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1Z0-507 Product Description:
Exam Number/Code: 1Z0-507 vce
Exam name: Oracle Fusion Financials 11g Accounts Payable Essentials
n questions with full explanations
Certification: Oracle Certification
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Exam Code: 1Z0-507 (Practice Exam Latest Test Questions VCE PDF)
Exam Name: Oracle Fusion Financials 11g Accounts Payable Essentials
Certification Provider: Oracle
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2016 May 1Z0-507 Study Guide Questions:
Q11. A company has implemented the Supplier Portal WITHOUT the invoice approval workflow. When a supplier enters an invoice WITHOUT a purchase order match, what is the status of the invoice request?
C. In Process
D. In Progress
* You can use the invoice approval workflow to automate your invoice approval process.
The workflow determines if an invoice requires approval, and if so, automatically routes the invoice to the applicable approvers who then approve or reject the invoice.
* Standard invoice request:
An invoice submitted without a purchase order by a supplier through Oracle Fusion
Supplier Portal that is pending review and approval by the appropriate persons within the deploying company.
Q12. Which two actions can a supplier perform through the Supplier Portal?
A. View invoices
B. View receivables
C. View Purchase Orders
D. View payments
E. View Distribution Sets
Explanation: View invoice information from Oracle Payables. View payment information from Oracle Payables.
Q13. During the invoice Import process, the implication assigns the accounting date from the first 5 finds.
Which three sources will the application check for the accounting date?
A. Invoice Line record
B. Invoice Distribution record
C. Invoice Header record
D. Purchase Order Header
E. Accounting Date parameter from the import submission
Explanation: B: Each invoice distribution line has its own accounting date.
C: When you account for an invoice, your OraclePayables application creates accounting events, accounting entry headers and accounting entry lines for those distribution lines that have accounting dates included in the selected accounting date range for the Payables Accounting Process.
Up to date security+ sy0-401 cheat sheet:
Q14. A company has different payment terms for different suppliers. Payment terms with some suppliers also include discounts.
Which report needs to be executed to identify the maximum discounts possible by the earliest payment to the suppliers or where they should have taken a discount but did not?
A. Payables Discounts Report
B. Payables Discounts taken Report
C. Payables Discounts lost Report
D. Payables Discounts taken and Lost Report
E. Payables Discounts Taken and Lost Report by Supplier
Explanation: Use the Discounts Taken and Lost report to identify payments for which you could have taken a discount, but did not. If you find that you are losing discounts, you can change your system and supplier defaults and modify your payment batch selection criteria to make sure that you take all valid discounts.
Selected Report Parameters
Start/End Payment Date. Enter the first and last dates of a range for which you want to review discounts taken and lost.
Supplier Type. Enter the supplier type for which you want to review discounts taken and lost or leave the field blank to submit the report for all supplier types.
Supplier Name. Enter the name of a supplier for which you want to review discounts taken and lost, or leave the field blank to submit the report for all suppliers.
Reference: Discounts Taken and Lost report
Q15. Which three attributes can be viewed for a Quick Payment from the Manage Payments page?
B. Error Message
C. Supplier Number
E. Business Unit
Note: A single payment that you create for one more invoices without submitting a payment process request.
Q16. Which two statements are true about the Invoice Requiring Attention section of the invoice Dashboard?
A. displays links to all prepayment type invoices that have NOT been fully applied
B. lists invoices entered or imported in the past seven days that are NOT yet accounted or accounted for in draft only
C. displays Invoices in the system that are waiting for approval*
D. displays invoices rejected in the approval process along with the reason for rejection
E. displays all scanned invoices through the Integrated imaging solution that have NOT yet had accounts Payables invoices created
Note: You can review installment holds on the Manage Installments page, or in the Invoices Requiring Attention region on the Invoice Overview page.
Installment holds are holds that you manually place on an installment to prevent payment. For example, a supplier sends you an invoice for two desks and delivers only one. You can partially pay the invoice by splitting the installment and placing a hold on one installment. You can manually release the hold after you receive the second desk, making the installment available for payment.
Actual comptia security+ sy0-401 cert guide:
Q17. Identify three actions performed by the Payables department for iSupplier invoices.
