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2021 Jun 1Z0-507 Study Guide Questions:

Q1. A company has a requirement to default the disbursement bank account during the payment process request. 

Which two actions will accomplish this? 

A. Create a payment Process Request template with the disbursement bank account so that it becomes the default. 

B. Define the Disbursement Bank Account at the user level; the payment process derives the disbursement hank account associated with the user. 

C. Define the Disbursement Bank Account at the Business Unit level; the payment process derives the disbursement hank accounts based on the business unit. 

D. Define the Disbursement Bank Account in the Payment Method; the payment process derives the disbursement bonk accounts based on the Payment Method. 

E. Define the Disbursement Bank Account in the Payment Process Profile; the payment process derives the disbursement bank accounts based on the Payment Process Profile. 

Answer: A,E 

Explanation: Each document payable in a payment process request must be assigned a disbursement bank account and a payment process profile so it can proceed to the document validation phase of the payment process. Oracle Fusion Payments takes several steps to ensure their assignment. 

Settings That Affect Payment Process Attributes 

The following options affect payment processing: 

* (A) Create Payment Process Request Template page, Payment Attributes region: Disbursement bank account choice list Payment Process Profile choice list 

* Submit Payment Process Request page, Payment Attributes region: Disbursement bank account choice list Payment Process Profile choice list 

* (E) Create and Edit Payment Process Profiles pages, Usage Rules tab: Payment Methods radio buttons Disbursement Bank Account radio buttons Business Units radio buttons Currencies radio buttons 

Reference: Fusion Applications help, Payment Process Attributes: How They are Assigned 


Q2. There is a business requirement to cancel all related invoices when voiding a payment. 

In which two scenarios the invoices can NOT be canceled? 

A. The invoice is fully matched to a Purchase Order which is fully received. 

B. The invoice has been partially paid by another payment. 

C. The Invoice has been partially paid by a Prepayment. 

D. The invoice has an associated withholding tax invoice. 

E. The invoice is already accounted. 

Answer: B,C 

Explanation: You can cancel only unpaid invoices. 

B: You can cancel any unapproved invoice, or an approved invoice that does not have any effective payments or posting holds. If an invoice has a hold that prevents posting, you mustrelease the hold before you cancel the invoice. You cannot cancel an invoice that has been selected for payment in a payment batch. A cancelled invoice does not show up in your invoice liability reports and you cannot pay or adjust a cancelled invoice. You can cancel single invoice distributions by reversing them. 

C: You cannot cancel an invoice to which you have applied a prepayment. 

You must first unapply any prepayments and void the payment that paid the prepayment. 

You can then cancel the prepayment. 

Reference: Oracle Applications, Cancelling Invoices 


Q3. Which three fields are required to create an invoice without a purchase order through the Supplier Portal? 

A. Supplier Name 

B. Remit to name 

C. Taxpayer ID 

D. Tax Registration Number 

E. Requester E-Mail 

Answer: A,B,C 

Explanation: Creating an Invoice Without a Purchase Order 

The process of creating invoices that do not have matching purchase orders is similar, although some information is not required, and some must be entered. 

To create an invoice without a purchase order: . From the iSupplier Portal.Home.page, click the Finance tab. . On the.Create Invoices.page, select Without PO from the Create Invoice menu, and click Go. 

. Enter information as needed. The following fields are required. Supplier Invoice number Remit to name Currency Customer tax payer ID See screenshot below. 

Note: What's a self-service invoice? 

An invoice that a supplier enters through Oracle Fusion Supplier Portal. 

Self-service invoices that are matched to a purchase order are recorded as standard invoices or credit memos in Oracle Fusion Payables. 

Self-service invoices that are not matched to a purchase order are recorded as invoice requests. Invoice requests must be approved using the Invoice Approval workflow before becoming standard invoices or credit memos in Payables. 

Reference: Creating an Invoice Without a Purchase Order, Oracle iSupplier Portal User's Guide 


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Q4. Identify three statements that are true for a supplier's bank details. 

A. Suppliers maintain their Bank details. 

B. Bank details are required only for manual check payments. 

C. Bank accounts can be added at any time for a supplier or supplier site. 

D. Accounts Payables use bank account information to generate an electronic payment for a supplier. 

E. Updating bank accounts for a supplier will NOT affect bank accounts for existing supplier sites. 

Answer: C,D,E 

Explanation: D (not A, not B): You can enter information for bank accounts for which your supplier is the account holder. You then assign these accounts to the supplier and its sites. Payables uses this bank information when you create electronic payments for your suppliers. 

Note: Prerequisite Define the suppliers and supplier sites that use the bank account to receive electronic payments. 

Reference: Defining Supplier Bank Accounts 


Q5. Which section of the invoice Dashboard shows Invoices that require validation and were created from scanned invoices processed through the Integrated Imaging solution? 

A. Scanned Invoices 

B. Recently Entered Invoices 

C. Invoices Requiring Attention 

D. Available Prepayments 

E. Process Monitor 

Answer: A 

Explanation: 

Note: A scanned invoice is an invoice that is processed through the Oracle Fusion 

Payables integrated imaging solution. 

