Oracle Updated 1z0-1057-24 Exam Questions and Answers by zadie

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19a/oa pfm/project-foundation-configuration-manage-project-types.html#OAPFM360164

Topic - Associating Project Types and Class Categories: Examples

Project classifications group your projects according to categories and codes that you define. When you associate project classifications with project types, the classification is available for selection on projects with that project type.

Use any of the following methods to associate class categories with project types:

Add a classification to the project type definition

For each classification that you associate with the project type, you can enable the Assign to All Projects option to automatically add the classification to the project definition for all new projects with the project type.When this option is enabled, all projects with this project type must be assigned a class code for the class category.

Add a project type to the class category definition

Enable the Assign to all Project Types option on the class category definition

Ref:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/19b/oapjb/create-customer-contract.h tml#OAPJB70183

Bill Plan –Create a bill plan within a contract that uses the invoice method you require. Assign the bill plan to one or more contract lines. A set of instructions on a contract that define how to invoice a customer. Multiple contract lines on a contract can use the same or different bill plans. Invoice Method is used in creating Bill Plan – not a separate setup.

Billing Controls –Contract feature that controls the types of transactions, dates, and amounts a customer may be invoiced for and revenue can be recognized for a contract or contract line. Define billing controls at the contract or contract line level.

Topic -Creating a Contract for Percent Spent Invoice and Revenue Methods: Worked Example

This example describes a scenario where transactions for a contract line need to be invoiced and the revenue recognized using the percent spent method.

What are the revenue and invoice method classifications?Percent Spent

What is the billing extension calculation level for the contract line and project association?Project level

Summary of the Tasks

Create a contract, create the percent spent contract lines, create the bill plan, create the revenue plan.

Prerequisites

Create a project.

Create the project plan for percent spent revenue. Specify the plan type on the percent spent billing extension.

Create an approved cost budget.

Create cost and burden rates.

Enter labor and expense transactions for the project.

Collect costs for the transactions.

Configuration Steps

Creating the Contract

Creating the Percent Spent Contract Lines

Creating the Bill Plan - A set of instructions on a contract that define how to invoice a customer. Multiple contract lines on a contract can use the same or different bill plans.

Creating the Revenue Plan - Common set of instructions for recognizing revenue within a contract. Multiple contract lines on a contract can use the same or different revenue plans.

Invoice method classifications determine how transactions are invoiced. The invoice method determines how invoice amounts are derived.

Enter an invoice method on a bill plan, which you create for a contract and assign to contract lines to provide a set of instructions for creating an invoice.

Createbilling controlsfor a contract or contract line to define the valid transaction dates, billing resources, and amount limits for transactions associated with the contract.

Generate invoices to calculate the invoice amounts for a contract.

The following figure illustrates the components of a project and a contract that determine invoice amounts, and the relationships between the components.

Project and contract components used to determine invoice amounts and generate invoices.

Status tracking is a feature that allows you to track the progress and history of project invoice approval notifications. Status tracking provides information such as who approved or rejected the invoice, when and why they took the action, who is currently assigned to approve or reject the invoice, etc. Three of the information that can be tracked as status tracking for project invoice approval notifications are:

Person assigned for approval: This shows the name of the person who is currently assigned to approve or reject the invoice notification.

Prior actions: This shows the list of actions that have been taken on the invoice notification by previous approvers or rejectors, such as approve, reject, request information, etc.

Persons with whom it is still pending approval: This shows the list of persons who are still in the approval chain for the invoice notification and have not taken any action yet. Pre-approval activities and date-wise updates to the document are not information that can be tracked as status tracking for project invoice approval notifications. Pre-approval activities are tasks that need to be performed before submitting an invoice for approval, such as validating or transferring the invoice. Date-wise updates to the document are changes that are made to the invoice document after it has been submitted for approval, such as adjusting or reversing the invoice. Reference: https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-invoices.html#OAPFM2356291

 If the Require Complete Asset Definition option is enabled on a project type, the “Transfer Assets to Oracle Fusion Assets” process will place asset lines with complete definition into the Hold queue in Oracle Fusion Assets. This queue holds the asset lines that require manual review and approval before they can be posted to the asset register. Asset lines with incomplete definition will be placed into the Error queue in Oracle Fusion Assets. This queue holds the asset lines that have errors or missing information that need to be corrected before they can be transferred to the Hold queue. Reference:https://docs.oracle.com/en/cloud/saas/project-portfolio-management/20c/oapfm/manage-project-assets.html#OAPFM2356041