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Best 1Z0-1055-24 : Oracle Financials Cloud: Payables 2024 Implementation Professional Exam Torrent Provide Three Versions for choosing

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Oracle 1Z0-1055-24 Exam Syllabus Topics:

Topic
Details

Topic 1

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 2

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 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

Processing Expenses: This section evaluates the capabilities of Auditors in managing expense-related tasks156. It covers entering expense reports, managing expense approvals, processing expense reimbursements, managing corporate cards, auditing expense reports, and setting up expenses within the system. These skills ensure compliance with expense policies and accurate reimbursement processes.

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 (Q32-Q37):

NEW QUESTION # 32
Your company asks you to build new Payables reports. You will be using Oracle Transactional Business Intelligence (OTBI) and deep links. Deep links allow you to directly drill down from OTBI reports to purchase orders and view the related purchase order details. Which three predefined job roles allow you to use this drill-down feature?

A. Accounts Payable Analyst
B. Account Payable Invoice Supervisor
C. Accounts Payable Manager
D. Accounts Payable Specialist
E. Accounts Payable Agent

Answer: A,C,D

Explanation:
Comprehensive and Detailed In-Depth Explanation:
In Oracle Financials Cloud, Oracle Transactional Business Intelligence (OTBI) provides robust reporting capabilities, including the use of deep links that enable users to drill down from summary reports into detailed transactional data, such as purchase orders. Access to these drill-down features is governed by specific job roles that encompass the necessary privileges.
Predefined Job Roles with Drill-Down Capabilities:
Accounts Payable Analyst (Option A):
Role Overview: This role is primarily focused on analyzing payables data, including the ability to access and drill down into detailed transactions to support financial analysis and reporting.
Privileges: Includes access to OTBI reports and the capability to drill down into transactional details such as invoices and payments.
Reference:
Accounts Payable Manager (Option B):
Role Overview: This managerial role oversees the entire accounts payable process, ensuring efficient operations and compliance. The role requires comprehensive access to payables data, including the ability to drill down into specific transactions for oversight and decision-making.
Privileges: Grants access to manage and review payables transactions, with drill-down capabilities into invoices, payments, and related purchase orders.
Accounts Payable Specialist (Option E):
Role Overview: This role is responsible for the day-to-day processing of accounts payable transactions, including invoice entry and payment processing. Access to detailed transaction data is essential for resolving issues and ensuring accuracy.
Privileges: Provides the ability to view and process payables transactions, with drill-down access to detailed information such as purchase order details linked to invoices.

NEW QUESTION # 33
Your organization has decided to create employee expense items by leveraging the digital assistant feature and sending expense receipts via email.
Which is the next processing step after an email with an expense receipt is received in the expenses application?

A. The Application automatically matched receipts to corporate card charges
B. The application assigns an expense type based on category
C. The application extracts the receipt details and creates expense items
D. The application sends the expenses team receipt notification
E. The application verifies the sender's email address and compares it with the employee's email addressed in HCM

Answer: E

NEW QUESTION # 34
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 # 35
Which three options are available to filter data when you submit the Prepare Payables to Ledger Reconciliation Report?

A. Natural Account
B. Primary Ledger
C. Supplier
D. Business Unit
E. Balancing Segment Value
F. Accounting Period

Answer: D,E,F

Explanation:
Comprehensive and Detailed In-Depth Explanation:
The Prepare Payables to General Ledger Reconciliation process in Oracle Financials Cloud is essential for ensuring that your payables and general ledger data are aligned. When submitting this process, you have several parameters available to filter and select the specific data you need for reconciliation. The key parameters include:
* Business Unit (Option A):
* Purpose: Allows you to reconcile data for a specific business unit within your organization. This is particularly useful if your enterprise structure includes multiple business units and you need to focus on one at a time.
Reference: Prepare Payables to General Ledger Reconciliation
Accounting Period (Option B):
Purpose: Enables you to select the accounting period (either open or closed) for which you want to prepare the reconciliation data. This ensures that the report focuses on the transactions relevant to the specified time frame.
Reference: Prepare Payables to General Ledger Reconciliation
Balancing Segment Value (Option C):
Purpose: Allows you to filter the data by specific balancing segment values, which correspond to entities like companies or divisions within your chart of accounts. This is useful for reconciling data at a more granular level.
Reference: Prepare Payables to General Ledger Reconciliation
While options D (Supplier), E (Primary Ledger), and F (Natural Account) are important attributes within the payables and general ledger modules, they are not listed as direct filter parameters for the Prepare Payables to General Ledger Reconciliation process. Therefore, the correct answers are A. Business Unit, B.
Accounting Period, and C. Balancing Segment Value.

NEW QUESTION # 36
One of your clients notifies their suppliers of rejected invoices via email. You suggest that they instead send notifications to suppliers for rejected electronic invoices using industry-standard XML as a UBL 2.1 Invoice Response Message. Your client wants to know about the benefits of making this switch.
Which two benefits of this feature can you share with them?

A. There is automatic processing of electronic response messages.
B. Suppliers can view the rejection reason in their system and take corrective action.
C. The notification provides suppliers with the option to request Payables manual intervention and support.
D. You can customize automatic responses per invoice type.

Answer: A,D

NEW QUESTION # 37
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