Exam: 1Z0-1054-24

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Passing this exam is required to earn these certifications. Select each certification title below to view full requirements.

Oracle Financials Cloud: General Ledger 2024 Certified Implementation Professional

Format: Hands-on Performance Based
Duration: 90 Minutes
Number of Questions: Not Applicable
Passing Score: Challenges - 75% | Multiple choice - 68%
Validation: This exam has been validated against 23A/23B/23C/23D/24A/24B.
Policy: Cloud Recertification
Prepare to pass exam: 1Z0-1054-24

The Oracle Financials Cloud: General Ledger 2024 Implementation Professional certification is designed for SaaS Implementation Consultants or Users who implement Oracle Cloud Financials. Individuals who earn this certification are capable of configuring Enterprise and Financial Reporting Structures, Ledgers, Intercompany transactions, Period Close and Financial Reporting, and Processing Journals.

The Oracle Financials Cloud: General Ledger 2024 Implementation Professional certification is a Hands-on Performance based exam comprising of hands-on challenges and multiple choice questions. One needs to pass both sections individually to earn the credential.

You must have a valid Oracle Financials Cloud: General Ledger Implementation Professional Certification exam credential in order to take this Delta exam. If your credential has expired you can get up to date by successfully completing the qualifying Delta exam for free. If you are not eligible to take the Delta exam, you will need to take the Oracle Financials Cloud: General Ledger 2024 Implementation Professional Certification exam.

Check the Oracle Recertification Policy to see if you qualify.

Take recommended training
Complete one of the courses below to prepare for your exam (optional):

Become a Certified Financials - General Ledger Implementer

Additional Preparation and Information
A combination of Oracle training and hands-on experience (attained via labs and/or field experience), in the learning subscription, provides the best preparation for passing the exam.

Review exam topics

Configuring Enterprise and Financial Reporting Structures
Manage Chart of Accounts
Manage Account Hierarchies
Manage Accounting Calendars
Manage Chart of Accounts Security
Manage Legal Jurisdictions, Legal Authorities and Legal Entities
Manage Geographies
Manage Currencies

Processing Journals
Configure the Journal Approval setup
Explain the processes to capture and enter journals
Explain Average Daily Balance Processing

Configure and Process Intercompany
Manage Intercompany Balancing Rules and Additional Intercompany and Clearing Options
Set up Intercompany Transaction
Configure Intercompany Balancing Rules
Process Intercompany Transactions
Process intercompany reconciliations

Using Financial Reporting
Explain the Financial Reporting Center and available reporting tools
Manage Financial Reporting using Financial Reporting Web Studio
Manage Financial Reporting using Oracle Transactional Business Intelligence
Managing Financial Reporting using Smart View
Describe the General Accounting Dashboard and Work Areas
Analyze budgets versus actuals using reporting tools

Managing Period Close Components
Explain the Close Process
Manage Revaluations
Manage Translations
Manage Consolidations
Manage Reconciliations
Configure Close Monitor for efficient period close
Create Allocations and Periodic Entries

Configuring Ledgers
Manage Ledgers
Explain the General Ledger Balances Cube
Manage General Ledger Security

---

Sample Question And Answers

QUESTION 1
Users with the General Accountant job role have reported that they are unable to access the UK Ledger.
They require read/write access to the full ledger. The accounting configuration completed successfully.
What should you do to allow access to the ledger?

A. Assign the UK reference set to the user/role combination.
B. Assign the security context value of UK Ledger to the user/role combination.
C. Create a data access set that allows access to the UK Ledger.
D. Assign the General Accounting Manager role to those users.

Answer: C

Explanation:
Data access sets are collections of ledgers that define the data security for users who access General
Ledger. Users can only access the ledgers that are assigned to them through data access sets. To
allow users with the General Accountant job role to access the UK Ledger, you need to create a data
access set that includes the UK Ledger and assign it to the user/role combination. You also need to
specify the access privilege for the data access set, which can be Full Ledger, Both Read and Write, or
Read Only. In this case, you need to select Both Read and Write to allow read/write access to the full
ledger. Reference:
Implement General Ledger
GL_ACCESS_SET_LEDGERS
The Default Data Access Set
Overview of General Ledger Security

QUESTION 2
You notice that a lot of erroneous address data is being saved. How do you ensure that only valid addresses are entered in the system?

A. Define the Geography Validation for Country option to Error.
B. Redefine the location structure.
C. Redefine the geography hierarchy.
D. Define the Geography Validation for Country option to No Validation.