A. Validating invoices
B. creating accounting
C. creating NonPurchase Order matched invoices
D. creating Purchase Order matched invoices
E. processing payments
Explanation: You can access invoice and payment information as well as review invoice status online using Oracle iSupplier Portal. If the buying company uses Oracle Payables, you can also submit invoices online.
Reference: Oracle iSupplier Portal User's Guide, Invoice and Payment Information
Q18. A company needs to implement corporate cards with Company Pay or Both Pay Payments liability.
Select three correct statements regarding corporate card implementation.
A. Specific expense clearing account can be set up per card program.
B. Setting up of expense clearing account is required only for Company Pay and Both Pay payment liability.
C. One clearing account can be set up for all card programs.
D. Payables uses the clearing account to record only the debits.
B: Individual Pay. Employee pays the credit card provider for all credit card transactions.
Note: When you implement the corporate credit card functionality for Internet Expenses, one of the essential decisions you need to make is whether your company or your employees are responsible for paying the credit card provider. The three payment options which you can implement in Internet Expenses are:
Individual Pay. Employee pays the credit card provider for all credit card transactions.
Both Pay. The employee pays the credit card provider for personal expenses, and your company pays the credit card provider for business expenses.
Company Pay. Company pays the credit card provider for all transactions.
Reference: Oracle Internet Expenses Implementation and Administration Guide, Company Pay Credit Card Transactions Accounting
Q19. Which hold type prevents accounting of a foreign currency invoice if the conversion rate is missing?
A. Unmatched Invoices hold
B. Distribution Variance hold
C. Invoice Amount Limit hold
D. No Rate hold
E. Incorrect Conversion Rate hold
Explanation: The Apply Missing Conversion Rate process automatically applies conversion rates to foreign currency invoices or payments that have no conversion rate and a conversion rate type other than User. If a foreign currency invoice is missing a conversion rate, then when you validate the invoice, the validation process applies a No rate hold, which prevents payment and accounting of the invoice.
Reference: Missing Conversion Rates: How They Are Applied to Invoices
Q20. An installment for $1000 is due for payment on January 10, 2012. The installment has two discounts: the first discount date is December 5, 2011 for $150 and the second discount date us December 20, 2011 for $100. The Pay Date Basis on the supplier site is Discount.
You submit a payment process request:
. Payment Date =December 5, 2011
Pay ThroughDate =December 25, 2011
Date Basis =Pay date
AlwaysTake Discount option = Enabled
What will be the resulting status of the installment and discount?
A. The installment is NOT selected because the first discount date NOT BEFORE the Pay Through Date.
B. The installment is selected and a discount of $150 is available because the always Take Discount option is enabled.
C. The installment is selected and a discount of $0 is available because the payment date is after the discount dates.
D. The installment is selected and a discount of $100 is availed because only the latest discount date is committed.
E. The installment is NOT selected but discount of $150 is availed because the Always Take Discount option is enabled
An installment for 3,000 USD is due for payment on March 31, 2011. The
installment has two discounts. The first discount date is February 15, 2011, for
150 USD. The second discount date is February 28, 2011, for 100 USD.
You submit a payment process request with the following data:
. Payment Date = February 8, 2011
. Pay Through Date = March 30, 2011
. Date Basis = Pay date
The Pay Date Basis setting on the supplier site determines whether the installment is selected for payment and whether a discount is taken. If the supplier site Pay Date Basis is set to Discount, the installment is selected for payment because the Pay Through Date of March 30, 2011, is later than at least one of the discount dates. The first discount for 150 USD is taken because the Payment Date of February 8, 2011, is before the first discount date of February 15, 2011. If the Payment Date was after February 15, 2011, but before February 28, 2011, the second discount of 100 USD would be taken. The Payment Date determines the discount. If the supplier site Pay Date Basis is set to Due, the installment is not selected for payment because the installment due date of March 31, 2011, is later than the Pay Through Date of March 30, 2011. The Pay Through Date determines the installment selection.
Reference; Oracle Fusion Applications Procurement, Payables, Payments, and Cash Guide, Date Basis in Payment Process Requests: Examples
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