Free 1Z0-1055-24 Questions for Oracle Financials Cloud: Payables 2024 Implementation Professional 1Z0-1055-24 Exam as PDF & Practice Test Engine
While processing an expense report, the system placed a payment hold on the expense report. What are the two ways to release payment holds?
Correct Answer: C,D
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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?
Correct Answer: A,B,E
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MANAGE POLICIES BY EXPENSE CATEGORY
The US1 Business Unit has an expense policy on meals that allows an employee to claim 30 USD per day for an evening meal, regardless of their role and location.
The US1 Business Unit has an expense policy on meals that allows an employee to claim 30 USD per day for an evening meal, regardless of their role and location.
Correct Answer:
See the Explanation for Step-by-Step Solution.
Explanation:
Step-by-Step Solution: Configuring Expense Policies by Expense Category in Oracle Financials Cloud To implement the expense policy for meals in Oracle Financials Cloud, follow these steps:
Step 1: Navigate to the Expense Policies Setup
* Log in to Oracle Financials Cloud with the appropriate Expense Manager or Financial Administrator role.
* Go to the Setup and Maintenance work area.
* Select Manage Policies by Expense Category (Task Name: Manage Expense Policies by Expense Category).
* Select the US1 Business Unit to ensure the policy applies to the correct entity.
Step 2: Create or Update the Meal Expense Category
* Under Manage Policies by Expense Category, locate or create the Meals Expense Category.
* If the Meals category does not exist:
* Click Create Expense Category.
* Enter Category Name: "Meals".
* Category Type: "Meals and Entertainment".
* Save the entry.
Step 3: Define Expense Limits for Evening Meals
* Select the Meals Expense Category and click Edit.
* Navigate to the Policies and Limits tab.
* Under Amount Limits, click Add New Rule.
* Description: "Evening Meal Limit".
* Limit Type: "Maximum Allowed Amount".
* Limit Amount: Enter 30 USD.
* Per: Select Day.
* Apply to All Employees (since this applies regardless of role and location).
* Location-Based Rules: Leave blank since it applies universally.
* Click Save and Close.
Step 4: Enable and Activate the Policy
* Ensure the policy is enabled by selecting the checkbox for Active.
* Click Submit to finalize the configuration.
* Run the "Validate and Deploy Expense Policies" process to apply changes.
Step 5: Testing the Policy
* Simulate an Expense Report Submission:
* Have an employee create a new expense report.
* Select Meals as the expense category.
* Enter an evening meal expense of 35 USD (which exceeds the policy limit).
* Verify if a policy violation warning appears, restricting the claim to 30 USD.
* Submit an expense of 30 USD and ensure no policy violation occurs.
Expected Outcome:
* Employees can claim up to 30 USD per day for an evening meal.
* Any claim above 30 USD triggers a policy violation warning.
* The rule applies to all employees regardless of role and location.
Conclusion
By following the above steps, you successfully configure an expense policy for meals that limits evening meal claims to 30 USD per day. This ensures compliance with the company's expense management guidelines while streamlining the expense approval process in Oracle Financials Cloud.
Explanation:
Step-by-Step Solution: Configuring Expense Policies by Expense Category in Oracle Financials Cloud To implement the expense policy for meals in Oracle Financials Cloud, follow these steps:
Step 1: Navigate to the Expense Policies Setup
* Log in to Oracle Financials Cloud with the appropriate Expense Manager or Financial Administrator role.
* Go to the Setup and Maintenance work area.
* Select Manage Policies by Expense Category (Task Name: Manage Expense Policies by Expense Category).
* Select the US1 Business Unit to ensure the policy applies to the correct entity.
Step 2: Create or Update the Meal Expense Category
* Under Manage Policies by Expense Category, locate or create the Meals Expense Category.
* If the Meals category does not exist:
* Click Create Expense Category.
* Enter Category Name: "Meals".
* Category Type: "Meals and Entertainment".
* Save the entry.
Step 3: Define Expense Limits for Evening Meals
* Select the Meals Expense Category and click Edit.
* Navigate to the Policies and Limits tab.
* Under Amount Limits, click Add New Rule.
* Description: "Evening Meal Limit".
* Limit Type: "Maximum Allowed Amount".
* Limit Amount: Enter 30 USD.
* Per: Select Day.
* Apply to All Employees (since this applies regardless of role and location).
* Location-Based Rules: Leave blank since it applies universally.
* Click Save and Close.
Step 4: Enable and Activate the Policy
* Ensure the policy is enabled by selecting the checkbox for Active.
* Click Submit to finalize the configuration.
* Run the "Validate and Deploy Expense Policies" process to apply changes.
Step 5: Testing the Policy
* Simulate an Expense Report Submission:
* Have an employee create a new expense report.
* Select Meals as the expense category.
* Enter an evening meal expense of 35 USD (which exceeds the policy limit).
* Verify if a policy violation warning appears, restricting the claim to 30 USD.
* Submit an expense of 30 USD and ensure no policy violation occurs.
Expected Outcome:
* Employees can claim up to 30 USD per day for an evening meal.
* Any claim above 30 USD triggers a policy violation warning.
* The rule applies to all employees regardless of role and location.
Conclusion
By following the above steps, you successfully configure an expense policy for meals that limits evening meal claims to 30 USD per day. This ensures compliance with the company's expense management guidelines while streamlining the expense approval process in Oracle Financials Cloud.
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.
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.
Correct Answer:
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.
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.
As an Oracle Financials Cloud Consultant, you are familiarizing yourself with the new features in Adaptive Learning using IDR. You recently learned about Adaptive Learning for Invoice Lines where the interactive invoice viewer can be used to make corrections to certain invoice line-level attributes.
Which are the three line-level attributes where the interactive invoice viewer can be used to make corrections?
Which are the three line-level attributes where the interactive invoice viewer can be used to make corrections?
Correct Answer: A,B,F
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Which two invoice types can have a status of Incomplete?
Correct Answer: C,D
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