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Oracle Financials Cloud: Payables 2024 Implementation Professional Sample Questions (Q36-Q41):

NEW QUESTION # 36
A company has assigned a withholding tax classification to an invoice line to withhold two taxes, each tax withheld at different rates and remitted to different tax authorities.
Tax A has a withholding tax rate of 5% with compounding precedence of 1 Tax B has a withholding tax rate of 10% with compounding precedence of 2 What are the withholding tax amounts computed for the two taxes when the withholding taxable amount is
100$?

A. Tax A:5%, Tax B:$9.5
B. Tax A:5%, Tax B:$10
C. Tax A:5%, Tax B:$10.5
D. Tax A:4.5%, Tax B:$10

Answer: A

NEW QUESTION # 37
During an internal audit of the expense reimbursement process, you observe a discrepancy where refunds from employees are being applied against positive payment requests. Your organization would like to keep them separate.
How do you achieve this?

A. Set a specific pay group in the expense section of the employee record.
B. Set a specific pay group in disbursement options.
C. Set a specific pay group in payables invoice options.
D. Set a specific pay group in Expense system options.

Answer: D

NEW QUESTION # 38
You have enabled Payment Approval for your Payment Process Requests (PPR). At what stage of the PPR is the payment approval process automatically triggered?

A. Review Proposed Payments
B. Create Payment Files
C. Review Installments
D. 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 Payment Approval is enabled, the system incorporates an 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.
* 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 Payment Approval process is automatically triggered at the Review Proposed Payments stage. At this 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.
Conclusion:
Enabling Payment Approval in Oracle Financials Cloud introduces a critical control point at the Review Proposed Payments stage of the Payment Process Request. This setup ensures that all 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 - How You Set Up Payment Approvalhttps://docs.oracle.com/en
/cloud/saas/financials/24d/faipp/how-you-set-up-payment-approval.html

NEW QUESTION # 39
An installment for $2,000 USD is due for payment on July 31, 2022. The installment has two discounts: the first discount date is June 15, 2022 for $150 USD and the second discount date is June 30, 2022 for $50 USD.
You submit a Payment Process Request with the following criteria:
Payment Date = June 20, 2022
Pay Through Date = July 30, 2022
Date Basis = Due Date
What will be the resulting status of the installment and discount?

A. The installment is selected and no discount is applied.
B. The installment is selected and a discount of $50 USD is applied.
C. The installment is not selected because the discount dates are before the Pay Through Date.
D. The installment is not selected because the due date is after the Pay Through Date.
E. The installment is selected and a discount of $150 USD is applied.

Answer: D

NEW QUESTION # 40
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.

Answer:

Explanation:
See the Explanation for Step-by-Step Solution.
Explanation:
Step-by-Step Solution: Configuring an Expense Policy in Oracle Financials Cloud To configure this expense policy in Oracle Financials Cloud, follow these steps:
Step 1: Access the Expense Policies Setup Page
* Log in to Oracle Financials Cloud with the appropriate Expense Manager or 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 Meals expense category.
* If the Meals category does not exist:
* 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 Meals Expense Category and click Edit.
* Navigate to the Policies and Limits tab.
* Under Amount Limits, click 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 Day (or another relevant time frame).
* Applies To: Select All Employees.
* Location-Based Rules: Leave blank if not location-specific.
* Set Warning Behavior:
* Select Raise a Warning if the expense exceeds the prescribed limit.
* 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 Expense Report Template where the Meals category should be included.
* Click Edit and go to the Expense Types section.
* Add the Meals Expense Type and associate it with the newly created Meals Expense Warning Policy.
* Click Save and Close.
Step 5: Enable and Validate the Policy
* Ensure the policy is marked as Active.
* Click Submit to finalize the policy configuration.
* Run the Validate and Deploy Expense Policies process.
Step 6: Testing the Policy
* Simulate an Expense Report Submission:
* Create a new expense report and select Meals as the expense type.
* 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., 45 USD) and ensure no warning appears.
Expected Outcome:
* If the meal expense exceeds the limit, the system raises a warning but does not block the expense submission.
* If the meal expense is within the limit, the system processes it without warnings.
* The policy is successfully associated with an expense type in an expense report template.
Conclusion
By following these steps, you successfully configure an expense policy that raises a warning for meals exceeding a specified limit without blocking submission or processing. This ensures that employees are notified about policy violations while allowing flexibility in expense approvals.

NEW QUESTION # 41
......

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Actual Oracle 1Z0-1055-24 Practice Test - Quick Test Preparation Tips

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Oracle Financials Cloud: Payables 2024 Implementation Professional Sample Questions (Q36-Q41):

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