial oversight and compliance within the organization's payment workflows. Reference: Oracle Financials Cloud Documentation – https://docs.oracle.com/en How You Set Up Payment Approval /cloud/saas/financials/24d/faipp/how-you-set-up-payment-approval.html Oracle - 1z0-1055-24 Dumps Q&A 10 of 21 Success Guaranteed, 100% Valid Topic 2, Challenges (Hands-on Performance Based) Question #:6 - (Exam Topic 2) 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. See the Explanation for Step-by-Step Solution. Explanation TASK 2: CREATE EXPENSE ITEMS We need to with the following requirements: create expense items # Set to .# # # Effective Start Date: current date No tax implications. Projects are not used. Receipt and should match those from the created earlier.# expense fields expense report template Dinner expense item must be linked to the created in the previous task. Meal policy Step-by-Step Solution: Configuring Expense Items in Oracle Financials Cloud Step 1: Navigate to the Expense Items Setup Log in to as an Oracle Financials Cloud Expense Manager or Financial Administrator Navigate to Setup and Maintenance In the , type Search Bar "Manage Expense Items" Click on Manage Expense Items Step 2: Create Expense Items Oracle - 1z0-1055-24 Dumps Q&A 11 of 21 Success Guaranteed, 100% Valid 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: (No tax implications) None Projects Used? (Uncheck "Enable for Projects") No Receipt Required? Follow Template Policy Expense Fields? Set as Optional # Click Save and Close Expense Item: Room Rate Click again. Create New Expense Item 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 again. Create New Expense Item Enter the following details: Oracle - 1z0-1055-24 Dumps Q&A 12 of 21 Success Guaranteed, 100% Valid 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 is associated with this policy. Dinner Expense Item Set (if applicable). Limit Type: Warning Only # 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 as expense types. Internet, Room Rate, and Dinner Enter sample amounts. Oracle - 1z0-1055-24 Dumps Q&A 13 of 21 Success Guaranteed, 100% Valid 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 that comply with all business expense items requirements. Question #:7 - (Exam Topic 2) MANAGE POLICIES BY EXPENSE CATEGORY The US1 Business Unit has an expense policy on meals that allows an employee to claim 30 USD per day for an evening meal, regardless of their role and location. See the Explanation for Step-by-Step Solution. Explanation Step-by-Step Solution: Configuring Expense Policies by Expense Category in Oracle Financials Cloud To implement the in , follow these steps: expense policy for meals Oracle Financials Cloud Step 1: Navigate to the Expense Policies Setup Log in to Oracle Financials Cloud with the appropriate or Expense Manager Financial Administrator role Go to the Setup and Maintenance work area Select (Task Name: Manage Expense Policies by Expense Manage Policies by Expense Category Category). Select the to ensure the policy applies to the correct entity. US1 Business Unit Step 2: Create or Update the Meal Expense Category Oracle - 1z0-1055-24 Dumps Q&A 14 of 21 Success Guaranteed, 100% Valid Under , locate or create the Manage Policies by Expense Category Meals Expense Category If the category does not exist: Meals Click Create Expense Category Enter : "Meals". Category Name Category Type : "Meals and Entertainment". Save the entry Step 3: Define Expense Limits for Evening Meals Select the Meals Expense Category and click Edit Navigate to the tab. Policies and Limits Under , click Amount Limits Add New Rule Description : "Evening Meal Limit". Limit Type : "Maximum Allowed Amount". Limit Amount : Enter 30 USD Per : Select Day Apply to All Employees (since this applies regardless of role and location). Location-Based Rules : Leave blank since it applies universally. Click Save and Close Step 4: Enable and Activate the Policy Ensure the policy is enabled by selecting the checkbox for Active Click to finalize the configuration. Submit Run the process to apply changes. "Validate and Deploy Expense Policies" Step 5: Testing the Policy Simulate an Expense Report Submission : Have an employee create a new expense report. Select as the expense category. Meals Oracle - 1z0-1055-24 Dumps Q&A 15 of 21 Success Guaranteed, 100% Valid Enter an evening meal expense of (which exceeds the policy limit). 