Free Oracle 1Z0-1055-24 Practice Test & Real Exam Questions
MANAGE POLICIES BY EXPENSE CATEGORY
Create an Expense Policy for meals that raises a warning, if the expense exceeds the prescribed limit, without blocking the expense processing. Your expense policy should be ready to be associated with an expense type within an expense report template.
Create an Expense Policy for meals that raises a warning, if the expense exceeds the prescribed limit, without blocking the expense processing. Your expense policy should be ready to be associated with an expense type within an expense report template.
Correct Answer:
See the Explanation for Step-by-Step Solution.
Explanation:
Step-by-Step Solution: Configuring an Expense Policy in Oracle Financials Cloud To configure this expense policy in Oracle Financials Cloud, follow these steps:
Step 1: Access the Expense Policies Setup Page
* Log in to Oracle Financials Cloud with the appropriate Expense Manager or Financial Administrator role.
* Navigate to Setup and Maintenance.
* Select the Task: Manage Policies by Expense Category.
Step 2: Create or Locate the Meal Expense Category
* Search for the Meals expense category.
* If the Meals category does not exist:
* Click Create Expense Category.
* Category Name: "Meals".
* Category Type: "Meals and Entertainment".
* Save the entry.
Step 3: Define a Policy Rule for Raising a Warning
* Select the Meals Expense Category and click Edit.
* Navigate to the Policies and Limits tab.
* Under Amount Limits, click Add New Rule.
* Configure the Expense Policy Rule:
* Description: "Meal Expense Warning Policy".
* Limit Type: "Warning Only".
* Limit Amount: Enter the prescribed limit (e.g., 50 USD).
* Per: Select Day (or another relevant time frame).
* Applies To: Select All Employees.
* Location-Based Rules: Leave blank if not location-specific.
* Set Warning Behavior:
* Select Raise a Warning if the expense exceeds the prescribed limit.
* Ensure the policy does not block submission or approval.
* Click Save and Close.
Step 4: Associate the Policy with an Expense Report Template
* Navigate to Setup and Maintenance > Manage Expense Report Templates.
* Search for the Expense Report Template where the Meals category should be included.
* Click Edit and go to the Expense Types section.
* Add the Meals Expense Type and associate it with the newly created Meals Expense Warning Policy.
* Click Save and Close.
Step 5: Enable and Validate the Policy
* Ensure the policy is marked as Active.
* Click Submit to finalize the policy configuration.
* Run the Validate and Deploy Expense Policies process.
Step 6: Testing the Policy
* Simulate an Expense Report Submission:
* Create a new expense report and select Meals as the expense type.
* Enter an expense amount exceeding the limit (e.g., 55 USD).
* Verify that a warning message appears, but the expense is still allowed to proceed.
* Submit an expense below the limit (e.g., 45 USD) and ensure no warning appears.
Expected Outcome:
* If the meal expense exceeds the limit, the system raises a warning but does not block the expense submission.
* If the meal expense is within the limit, the system processes it without warnings.
* The policy is successfully associated with an expense type in an expense report template.
Conclusion
By following these steps, you successfully configure an expense policy that raises a warning for meals exceeding a specified limit without blocking submission or processing. This ensures that employees are notified about policy violations while allowing flexibility in expense approvals.
Explanation:
Step-by-Step Solution: Configuring an Expense Policy in Oracle Financials Cloud To configure this expense policy in Oracle Financials Cloud, follow these steps:
Step 1: Access the Expense Policies Setup Page
* Log in to Oracle Financials Cloud with the appropriate Expense Manager or Financial Administrator role.
* Navigate to Setup and Maintenance.
* Select the Task: Manage Policies by Expense Category.
Step 2: Create or Locate the Meal Expense Category
* Search for the Meals expense category.
* If the Meals category does not exist:
* Click Create Expense Category.
* Category Name: "Meals".
* Category Type: "Meals and Entertainment".
* Save the entry.
Step 3: Define a Policy Rule for Raising a Warning
* Select the Meals Expense Category and click Edit.
* Navigate to the Policies and Limits tab.
* Under Amount Limits, click Add New Rule.
* Configure the Expense Policy Rule:
* Description: "Meal Expense Warning Policy".
* Limit Type: "Warning Only".
* Limit Amount: Enter the prescribed limit (e.g., 50 USD).
* Per: Select Day (or another relevant time frame).
* Applies To: Select All Employees.
* Location-Based Rules: Leave blank if not location-specific.
* Set Warning Behavior:
* Select Raise a Warning if the expense exceeds the prescribed limit.
* Ensure the policy does not block submission or approval.
* Click Save and Close.
Step 4: Associate the Policy with an Expense Report Template
* Navigate to Setup and Maintenance > Manage Expense Report Templates.
* Search for the Expense Report Template where the Meals category should be included.
* Click Edit and go to the Expense Types section.
* Add the Meals Expense Type and associate it with the newly created Meals Expense Warning Policy.
* Click Save and Close.
Step 5: Enable and Validate the Policy
* Ensure the policy is marked as Active.
* Click Submit to finalize the policy configuration.
* Run the Validate and Deploy Expense Policies process.
Step 6: Testing the Policy
* Simulate an Expense Report Submission:
* Create a new expense report and select Meals as the expense type.
* Enter an expense amount exceeding the limit (e.g., 55 USD).
* Verify that a warning message appears, but the expense is still allowed to proceed.
* Submit an expense below the limit (e.g., 45 USD) and ensure no warning appears.
Expected Outcome:
* If the meal expense exceeds the limit, the system raises a warning but does not block the expense submission.
* If the meal expense is within the limit, the system processes it without warnings.
* The policy is successfully associated with an expense type in an expense report template.
Conclusion
By following these steps, you successfully configure an expense policy that raises a warning for meals exceeding a specified limit without blocking submission or processing. This ensures that employees are notified about policy violations while allowing flexibility in expense approvals.
An installment for $2,000 USD is due for payment on July 31, 2022. The installment has two discounts: the first discount date is June 15, 2022 for $150 USD and the second discount date is June 30, 2022 for $50 USD.
You submit a Payment Process Request with the following criteria:
Payment Date = June 20, 2022
Pay Through Date = July 30, 2022
Date Basis = Due Date
What will be the resulting status of the installment and discount?
You submit a Payment Process Request with the following criteria:
Payment Date = June 20, 2022
Pay Through Date = July 30, 2022
Date Basis = Due Date
What will be the resulting status of the installment and discount?
Correct Answer: A
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You implemented the service provider model for Payables payments, where your United Kingdom (UK) headquarters works solely as an outsourced payment processing unit on behalf of your other UK business units.
What is this type of payment service provider model known as?
What is this type of payment service provider model known as?
Correct Answer: D
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You participated as a functional consultant in the implementation of Oracle Procurement as well as Payables for customer ABC Consulting. A Payables Analyst has logged a ticket stating that the "Create Supplier" task is not showing up in the Supplier work area. You checked the related settings and found that the Payables Analyst user account has been defined as a Procurement Agent.
Why was the Payables Analyst NOT able to see the "Create Supplier" task in the Supplier work area?
Why was the Payables Analyst NOT able to see the "Create Supplier" task in the Supplier work area?
Correct Answer: C
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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,C,G
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Previously, cash advances were applied automatically to expenses when the auditor ran the expense reimbursement process. Now, Oracle Expenses allows employees to have the ability to manually apply their cash advances to the relevant expense report. As an Application Implementation Consultant, you advise your client to enable this feature and allow employees to perform manual application of cash advances to their expense reports for the US Business Unit.
Which statement is NOT true about this feature?
Which statement is NOT true about this feature?
Correct Answer: C
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