The integrated imaging solution provides scanning of supplier invoices, intelligent character recognition, and automatic routing of invoice images for creation, completion, approval, and payment in Payables. 

The integrated imaging solution uses: 

. Oracle Document Capture to receive the scanned invoice image. 

. Oracle Forms Recognition to scan the image and capture invoice header information. 

. Oracle Imaging and Process Management to take the processed image and convert it into a BPEL task for routing to the proper accounts payable specialist for completion. Oracle Imaging and Process Management provides the repository to store the image, along with the captured attributes. 


Q6. Identify the search method that allows a search across expense items and expense reports using any information captured in the expense item or expense report. 

A. Secured Enterprise Search 

B. Tag Search 

C. Compact Search 

D. Contextual Search 

E. Advanced Search 

Answer: C 


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Q7. 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 

Answer: A,C,D 

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 


Q8. What are the three benefits derived by a Payables Manager when implementing Oracle fusion Payables? 

A. Simplified and expeditious reporting 

B. Fulfilling of demands for local compliance 

C. Streamlining reconciliation to the general lodger 

D. Improvement in processing speed and manageability 

E. Streamlining accounting policy changes 

Answer: A,C,D 

Explanation: 

Note: 

* A Payables Manager typically has to run multiple reports (A) or queries to identify invoice hold and approval issues and access multiple screens to resolve problems. Oracle Fusion Payables provides a Payables Manager Dashboard that pushes exceptions that occurred from automated invoice and payment processing, such as missing exchange rates on a foreign currency invoice or issues with the payment information. It also tracks the status of supplier invoices, such as invoices requiring approval, invoices on hold, suppliers on hold, and more—all from a consolidated page. The Payables Manager can then take action directly from the dashboard to resolve issues. 

*The Payables Manager Dashboard alerts you to exceptions, like missing exchange rates that occur during automated invoice and payment processing. It also tracks the status of supplier invoices and identifies which invoices require approval, as well as which invoices and payments are on hold and more 

Reference: Oracle Fusion Financials: Next Generation Financial Management Solution, Oracle White Paper, Role-Based Dashboards Deliver Work to You 


Q9. Which three options are true regarding the association of a receipt to an expense report? 

A. Users can maintain scanned receipts in a central repository and provide a reference number in the expense report. 

B. Users can add a receipt manually to the expense report at the report level. 

C. Users can fax or email receipts with bar-coded cover sheets. 

D. Users can maintain a physical receipt and provide a reference number in the expense report. 

E. Users can add a receipt to the expense report at the line level. 

Answer: A,C,E 

Explanation: A: A Document Capture file cabinet defines how documents are scanned, processed, and saved. It encapsulates the following information: 

Attribute definitions: To be captured as part of the scanning process either through manual entry or by zonal recognition 

Note: Attribute definitions: Unique Reference Number (URN) generated automatically by Document Capture 

Commit profile: Specifies how the image is saved 

Scan profile: Specifies how invoices should be scanned and other processing options, such as deskewing and noise removal 

Index profile: Specifies how attributes are captured and indexed 

C: You must print the printable expense report page and fax or E-mail it as the first page of your receipt images. The first page of the receipt image file must be the printable expense report page with the bar code, otherwise ODC cannot accurately process the receipt image file. 

E: Purchase Receipts: This is a detailed subject area that provides the ability to report on actual spend and Purchase Receipts of the suppliers of an organization across suppliers, company, location, products, commodities and associated hierarchies at purchase receipt line level Note: To ensure the validity of employee expenses, companies often require their employees to submit receipts for their expenses. Organizations vary in their receipt submission requirements. Common methods of receipt submission include faxing or E-mailing receipts to accounts payables. To enable receipt of expense-related images by fax, E-mail, or from a file location on a server, Oracle Fusion Expenses integrates with Oracle Image Processing and Management (IPM) and Oracle Document Capture (ODC). This integration enables automatic attachment of receipt images to their respective expense reports. 

Receipt images are processed in the following stages: 

ODC receives receipt images. 

ODC processes the receipt image file to identify the expense report identifier. 

IPM retrieves images for further processing and invokes the Add Attachment to Expense Report service. 

You can send receipt images to ODC by fax, E-mail, or by uploading receipt image files to a folder location that is accessible by ODC. You can upload receipt image files to a specific location manually or by using a file transfer protocol (FTP) process. 

ODC checks for receipt image files in predefined folders for each method of delivery. It scans the receipt image file for a bar code, derives the expense report identifier, and creates a text file with the expense report identifier for each receipt image file. The receipt image files and corresponding text files are transferred by ODC to a predefined folder that is accessible by IPM. 


Q10. Identify three predefined accounting event classes used by subledger Accounting. 

A. Third Party Merge 

B. Refunds 

C. Payment Process Request 

D. Bills Payable 

E. Expense Report 

Answer: A,B,D 

Explanation: Payables predefines accounting event classes and accounting event types that are used by Subledger Accounting. You can modify the accounting setup to create accounting for some events and not for others. 

This table describes the event classes and types that Payables predefines for invoices and payments. Event classes include (among others): Bills Payable Third Party Merge Refunds 

Reference: Fusion Applications help, Accounting for Invoices and Payments: Explained