Answer: A

Explanation:
Geography validation is a feature that enables you to validate the address information entered for a
location against the geography hierarchy defined for a country. You can set the Geography Validation
for Country option to one of the following values:
No Validation: No validation is performed on the address information.
Warning: A warning message is displayed if the address information does not match the geography
hierarchy, but the user can still save the address.
Error: An error message is displayed if the address information does not match the geography
hierarchy, and the user cannot save the address until the error is corrected. To ensure that only valid
addresses are entered in the system, you should set the Geography Validation for Country option to
Error. This will prevent users from saving erroneous address data and enforce data quality and
accuracy. Reference:
Oracle Financials Cloud: Enterprise Structures with General Ledger Implementation, Chapter 2:
Define Geographies, Section: Geography Validation
Oracle Financials Cloud: Implementing Enterprise Structures and General Ledger, Chapter 2: Define
Geographies, Section: Geography Validation

QUESTION 3
You need to add new transactional attributes to the journal approval notification in an
implementation project. Which two Business Intelligence catalog objects should you copy (or customize) and edit?

A. Sub template
B. Style template
C. Layout template
D. Output type
E. Data model

Answer: C, E

Explanation:
To modify the journal approval notification, you need to copy (or customize) and edit the layout
template and the data model of the Analytics Publisher report. The layout template defines the
appearance and content of the notification, such as the text, fields, tables, and images. The data
model defines the data sources and queries that provide the data for the notification, such as the
journal attributes, amounts, and statuses. You can use Template Builder for Word to edit the layout
template and Analytics Publisher to edit the data model. You also need to download the Workflow
Notification Subtemplate, which is a common subtemplate that contains the header and footer of
the notification. You can preview the modified notification using the subtemplate and the data
model. Reference:
Modify Journal Approval Notifications with Analytics Publisher
[Creating Analytics and Reports for Financials Cloud]

QUESTION 4
You have three ledgers that use the same chart of accounts with one intercompany payable and one
intercompany receivable account. The chart of accounts also has an intercompany segment. Each
ledger has one legal entity assigned to it and each legal entity is associated with one balancing segment value.
At what level should you define the default intercompany balancing rule?

A. Ledger-level rule
B. Legal entity-level rule
C. Primary balancing segment rule
D. Chart of accounts rule

Answer: D

Explanation:
You should define the default intercompany balancing rule at the legal entity level, because each
ledger has one legal entity assigned to it and each legal entity is associated with one balancing
segment value. This way, you can specify the intercompany receivables and payables accounts for
each legal entity and ensure that the journals are balanced by legal entity or primary balancing
segment values. A ledger-level rule would apply to all legal entities in the ledger, which may not be
appropriate if they have different intercompany accounts. A primary balancing segment rule would
apply to all ledgers that share the same chart of accounts, which may not be desirable if they have
different intercompany rules. A chart of accounts rule would apply to all ledgers and legal entities
that use the same chart of accounts, which may not be feasible if they have different intercompany
segments or accounts. Reference:
Intercompany Balancing Rules, Section: Define Intercompany Balancing Rules
Overview of Intercompany Balancing Rules, Section: Define Intercompany Balancing Rules
Troubleshooting Guide For Intercompany Balancing, Section: 1. Journals and subledger accounting
entries are not being balanced for intercompany activity
Implement General Ledger, Section: Intercompany Balancing

QUESTION 5
Which three factors should you consider while specifying Intercompany System options?

A. Approvers who will approve intercompany transactions
B. Automatic or manual batch numbering and the minimum transaction amount
C. Whether to allow receivers to reject intercompany transactions
D. Whether to enforce an enterprise-wide currency or allow intercompany transactions in local currencies
E. Automatic or manual batch numbering and the maximum transaction amount

Answer: B, C, D

Explanation:
Intercompany System options are used to set up intercompany processing rules at the enterprise
level, based on your specific business needs. They help you standardize and simplify transaction
processing, minimize disputes, and reduce administrative costs. The three factors that you should
consider while specifying Intercompany System options are:
Automatic or manual batch numbering and the minimum transaction amount: These options help
you control the numbering and the size of intercompany transactions. You can choose to use system
generated or manual batch numbering, and you can specify a minimum threshold amount for
intercompany transactions to prevent immaterial transactions. To use the minimum transaction
amount option, you must also select an Intercompany currency option.
Whether to enforce an enterprise-wide currency or allow intercompany transactions in local
currencies: This option helps you manage the currency risk and the conversion rate fluctuations for
intercompany transactions. You can choose to standardize transaction processing by selecting an
Intercompany currency, which means that all intercompany transactions created in the Intercompany
module are entered in this currency. Alternatively, you can choose to allow intercompany
transactions in local currencies, which means that intercompany transactions can be entered in the
ledger currency of the sender or the receiver.
Whether to allow receivers to reject intercompany transactions: This option helps you handle the
approval and dispute resolution process for intercompany transactions. You can choose to allow
receivers to reject intercompany transactions if they disagree with the senders information, such as
the amount, the account, or the date. If you enable this option, you must also specify the rejection
reason and the notification details for the sender.
Reference:
Intercompany System Options
Implementing Enterprise Structures and General Ledger
Implement General Ledger

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