35 USD Verify if a policy violation warning appears , restricting the claim to 30 USD. Submit an expense of 30 USD and ensure occurs. no policy violation Expected Outcome: Employees can claim up to 30 USD per day for an evening meal. Any claim above 30 USD triggers a policy violation warning The rule applies to all employees regardless of role and location Conclusion By following the above steps, you successfully configure an that expense policy for meals limits evening . This ensures compliance with the company's meal claims to 30 USD per day expense management while streamlining the in Oracle Financials Cloud. guidelines expense approval process Question #:8 - (Exam Topic 2) MANAGE POLICIES BY EXPENSE CATEGORY Create an Expense Policy for meals that raises a warning, if the expense exceeds the prescribed limit, without blocking the expense processing. Your expense policy should be ready to be associated with an expense type within an expense report template. See the Explanation for Step-by-Step Solution. Explanation Step-by-Step Solution: Configuring an Expense Policy in Oracle Financials Cloud To configure this in , follow these steps: expense policy Oracle Financials Cloud Step 1: Access the Expense Policies Setup Page Log in to Oracle Financials Cloud with the appropriate or Expense Manager Financial Administrator role. Navigate to Setup and Maintenance Select the Task: Manage Policies by Expense Category. Step 2: Create or Locate the Meal Expense Category Search for the expense category. Meals Oracle - 1z0-1055-24 Dumps Q&A 16 of 21 Success Guaranteed, 100% Valid If the category does not exist: Meals Click Create Expense Category Category Name: "Meals". Category Type: "Meals and Entertainment". Save the entry Step 3: Define a Policy Rule for Raising a Warning Select the Expense Category and click Meals Edit Navigate to the tab. Policies and Limits Under , click Amount Limits Add New Rule Configure the Expense Policy Rule: Description: "Meal Expense Warning Policy". Limit Type: "Warning Only". Limit Amount: Enter the prescribed limit (e.g., ). 50 USD Per: Select (or another relevant time frame). Day Applies To: Select All Employees Location-Based Rules: Leave blank if not location-specific. Set Warning Behavior: Select if the expense exceeds the prescribed limit. Raise a Warning Ensure the policy does not block submission or approval Click Save and Close Step 4: Associate the Policy with an Expense Report Template Navigate to Setup and Maintenance > Manage Expense Report Templates Search for the where the category should be included. Expense Report Template Meals Click and go to the section. Edit Expense Types Add the Meals Expense Type and associate it with the newly created Meals Expense Warning Policy Oracle - 1z0-1055-24 Dumps Q&A 17 of 21 Success Guaranteed, 100% Valid Click Save and Close Step 5: Enable and Validate the Policy Ensure the policy is marked as Active Click to finalize the policy configuration. Submit Run the process. Validate and Deploy Expense Policies Step 6: Testing the Policy Simulate an Expense Report Submission: Create a new expense report and select as the expense type. Meals Enter an expense amount exceeding the limit (e.g., ). 55 USD Verify that a warning message appears , but the expense is still allowed to proceed Submit an expense below the limit (e.g., ) and ensure 45 USD no warning appears Expected Outcome: If the meal expense exceeds the limit , the system raises a but warning does not block the expense submission If the meal expense is within the limit , the system processes it without warnings The policy is with an in an successfully associated expense type expense report template Conclusion By following these steps, you successfully configure an that for meals expense policy raises a warning exceeding a specified limit . This ensures that employees are without blocking submission or processing about policy violations while allowing flexibility in notified expense approvals Question #:9 - (Exam Topic 2) MANAGE EXPENSE REPORT TEMPLATE Task 1: Create an Expense Report Template for the US1 Business Unit, where: a. The effective start date is the current date. b. The hotel expense type requires itemization and should include Internet, Room Rate, and Dinner. Oracle - 1z0-1055-24 Dumps Q&A 18 of 21 Success Guaranteed, 100% Valid c. The expense type is associated with the respective account d. Card Expense Type Mapping is not enabled. e. Company policy states that receipts f. Users can indicate receipts are missing in their expense report and a warning should be displayed for any missing receipts. g. All Expense Fields are optional. See the Explanation for Step-by-Step Solution. Explanation Task 1: Create an Expense Report Template for the US1 Business Unit The following configurations need to be implemented: # The current date.# Requires with Effective Start Date: Hotel Expense Type: itemization Internet, Room .# Associated with the respective .# Rate, and Dinner Expense Type: GL account Card Expense Type .# Users can , and a Mapping: Not enabled Receipts Policy: indicate missing receipts warning should be .# All fields should be displayed Expense Fields: optional Step-by-Step Solution Step 1: Navigate to Expense Report Templates Log in to with the or Oracle Financials Cloud Expense Manager Financial Administrator role Navigate to Setup and Maintenance In the , type Search Bar "Manage Expense Report Templates" Click on Manage Expense Report Templates Step 2: Create a New Expense Report Template Click Create New Template Enter the following details: Name: "US1 Business Unit Expense Report" Business Unit: US1 Business Unit Effective Start Date: (Set to current date) Enable for Use: # (Check this box)