TOP 31 Most Important Oracle p2p Functional Interview Questions

Oracle p2p Functional Interview Questions

Hi friends, we ae going to discuss about the Oracle p2p Functional Interview Questions. We will share some of the most important p2p cycle interview questions which helps for your preparation of your oracle financial functional exams. If you are giving any interview , then you should go through these p2p Functional Interview Questions which will really help you for you exams preparations. Pp2 cycle in oracle apps is one of the most important part in oracle and as interview preparation you should have some good hold in this cycle. This p2p Interview Questions series will really help you to prepare the interviews. We have selected some of the top 30 p2p Functional Interview Questions which commonly asked in the interviews. Please find below the complete detail about p2p Functional Interview Questions.

TOP 31 Most Important Oracle p2p Functional Interview Questions

TOP 31 Oracle p2p Functional Interview Questions

Question 1:-Difference Between the Manual Hold and the System Hold ?

Answers :

System Hold apply to the Invoice if Something Mismatched in the Invoice as per the Standard Process Like Invoice Header Total and Line Total Should be Equal Other System Hold for Example related to Invoice Matching If Something goes about the Invoice Tolerance Limit then System Put the Hold. System hold is something related to setup Controls. But Manual Hold is something which put manually in the Invoice due to any reason like Product received from the Supplier is Damaged so need to hold the Payment for that Invoice.

Question 2:- What are the types of Calendar In Oracle Payables

 

Answers :

Special Calendar: Special Calendar does not have any link with the Accounting.  We define this Calendar to be used by Recurring Invoices, Payables Tax Setups and in the Payments Terms too.

For Example, With the help of Special Calendar we determine the Tax Authority Invoices Dates or For Recurring invoices, System create the Recurring invoice from first day of the Month but if we have an Requirment to create around 10 of each month then we can design the Special calendar for Recurring Invoices in which each month will be start from 10th.

Accounting Calendar: - Accounting Calendar is related to the Ledger which we attach the GL Ledger during creation. Accounting calendar is the system calendar, If we need to enter any transaction in the System for Specific period then that period in the Accounting Calendar should be open. If the Period is Closed we cannot do any transaction for that period. This Totally controls the system.

TOP 31 Most Important Oracle p2p Functional Interview Questions

 

Question 3:- What are the Special Calendar Types in Oracle p2p ?

Answers :

 

1. Recurring Invoice

2. Withholding Tax

3. Payment Terms

4. Key Indicator

Question 4:-Can we Do Cross Currency Payment in Oracle Payables r12 ?

Answers :

Cross currency is If I have received the Supplier Invoice in USD but I will pay this Invoice with my Base Currency INR. So this Is Called Cross currency in Oracle Payables. In Oracle apps r12 we have no option to use Cross currency.

Question 5:-

Can we do Multi Site Payment for the Same Supplier in Oracle Payables r12 ?

Answers :

Yes, we can do the single payment for the multiple sites invoices for the Same Supplier in Payables r12. This Feature in available in the Oracle r12.

Question 6:-

What are the Types of Invoices in Oracle p2p cycle?

Answers :

Standard

Prepayment

 

Expense Report

Mixed Invoice

 

Credit Invoice

Debit Invoice

Question 7:-

What is Pay Alone in AP Invoice?

Answers :

Pay alone is something related to Invoice Payment. This is the Flag we set for AP Invoice, It Means this invoice will be paid alone. For example, Supplier A has 3 Invoices, but for 1 Invoice we have enabled the Pay Alone Flag Then When we will run the Payment Batch then System will create one Check for two invoices and Separate one Check for Pay Alone Invoice. This Is the Working of Pay Alone.

TOP 31 Most Important Oracle p2p Functional Interview Questions

Question 8

What is Mixed Type Invoice in Oracle Apps ?

