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2016 Jul 1Z0-507 question
Q11. Which two invoice actions are NOT allowed if prepayments have been applied to an invoice?
A. Cancel an invoice.
B. Reverse an invoice distribution.
C. Modify an invoice distribution.
D. Add an invoice line.
E. Modify the accounting information.
Explanation: A: 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.
C: When you apply a prepayment, in addition to updating fields in the Apply/Unapply Prepayments window, Payables updates the following fields. For Quick Invoices and Expense Reports, these values appear after import:
* For the invoice:
Invoice Workbench: Prepaid Amount; Status is updated to reflect that the invoice has been paid or partially paid
Distributions window: Prepayment Number; Prepayment Distribution
* For the prepayment:
Invoice Workbench: If you have applied all Item distributions, the invoice Status will change from Available to Fully Applied
Distributions window: Prepay Amt Remaining
* You can enter only one Item type distribution for each prepayment.
*You cannot apply prepayments to standard invoices when there are no item distributions or item lines without a valid distribution set.
Reference: Oracle Applications, Cancelling Invoices
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. 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
Q14. Which three activities are performed in the Corporate Cards Work Area?
A. managing outstanding transactions
B. managing historical transactions
C. managing corporate card programs
D. managing corporate card issuers
E. creating payment requests
F. managing usage policies
Q15. Which tab invokes the worklist content in the Expense Report region?
A. In Progress Tab
B. Requiring My Approval Tab
C. Pending Approval Tab
D. Processed Tab
Explanation: Note: BUSINESS_ENTITY_CODE: WF_WORKLIST Workflow Worklist Content Approve workflow entities (Expense Reports, PO Request, HR Offer, HR Vacancy)
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Q16. A Payment Process Request was submitted. Subsequently, the user realized that there are some errors in the payment file.
The payment process was terminated by terminating the payment file.
Which three statements are true?
A. The application sets the status of the payment file to terminated.
B. The application sets the status of the payment file to Canceled.
C. The application sets the status of each payment in the payment file to Canceled.
D. The application sets the status of each payment in the payment file to terminated.
E. The application informs the source product of the terminated documents payable, unlocks the documents, and resets their status so that the documents are available for future selection.
Explanation: You can decide to terminate the payment process by terminating the payment file. When you take this action, the application sets the status of the payment file to Terminated and informs the source product of the terminated documents payable. Then, for each payment in the payment file, the application sets the status to Canceled. The source product unlocks the documents and resets their status so that they are available for future selection.
Reference: Fusion Applications Help, Process Payment Files FAQs
Q17. An invoice is created, paid, and is accounted for. Two adjustments are made to the invoice and validated with the same accounting date.
Which statement is correct?
A. A Payment Adjustment Event is created for both adjustments.
B. Only one Payment Adjustment Event is created because the first Payment Adjustment Event has NOT been accounted.
C. The Payment Adjustment Event created in the first instance will be overwritten by the second.
D. A Payment Adjustment Event is created in the second instance even though the first event had NOT been accounted.
E. A Payment Adjustment EventisNOT created in both the cases.
Note: Payment Adjustment Event A payment adjustment event occurs when you change the invoices recorded on a Manual payment. For the newly selected invoices, the accounting entries for this event relieve the liability accounts in the amount of the payment. For the originally paid invoices, the entries reverse the invoice liability that the payment had relieved. Payables also reverses any gains or losses for the originally paid invoices, and records any gains or losses for the newly selected invoices.
Payables creates accounting entries for this event only if the Account for Payment When Payment is Issued option is enabled in the Payables Options window. For payments the accounting date for this event is the payment date. If the payment date is in a closed period, then the GL Date is the first day of the next open period
Q18. Where is the Expense Clearing Account and Payment Option set up in Expenses?
A. Create or Edit Company Account pop-up menu
B. Payables System Options
C. Edit Expenses Systems Options
D. Business Unit System Options
E. Expense Reporttemplate
Explanation: You can also define the expense clearing account in the Card Program window in Oracle Payables.
Reference: Oracle Internet Expenses Implementation and Administration Guide, Company Pay Credit Card Transactions Accounting
Q19. The following Issue is reported by the AP Invoice User:
When creating an invoice, there is no visual Indicator that prepayments exist for that supplier and are available to be applied against the invoice. There used to be a bell icon next to the supplier number, but it is not there anymore.
Identify the correct action that a consultant must perform in order to resolve the issue.
A. Enable Show Available Prepayments during Invoice Entry on the Supplier Maintenance page.
B. Enable a Show Available Prepayments during Invoice Entry on the Manage Invoice Options page.
C. Enable Show Available Prepayments during Invoice Entry on the Payables System Setup page.
D. Enable show Available Prepayments during Invoice Entry in the Common Options for Payables and Procurement.
E. Show available Prepayments during Invoice Entry on the Manage Business Objects page.
Explanation: You can specify default values for the following attributes on both the Manage Invoice Options page and on the supplier setup. Payables uses the default values from the Manage Invoice Options page, unless you specify a different value for the supplier. Currency Pay group Payment priority Payment terms Terms date basis Pay date basis Quantity tolerances Amount tolerances
Reference: Oracle Fusion Applications Financials Implementation Guide, Manage Invoice Options
Q20. A company plans to provide access to certain employees with rights to update the cost center information with the expenses application.
What duty must a user have in order to update cost center information?
A. Expense Audit Duty
B. Project expense Allocation Duty
C. Expense Entry Duty
D. Expense Account Allocation Duty
E. Export Duty
Explanation: The Expense Account Allocation Duty allows employees to charge expenses against companies and cost centers that are not their default company or cost center. The Expense Account Allocation Duty role is not allocated to any job roles. If a user needs to cross charge expenses to other companies or cost centers, you can manually grant this duty role to the applicable user by assigning a custom role that contains the Expense Account Allocation Duty role.
Reference: Oracle Fusion Applications Financials Implementation Guide, How can I enable only a set of users to charge against another account or cost center?