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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	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 3	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.

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2025 Updated Oracle 1Z0-1055-24: Exam Oracle Financials Cloud: Payables 2024 Implementation Professional Reviews

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Oracle Financials Cloud: Payables 2024 Implementation Professional Sample Questions (Q42-Q47):

NEW QUESTION # 42
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 payables invoice options.
B. Set a specific pay group in disbursement options.
C. Set a specific pay group in the expense section of the employee record.
D. Set a specific pay group in Expense system options.

Answer: D

NEW QUESTION # 43
Which three options are available to filter data when you submit the Prepare Payables to Ledger Reconciliation Report?

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

Answer: A,B,C

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 # 44
Which two invoice types can have a status of Incomplete?

A. Supplier Portal Invoices which are saved but not yet submitted
B. Prepayment Invoices which are fully paid but not applied against any invoice
C. Scanned Invoices which are rejected during import
D. Scanned Invoices with invalid or missing data

Answer: A,D

Explanation:
Comprehensive and Detailed In-Depth Explanation:
In Oracle Financials Cloud, the "Incomplete" status is assigned to invoices that require additional information or actions before they can be fully processed. This status ensures that incomplete or erroneous invoices are identified and addressed promptly.
A: Supplier Portal Invoices which are saved but not yet submitted
When suppliers create invoices through the Supplier Portal, they have the option to save their progress without submitting the invoice for approval or payment. These saved invoices are assigned an "Incomplete" status, indicating that the supplier has not yet finalized and submitted them. This allows suppliers to review and modify invoice details before formal submission.
support.oracle.com
B: Scanned Invoices with invalid or missing data
Invoices processed through Integrated Imaging or Intelligent Document Recognition (IDR) are scanned and imported into the system. If these scanned invoices contain invalid or missing data-such as incorrect invoice numbers, missing line items, or unreadable fields-they are assigned an "Incomplete" status. This designation prompts accounts payable personnel to review and correct the discrepancies before the invoices can proceed through the payment process.
docs.oracle.com
C: Scanned Invoices which are rejected during import
Invoices that are rejected during the import process due to significant errors or mismatches are typically not assigned an "Incomplete" status. Instead, they are marked as "Rejected" or "Error," indicating that they require substantial correction before reprocessing. Therefore, this option is not associated with the
"Incomplete" status.
D: Prepayment Invoices which are fully paid but not applied against any invoice Prepayment invoices represent advance payments made to suppliers and are recorded as such. Once a prepayment is made, the invoice reflects a "Paid" status. The application of this prepayment to subsequent invoices is a separate process and does not revert the original prepayment invoice to an "Incomplete" status.
Thus, this option does not correspond to the "Incomplete" status.
Understanding the scenarios that lead to an "Incomplete" status helps organizations efficiently manage and rectify invoice issues, ensuring a smooth accounts payable workflow.

NEW QUESTION # 45
You recently processed a payment for a vendor and later discovered that the payment was made in error and needs to be voided. While voiding the payment, you selected Cancel as the Invoice Action. After performing the invoice voiding, you notice that the invoice is not cancelled; instead, it has an Invoice Cancel hold applied to it.
What is the reason for this?

A. The invoice is already on hold.
B. The invoice date is not in the current open period.
C. The invoice has been partially paid by another payment.

Answer: C

Explanation:
Comprehensive and Detailed In-Depth Explanation:
In Oracle Payables, voiding a payment involves specific actions that affect the associated invoices. When a payment is voided, users have the option to select an Invoice Action, such as Cancel, Hold, or None. The chosen action determines the subsequent status of the invoice linked to the voided payment.
A . The invoice date is not in the current open period.
If an invoice's date falls outside the current open accounting period, certain actions may be restricted. However, this condition does not specifically result in an Invoice Cancel hold being applied when attempting to void a payment. Therefore, this is not the reason for the observed behavior.
B . The invoice is already on hold.
An invoice that is already on hold may have restrictions on further processing. However, the presence of an existing hold does not directly lead to the application of an Invoice Cancel hold during the voiding process. Thus, this is not the cause of the issue.
C . The invoice has been partially paid by another payment.
When an invoice has been partially paid by multiple payments, voiding one of the payments and selecting Cancel as the Invoice Action does not cancel the invoice. Instead, Oracle Payables applies an "Invoice Cancel" hold to the invoice. This hold indicates that the invoice cannot be fully canceled because it has been partially satisfied by another payment. To resolve this, the remaining payments must be addressed appropriately before the invoice can be canceled. This behavior is documented in Oracle's guidelines, which state that attempting to cancel an invoice partially paid by another payment results in an Invoice Cancel hold being applied.
docs.oracle.com
Understanding the conditions under which Invoice Actions apply is crucial for effective invoice and payment management in Oracle Payables. Recognizing that partially paid invoices cannot be canceled outright helps prevent processing errors and ensures accurate financial records.

NEW QUESTION # 46
SIMULATION
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.

Answer:

Explanation:
See the Explanation for Step by Step Solution
Explanation:
TASK 2: CREATE EXPENSE ITEMS
We need to create expense items with the following requirements:
✔ Effective Start Date: Set to current date.
✔ No tax implications.
✔ Projects are not used.
✔ Receipt and expense fields should match those from the expense report template created earlier.
✔ Dinner expense item must be linked to the Meal policy created in the previous task.
Step-by-Step Solution: Configuring Expense Items in Oracle Financials Cloud Step 1: Navigate to the Expense Items Setup Log in to Oracle Financials Cloud as an Expense Manager or Financial Administrator.
Navigate to Setup and Maintenance.
In the Search Bar, type "Manage Expense Items".
Click on Manage Expense Items.
Step 2: Create Expense Items
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: None (No tax implications)
Projects Used? No (Uncheck "Enable for Projects")
Receipt Required? Follow Template Policy
Expense Fields? Set as Optional
✔ Click Save and Close.
Expense Item: Room Rate
Click Create New Expense Item again.
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 Create New Expense Item again.
Enter the following details:
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 Dinner Expense Item is associated with this policy.
Set Limit Type: Warning Only (if applicable).
✔ 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 Internet, Room Rate, and Dinner as expense types.
Enter sample amounts.
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 expense items that comply with all business requirements.

NEW QUESTION # 47
......

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AUTHORIZED ORACLE EXAM 1Z0-1055-24 REVIEWS WITH INTERARCTIVE TEST ENGINE & WELL-PREPARED 1Z0-1055-24 OFFICIAL PRACTICE TEST

Authorized Oracle Exam 1Z0-1055-24 Reviews With Interarctive Test Engine & Well-Prepared 1Z0-1055-24 Official Practice Test