Eliminate Risk of Failure with Oracle 1Z0-1060-24 Exam Dumps

Step-by-Step Guide to Create a Description Rule in Oracle Fusion

Step 1: Navigate to Manage Description Rules

Log in to Oracle Fusion with appropriate privileges for configuring Subledger Accounting.

Go to Setup and Maintenance.

In the Functional Setup Manager (FSM), navigate to:

Financials

Subledger Accounting

Manage Description Rules.

Step 2: Create a New Description Rule

Click Create to define a new Description Rule.

Enter the following details:

Name: AHC Billing Description Rule

Subledger Application: AHC Billing

Process Category: AHC Billing

Event Class: AHC Billing

Event Type: Customer Billing, Customer Pay In, Customer Refund, Customer Settlement

Description: Enter a meaningful description, such as:

'Auto-generated description for AHC Billing transactions.'

Click Save, then proceed to define the logic.

Step 3: Define the Description Rule Logic

Under Conditions, define a formula using transaction attributes to generate meaningful descriptions dynamically.

Click Add Condition, then define the description using placeholders.

Example formula:

'Transaction Type: ' || {Transaction Type} || ', Customer: ' || {Customer Name} || ', Amount: ' || {Transaction Amount}

This rule constructs a description dynamically, showing:

Transaction Type

Customer Name

Transaction Amount

Example Output:

'Transaction Type: Customer Billing, Customer: John Doe, Amount: $500'

Click Validate to ensure there are no syntax errors.

Step 4: Assign the Description Rule

Navigate to Manage Journal Entry Rule Sets.

Locate the AHC Billing Journal Entry Rule Set.

Assign the newly created Description Rule to the appropriate Journal Line Rule.

Click Save and Close.

Step 5: Validate and Deploy the Rule

Click Validate to check for errors.

Deploy the rule by submitting the changes.

Ensure the rule is attached to the AHC Billing journal entries.

Step 6: Test the Description Rule

Navigate to Subledger Accounting > Accounting Entries.

Generate accounting for different test transactions.

Verify that the journal entry descriptions match the expected format.

Step-by-Step Guide to Create a User Defined Formula for Admin Charges in Oracle Fusion

Step 1: Navigate to Manage User Defined Formulas

Log in to Oracle Fusion with privileges to configure Subledger Accounting.

Go to Setup and Maintenance.

In the Functional Setup Manager (FSM), navigate to:

Financials

Subledger Accounting

Manage User Defined Formulas.

Step 2: Create a New User Defined Formula

Click Create to define a new formula.

Enter the following details:

Name: Admin Charges Formula

Subledger Application: AHC Billing

Process Category: AHC Billing

Event Class: AHC Billing

Event Type: Customer Billing, Customer Pay In, Customer Refund, Customer Settlement

Data Type: Number

Description: Formula to calculate admin charges for billing events.

Click Save, then proceed to define the logic.

Step 3: Define the Formula Logic

Example Formula for Admin Charges:

Assume Admin Charges are calculated as 5% of Transaction Amount, with a minimum charge of $10.

Enter the formula using Oracle's formula syntax:

CASE

WHEN {Transaction Amount} * 0.05 >= 10 THEN {Transaction Amount} * 0.05

ELSE 10

END

Click Validate to check for errors.

Step 4: Assign the Formula to the Required Accounting Rules

Navigate to Manage Account Rules.

Find the Admin Charges Account Rule (or create one if needed).

In the Condition Definition, select User Defined Formula as the Source.

Choose Admin Charges Formula as the value.

Click Save and Close.

Step 5: Validate and Deploy the Formula

Click Validate to ensure correctness.

Deploy the formula by submitting the changes.

Attach the formula to relevant Journal Entry Rule Sets (if applicable).

Step 6: Test the User Defined Formula

Navigate to Subledger Accounting > Accounting Entries.

Generate accounting for different test transactions:

Example 1: If Transaction Amount = $500, Admin Charges = $25 (5% of 500).

Example 2: If Transaction Amount = $100, Admin Charges = $10 (since 5% of 100 = $5, but the minimum is $10).

Verify that the Admin Charges are correctly derived in accounting entries.

Step-by-Step Guide to Create an Account Rule with 3 Priorities in Oracle Fusion

Step 1: Navigate to Manage Account Rules

Log in to Oracle Fusion with appropriate privileges for Subledger Accounting.

