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Q41. How do you classify a prepayment as permanent? 

A. Create the prepayment invoice with the prepayment type as Permanent. 

B. Leave the Apply after date field blank in the Invoice Header. 

C. Deselect the Allow Prepayment Application option in the Invoice Header page. 

D. Permanent prepayments are not allowed. 

E. Deselect the Allow Prepayment Application option In the Invoice Line. 

Answer: A 

Explanation: There are two types of Prepayments: Temporary and Permanent. Temporary can be applied against an invoice or it can be applied against an advance to an employee expense report. Permanent prepayments are created for expenses which are not invoiced for example a lease deposit. Permanent prepayments do not get applied against open invoices. 


Q42. Identify two points to be considered when setting up the Accounts Payable to General Ledger Reconciliation. 

A. Configuring Data Security 

B. Configuring User Security 

C. Payables System Setup 

D. Assigning a Payables Category 

E. Assigning a Financial Category 

Answer: B,E 

Explanation: Consider these points when setting up for Oracle Fusion Payables to general ledger reconciliation. 

Reconciling by Business Unit or Ledger 

Assigning a Financial Category 

Setting the Reconciliation Data Purge Frequency Profile Option 

Configuring User Security 

Note: 

Periodically, you need to reconcile the transactions in your accounts payable application, both before and after you post to the general ledger. The Payables to General Ledger 

Reconciliation extract and report help to simplify this process and reduce the amount of manual reconciling activity required. 

The automated activities in the reconciliation process function according to the way you have set up your Financials environment. A review of some of these setups can help improve the overall reconciliation process. 

Reference: Fusion Applications Help, Setting Up for Payables to General Ledger Reconciliation: Points to Consider 


Q43. 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 

Answer: C,D 

Explanation: 

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. 


Q44. A company has implemented the Supplier Portal. Select three correct statements regarding registration of a supplier in the Supplier Portal. 

A. The buyer verifies the supplier information and sends an update on the registration request. 

B. The buying company can NOT register users directly and can only initiate the process of adding new suppliers by inviting supplier users. 

C. The buying company initiates the process of adding new suppliers by inviting supplier usersto register or by registering supplier users directly. 

D. The User Administrator, after getting registered as a supplier, can NOT create new user accounts directly for his or her company's users. 

E. The buyer company sends an invitation to the Supplier requesting a registration with the system, which in turn, sends a notification to the supplier. 

Answer: A,C,E 

Explanation: 

Note: 

* The figure below shows the supplier contact change request process flow. 

*Enable Supplier Registration It is easy and quick to enable suppliers to use Oracle Fusion Supplier Portal. Suppliers can be quickly on-boarded through a simple online registration process. And once they are active, suppliers can easily manage their contact information to ensure that you have up to date and accurate information. Suppliers can also manage their business classifications during registration. This gives you easy access to supplier diversity information which is critical to compliance and reporting. 


Q45. Which embedded analytics provides Information on expense reports without receipts? 

A. Recent Similar Analytics 

B. Recurring Violations 

C. Recent Returned Reports 

D. Corporate Card Required Violation 

Answer: B 

Explanation: 

Note: 

* Can I access expense analytics? 

Only approvers can access expense analytics that are visible on the right side of expense reports. The analytics include recent similar expenses, recurring violations, and recent returned expense reports associated with the preparer. 

* Can I see previous expense report submission data to help me with my approval decision? 

Yes. On the right side of the expense report approval notification, three tables provide you with historical expense report information for this employee on recent similar expenses, recurring violations, and recent returned expense reports. 


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Regenerate 1Z0-507 practice question:

Q46. Identify three correct statements about Invoice Approval. 

A. Invoice approval uses Oracle Approval Management to determine who approves invoices and how they will be routed to different approval levels. 

B. You can define different approval rules for purchase order matched and unmatched Invoices. 

C. You can NOT define different approval rules for purchase order matched and unmatched invoice. 

D. Approval rules can be set up at position, job, and supervisory hierarchy levels depending on approval needs. 

E. Invoice approval is required for customer refund payment requests. 

Answer: A,C,E 

Explanation: A: Oracle Fusion Payables supports automatic invoice approval using Approval Management extensions (AMX) of the Oracle SOA Suite and the Oracle Business Process Management (BPM) Suite. 

Note: Invoice Approval 

If you enable invoice approval, Payables uses the predefined task and rule set FinApInvoiceApproval: InvoiceApprovalRuleSet, which you can configure. 

Reference: Fusion Applications help, Approving Invoices: Explained 


Q47. An employee submits an expense report, but before it is processed the employee is terminated. At which level is the option Processing Days Allowed After Termination configured? 

A. Employee 

B. Business unit 

C. Expense template and type set up 

D. Project attributes 

E. Define expenses configuration 

Answer: A 


Q48. Identify three fields that will be extracted from an invoice when using the Integrated imaging solution. 

A. Purchase Order number 

B. Item number 

C. item price 

D. Invoice amount 

E. Supplier name 

Answer: A,D,E 

Explanation: The predefined Payables initialization (.ini) file supports optical character recognition (OCR) and extraction of the following invoice header attributes: 

Purchase order number Invoice amount Supplier Invoice number Invoice date 

Reference: Oracle Fusion Applications Financials Implementation Guide, Setting Up Forms Recognition 


Q49. A company implements Withholding Tax Setup. A user selects the applicable tax rates, completes the invoices and validates it. The Withholding tax is applied and a corresponding Withholding tax invoice created. 

What is required to get this result? 

A. Apply Withholding Tax at Invoice Validation and Never Create Withholding Invoice 

B. Apply Withholding Tax at Payment and Create Withholding Invoice at Invoice Validation 

C. Apply Withholding Tax at Invoice Validation and Create Withholding Invoice at Payment 

D. Apply Withholding Tax at Invoice Validation and Create Withholding Invoice at Invoice Validation 

E. Apply Withholding Tax at Payment and Create Withholding Invoice at Payment 

Answer: D 

Explanation: Payables can automatically create withholding tax invoices, or you can perform this task manually. If you choose to automatically create withholding tax invoices, you must choose whether to do this during Approval or during payment processing. 

If you specify that you want to create withholding tax invoices during Approval, Payables creates unapproved withholding tax invoices for tax authority suppliers assigned to tax names. 

Reference: Creating Withholding Tax Invoices 


Q50. Identify two items that are defined in the Common Options in the Payables and Procurement window? 

A. Discount Allocation Method 

B. Automatic Offset 

C. Payment Terms 

D. Apply Withholding Tax 

E. Conversion Rate Type 

Answer: A,E 

Explanation: Common Options for Payables and Procurement are setup options that are used by features throughout the procure-to-pay business flow, such as default accounts, additional legal entity information, accounting options, and self-billed invoices. 

Set options for the following: 

*Default distributions One option is: / (A)Discount Taken: If you allocate discounts to a single distribution, this account records the discounts you take on payments. Use the Manage Invoice Options page to select the method for distributing discounts for your invoices. 

*Offset segments *Currency conversion 

The options you can set for currency conversion: / Conversion rate type (E) / Require conversion rate entry / Realized Gain or Loss Distributions 

*Expense accruals 

*Self-billed invoices 

*Legal entity information 

Reference: Oracle Fusion Applications Financials Implementation Guide, Manage Common Options for Payables and Procurement