1Z0-1055-20 Online Practice Questions and Answers

Certain suppliers that your customer regularly deals with are exempt from tax. How would you configure tax for this?

A. Enable the relevant suppliers for Offset Tax and create an Offset Tax to remove the calculated tax line from these suppliers.

B. Define a Tax Status and Rate for Exempt, define a Party Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Party Fiscal Classification.

C. Create a new Tax Regime for the Exempt tax and subscribe the exempt suppliers to the tax regime on the Configuration Options tab.

D. Define a Tax Status and Rate for Exempt, define a Supplier Fiscal Classification of Exempt, assign it to the relevant suppliers, and write a rule to incorporate the exempt Supplier Fiscal Classification.

You have just imported invoices from a spreadsheet. What is the validation status of the imported invoices?

A. Needs Revalidation

B. Not Validated

C. Not Required

D. Imported

E. Validated

What two job roles are required to access information within Functional Setup Manager? (Choose two.)

A. Application Implementation Manager

B. Any Functional User

C. Application Implementation Consultant

D. Functional Setup Manager Superuser

E. IT Security Manager

An invoice for $1,000 USD and a credit memo for ($1,100) USD are due for payment. What are the two outcomes if you chose the "Apply Credits Up to Zero Amount" option when submitting a Payment Process Request? (Choose two.)

A. Both the invoice and the credit memo are included in the Payment Process Request.

B. Neither the invoice nor the credit memo is included in the Payment Process Request.

C. Both the invoice and the credit memo are fully paid.

D. Only the invoice is paid fully but the credit memo is partially paid with a credit of ($100) USD remaining.

You are voiding a payment and have selected Cancel as the Invoice Action. After performing the void, you

notice the invoice is not cancelled but has an Invoice Cancel hold on it.

What is reason for this?

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

B. The invoice date is not in the current open period.

C. The invoice is already on hold.

D. The invoice accounting date is not in the current open period.

Which job role has full access to perform all Functional Setup Manager related activities?

A. Application System Administrator

B. Any Functional User

C. Functional Setup Manager Superuser

D. IT Security Manager

E. Application Implementation Consultant

What is the recommendation when setting up Reconciliation Rule Sets?

A. One to One rules should be sequenced below rules of other types.

B. Many to Many rules should always be used last in the sequence.

C. One to One rules should be sequenced above rules of other types.

D. Many to Many rules should always be used first in the sequence.

Your client company has two business units and requires the Payables Specialist to process invoice

transactions for both business units.

What setup is required to achieve this?

A. a Self-Service Service Provider Model

B. a Dedicated Service Provider model

C. Business Unit Security

D. a Dedicated and Self-Service Service Provider Model

You have 10 ledgers and 30 business units and want to leverage Preference Data Sets. What is the function of Reference Data Sets?

A. allow you to secure data by business unit

B. allow you to assign multiple business units to users in a shared service center

C. allow you to maintain sets of related data in a Data Dictionary

D. allow you to share reference data, such as payment terms, across multiple business units to avoid redundant setup

A company has a requirement to pay small suppliers outside of Payables, but it does not want to manually

record each payment.

Which solution should you implement?

A. Create payments by using the Check Payment method for those suppliers and then destroy those checks.

B. Create payments by using Electronic Funds Transfer (EFT) for those suppliers but do not send the electronic file to the bank.

C. Create payments by using a clearing payment method for thosesuppliers because this payment method does not generate a file.

D. Create a payment by using a wire payment method for those suppliers.