Answers :

Mixed Invoice is one of the invoice type in the Oracle Payables. You can enter both the Negative and the Positive Amount for this Mixed Type Invoice. This Payment type is not rigid like Standard, Prepayment, Credit & Debit Memo Invoices to enter the amount in the specific signs (Positive or Negative) .

Question 9

What is Primary and Secondary Ledger in Oracle Payables ?

Answers :

 

Primary Ledger is the Main Ledger and Secondary Ledger is the Replica of the Primary Ledger. We Do transactions in the Primary Ledger. The main reason of using Primary and Secondary Ledger is the difference in the Organization Requirment and the Statuary Requirment. For example, One US based company office is in India and as per US Company, their Calendar works from Oct to Sep but the in India their calendar works from Apr to Mar SO in this Kind of Requirment, Primary and Secondary Ledger concept comes. Where we can design the Primary calendar as per the US based but can design the Secondary calendar as per India Statuary Requirment. 

Question 10

What is Recurring Invoice in Oracle ?

Answers :

 

As its name represents ‘Recurring’. Recurring means again and again. If any Organization books the Office rent invoice every month for the same amount or any other fixed expenses every month then oracle has provided the Recurring Invoice. We just need to do the recurring Invoice setup for that amount and system will create the invoice automatically on the First day of the Months.

Question 14

What is the Use of Payables Trial Balance report ?

Answers :

Payables Trial Balance Report shows the Total Liability or the Supplier Outstanding in the System. This Report shows the Liability in the System supplier and Site Level. This Provide the Summary Information’s for all the Unpaid amount for the Supplier Invoices which are validated.

 

Question 15:-

Can We pay the AP invoice before Due Date?

Answers :

 

Yes, we can Pay the Invoice Before Due date. For Manual Payment, there is no concern but for Payment Batch, When we are running the Payment Process Request then we need to Enter the Pay Through Date this Date is Very Important, If we have set the Pay Through Date “07-Dec” then this Payment Request will pick only those AP invoices which has been due before “07-Dec-2018”.

 

TOP 31 Most Important Oracle p2p Functional Interview Questions

Question 16:-

How AP Invoice Payment Due Date Calculates in Oracle Payables ?

Answers :

Invoice Payment Due date depends on the Two Factors.

1.Payment Terms attached to the Invoice

2. Invoice Date.

For Example, if Payment Terms is 30 Days and the Invoice Date is 12-Dec-2018

Then Payment Due Date Will be : 12-Jan-2019

Question 17:-

What we do in the AP and GL reconciliation ?

Answers :

 

In the AP and GL reconciliation, we try to Match the Total Liability from the Payables with the Liability accounts total in the GL. We have some set of Liability accounts in the Payables, which we only use in the Invoice Headers to book the Liability and we match only these Liability GL accounts in the AP and GL reconciliation report.

We took the help of Payables Trial Balance report to find the Total AP liability and then Run the GL Trial Balance report to match the Payables Trial Balance Report Total with the GL trial Liability Accounts.

 

Question 18:-

What are the Distribution Set in Oracle p2p cycle?

 

Answers :

Distribution set is the combination of multiple Distribution lines using different -2 GL accounts Combination. For Example , We booked most of the AP invoices in two different GL accounts combination so each time we need to enter two lines in the invoice distributions to book the AP invoices expenses in these two GL accounts but this process can be make query quickly and easy. Oracle have functionality like Distributions set in oracle payables where we can any number of GL accounts line for a Given Distribution sets and then in the Oracle Payables Invoices we don’t need to create Distribution lines manually. We just need to enter the Distributions Set in the Ap invoice Lines and oracle system automatically creates the Invoice distribution lines with GL accounts given in the distribution set in oracle payables r12.

 

Question 19:

Types of Purchase Requisition in Oracle Fusion?

Purchase Requisition is a kind of material request to purchase/buy or some time from internal stores. In purchase Requisition , we do specify which items we need to procure , what’s the quantity we need and which org or department need this material.