Go to Setup and Maintenance.

In the Functional Setup Manager (FSM), navigate to:

Financials

Subledger Accounting

Manage Account Rules.

Step 2: Create the Account Rule

Click Create to add a new Account Rule.

Enter the following details:

Name: Revenue Account

Subledger Application: AHC Billing

Process Category: AHC Billing

Event Class: AHC Billing

Event Type: Customer Billing, Customer Pay In, Customer Refund, Customer Settlement

Rule Type: Account

Click Save, then proceed to define Priorities.

Step 3: Define Three Priorities for the Revenue Account Rule

Now, define three priorities for determining the revenue account:

Priority 1: Derived from Transaction Type

Click Add Row to define Priority 1.

Set Priority Order as 1.

Define Condition:

If Transaction Type = 'Customer Billing', then Account = 4000 (Revenue Account)

Source Type: Use Transaction Type as the basis.

Click Save.

Priority 2: Derived from Customer

Click Add Row to define Priority 2.

Set Priority Order as 2.

Define Condition:

If Customer Category = 'Wholesale', then Account = 4010 (Wholesale Revenue)

Source Type: Use Customer Category as the basis.

Click Save.

Priority 3: Default Revenue Account

Click Add Row to define Priority 3.

Set Priority Order as 3.

Define Condition:

Default Revenue Account = 4999 (for any other transactions)

Source Type: Use Constant Value.

Click Save.

Step 4: Validate and Assign the Account Rule

Click Validate to ensure the rule has no errors.

Navigate to Manage Journal Entry Rule Sets.

Locate the AHC Billing Journal Entry Rule Set.

Assign the newly created Revenue Account Rule to the appropriate Journal Line Rule (such as Revenue or Income).

Click Save and Close.

Step 5: Test the Account Rule

Go to Subledger Accounting > Accounting Entries.

Generate accounting for different transactions:

Customer Billing should derive Account 4000.

Wholesale Customer Billing should derive Account 4010.

Other transactions should derive Account 4999.

Review and confirm that the correct accounts are assigned.

To create Journal Line Rules (JLR) in Oracle Fusion, follow these step-by-step instructions:

Step 1: Navigate to the Manage Subledger Journal Entry Rule Sets Page

Log in to Oracle Fusion Applications with a user that has privileges to configure Subledger Accounting Rules.

Go to Setup and Maintenance.

In the Functional Setup Manager (FSM), select:

Financials

Subledger Accounting

Manage Journal Line Rules

Step 2: Create the 'Interest Receivable' Journal Line Rule

Click Create to add a new Journal Line Rule.

Enter the following details:

Name: Interest Receivable

Subledger Application: AHC Loan

Event Class: AHC Loan

Event Type: Loan Origination, Interest Accrual, Payment

Account Class: (Choose the appropriate account class, such as 'Receivable' or a custom account class)

Line Type: Debit

Description: (Optional, enter something like ''Recognizes interest receivable'')

Under Conditions, define rules if needed to filter transactions for this Journal Line Rule.

Save and Close.

Step 3: Create the 'Interest Income' Journal Line Rule

Click Create again to add the second Journal Line Rule.

Enter the following details:

Name: Interest Income

Subledger Application: AHC Loan

Event Class: AHC Loan

Event Type: Loan Origination, Interest Accrual, Payment

Account Class: (Choose an appropriate account class, such as 'Revenue' or a custom account class)

Line Type: Credit

Description: (Optional, enter something like ''Recognizes interest income'')

Under Conditions, define rules if needed to filter transactions for this Journal Line Rule.

Save and Close.

Step 4: Validate and Deploy the Rules

Navigate to Manage Accounting Methods.

Find the accounting method used for the AHC Loan subledger.

Attach the newly created Journal Line Rules to the appropriate Journal Entry Rule Set.

Validate the changes and submit them for approval.

Once validated, deploy the accounting method.

Step 5: Test the Journal Line Rules

Navigate to Subledger Accounting > Accounting Entries.

Generate accounting for a test Loan Origination, Interest Accrual, or Payment transaction.

Verify that the correct Journal Entries are created:

Interest Receivable (DR)

Interest Income (CR)

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