1z0-1055-24 Practice Exam Questions with Answers Oracle Financials Cloud: Payables 2024 Implementation Professional Certification

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.

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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.

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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.

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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.

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E. Customers cannot use invoice imaging in the Cloud.

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.

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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.

Comprehensive and Detailed In-Depth Explanation:

Closing a Payables period in Oracle Financials Cloud requires that all transactions for the period are fully processed and accounted for. The system enforces certain checks to ensure data integrity and accurate financial reporting. The following are valid reasons that can prevent the closure of a Payables period:

Incomplete Payment Files (Option B):

Explanation: Payment files that have been initiated but not completed will prevent period closure. All payment processes must be finalized to ensure that all disbursements are accurately recorded.

Comprehensive and Detailed In-Depth Explanation:

For an invoice to be available for payment processing in Oracle Payables, it must meet specific criteria. If an invoice is missing from the Create Payment page, the following could be the reasons:

The Invoice is Not Validated (Option A):

Explanation: Invoices must be validated to ensure data accuracy and compliance with business rules. If an invoice is not validated, it remains in an Incomplete status and is not available for payment.

Resolution: Run the Invoice Validation process to validate the invoice. Once validated, it will appear in the Create Payment page for selection.

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):

Explanation: The discount amount is calculated using a variable APR, which is determined based on the number of days the payment is made ahead of the due date. The earlier the payment is made, the higher the discount percentage applied.

Task 1: Create an Expense Report Template for the US1 Business Unit

The following configurations need to be implemented:

? Effective Start Date: The current date.? Hotel Expense Type: Requires itemization with Internet, Room Rate, and Dinner.? Expense Type: Associated with the respective GL account.? Card Expense Type Mapping: Not enabled.? Receipts Policy: Users can indicate missing receipts, and a warning should be displayed.? Expense Fields: All fields should be optional.

Step-by-Step Solution

Step 1: Navigate to Expense Report Templates

Log in to Oracle Financials Cloud with the Expense Manager or Financial Administrator role.

Navigate to Setup and Maintenance.

In the Search Bar, type "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)

Click Save.

Step 3: Define the Expense Type – Hotel with Itemization

Navigate to the Expense Types tab.

Click Add Expense Type.

Enter the following details:

Expense Type Name: "Hotel"

Expense Category: "Lodging"

Requires Itemization: ? (Check this box)

Under Itemization, click Add Itemization Categories:

Internet

Room Rate

Dinner

Click Save.

Step 4: Associate Expense Types with GL Accounts

Click on Edit Expense Type "Hotel".

Go to the Accounting section.

Select the appropriate GL Account for lodging expenses.

Repeat this process for other required expense types.

Click Save and Close.

Step 5: Disable Card Expense Type Mapping

Navigate to the Corporate Card Expense Mapping tab.

Ensure the "Enable Corporate Card Mapping" checkbox is unchecked.

Click Save.

Step 6: Configure Receipts Policy

Navigate to the Receipts tab.

Under Receipt Handling, set:

Company Policy: Employees must provide receipts.

Allow users to indicate missing receipts? ? (Check this box).

Action for Missing Receipts: Raise a Warning (so that expense submission is not blocked).

Click Save.

Step 7: Set Expense Fields as Optional

Navigate to the Fields Setup tab.

Ensure all Expense Fields are set to Optional.

Click Save and Close.

Step 8: Validate and Activate the Template

Review all configurations.

Click Submit and Activate.

Run the Validate and Deploy Expense Templates process to ensure all settings are applied.

Step 9: Testing the Expense Report Template

Simulate an Expense Report Submission:

Select Hotel Expense and enter details.

Verify if the system requires itemization (Internet, Room Rate, Dinner).

Submit without a receipt to check if a warning is displayed.

Ensure all fields remain optional.

Verify no corporate card expense mapping applies.

Expected Outcome:

? The Expense Report Template is successfully created for US1 Business Unit.? Hotel expenses require itemization into Internet, Room Rate, and Dinner.? Receipts are required, and a warning is displayed for missing receipts.? GL Account mapping is correctly applied to each expense type.? Card Expense Type Mapping is disabled.? All fields are optional, allowing flexible data entry.

Conclusion

By following these steps, we have successfully created and configured an Expense Report Template that meets all business requirements for the US1 Business Unit.