There are types of Purchase Requisition in Oracle Fusion

1.Internal 

2.External

Internal Requisition: Internal Requisition, is a kind of request of material within the organization. In Internal Requisition we don’t procure or buy material from outside org but in this we have material inside our org in inventory store in different location and we request to transfer this material or item from store to that location.

External Requisition: In External Requisition, We do procure or buy material from outside organization. In this we mentioned our material request to procure and based on that purchase team purchase this material from external vendors.

TOP 31 Most Important Oracle p2p Functional Interview Questions

Question 20:

What is ERS in Procurement?

ERS is the Payment on receipt program. This program helps to create the Payables Invoices automatically from Purchase order receipts. ERS or Pay on Receipt program is also one of the standard methods which helps to create the Payables invoices automatically from the Purchase Order Receipts. So, it means whenever we will do the Receiving against the Purchase Order then after that Pay on Receipt program will automatically create the Payable Invoices for that Purchase Receipt. Pay on receipt program will create the Invoices amount on the basis of Quantity received and price of the Item mentioned in the Purchase Order.

The lines of the Ap Invoice will depend upon the number of Items received in the Purchase Receipt.

The amount on the invoice is determined by multiplying the Quantity received by the Purchase Order Item Unit Price. The Payment Terms on the invoice default from the purchase order payment terms. The Payment Currency defaults from the supplier site. Sales Tax is calculated based on the Tax Codes on each Purchase Order Line.

If the Alternate Pay Site is populated for the Supplier Site used on the Purchase Order, the invoice created is for the Alternate Pay Site, otherwise the Supplier Site on the Purchase Order is used. The Supplier Site used for the invoice must be defined as a Pay Site

Question 21:

What is PO matching and what are the types of PO matching available in oracle fusion purchase orders?

In Purchase orders, we define the matching ways and based on that we match the purchase order with the given supplier invoices in oracle fusion. These PO matching ways plays an very important roles in Supplier invoices and its matching with the given purchase order.

3 PO matching Options in Oracle Fusion Purchase Orders.

1.2-Way

2.3-Way

3.4-Way

In 2-Way Matching , We do match the Supplier Invoice directly with the Purchase Orders. In this, Supplier Invoice qty should match with the supplier purchase order qty.

In 3-way Matching, We do match the supplier Invoices with the Purchase order Receipts. In this, Supplier Invoice qty should match with the Purchase Order receipt qty and with supplier purchase order qty too.

In 4-Way Matching, We do match the supplier Invoices with the Purchase order Receipts accepted qty after inspection. In this, Supplier Invoice qty should match with the Purchase Order receipt accepted qty and with supplier purchase order qty too.

Question 22:

What is the use of Sourcing rule in Oracle fusion Procurement?

Sourcing rule is one of the key process in planning. In sourcing rule , we define Inventory items will be purchased from which suppliers and what’s the percentage of the purchase from each supplier so when we will run the planning in system, system automatically creates the Purchase requisition for the Inventory items to that suppliers based on the sourcing rule. 

TOP 31 Most Important Oracle p2p Functional Interview Questions

Question 23:

How many types of approval hierarchy we have in Oracle Procurement?

Answer:

We can create three types of approval hierarchy for Purchase Order and Purchase Requisitions.

1.Employee supervisor Hierarchy.

2.Employe Position Hierarchy.

3.AME

In Employee supervisor Hierarchy, PO and PR approval works based on the supervisor hierarchy.

In Position Hierarchy, we design the approval based on the Positions.

In AME, we can design any type of approval based on our requirement.

Question 31:

What is Purchase Order Revision in Oracle fusion Procurement?

Answer:

After Purchase Order approval in Oracle Fusion system, if we will make the changes in the approved purchase order then system will create the new revision of that PO and this PO will again unapproved. We need to send this purchase order for approval again. 

We have the setups In Oracle fusion Procurement based on that we can control in which changes in the approved purchase order system will create the new revision.

TOP 31 Most Important Oracle p2p Functional Interview Questions