1Z0-342 JD Edwards EnterpriseOne Financial Management 9.2 Implementation Essentials Practice Questions
Prepare for 1Z0-342 with more than an answer.
- Exam fee
- $245 USD
- Level
- Certified Implementation Specialist
- Valid for
- Certification does not expire but may require recertification for new versions
Domains covered on the exam 6
- Common Foundation / Address Book (AB)
- Accounts Payable (AP)
- General Accounting (GL)
- Accounts Receivable (AR)
- Fixed Assets (FA)
- OneView Financial Statements (OVFS)
- 1
A financial analyst is creating a new statement using OneView Financial Statements (OVFS). The statement requires a column that calculates the variance between the 'Year to Date Actual' and 'Year to Date Budget' columns. Which OVFS feature should the analyst use to define this calculation?
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Correct answer: B
OVFS allows users to create calculated columns within the statement layout. In the Column Definition section of the designer, the analyst can add a new column and define a formula that references other columns in the report (e.g., Column A - Column B). This is the standard method for performing calculations like variance analysis directly within the financial statement.
- 2
A new depreciation rule needs to be created for a group of assets. The rule must calculate straight-line depreciation over a 7-year life but use the 'Half-Year' convention, where a half-year of depreciation is taken in both the year of acquisition and the year of disposal, regardless of the actual date. Which JD Edwards program would be used to configure this specific depreciation rule?
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Correct answer: B
The Depreciation Rule Revisions program (P12851) is the central application for defining how depreciation is calculated. It allows users to specify the depreciation method (e.g., 01 for Straight-Line), the computation method (which includes conventions like Half-Year), and other parameters. A new rule would be created here and then assigned to assets via their depreciation defaults or directly on the asset master.
- 3
A wholesale distribution company wants to automatically apply cash receipts to the oldest outstanding invoices for a customer. They receive a single lump-sum payment from a customer without any remittance advice detailing which invoices are being paid. Which processing options in the Automatic Cash Application program (R03B50) are essential to configure for this 'balance forward' style of cash application? (Select TWO)
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Correct answer: B, D
The core logic of the R03B50 is controlled by the application algorithm. To apply cash to the oldest invoices first, an algorithm must be chosen or configured that sorts the customer's open items by due date or invoice date and applies the cash sequentially, without needing specific invoice numbers from the remittance.
In a balance-forward scenario, it's common for payments not to match the open balance exactly. The processing options must instruct the system on how to handle any remaining amount after all open invoices are closed, such as creating an unapplied cash (RU) record.
- 4
A GL accountant has created a journal entry batch that is out of balance. When attempting to post the batch using the General Ledger Post (R09801), what is the expected system behavior by default?
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Correct answer: C
A fundamental control in JD Edwards is that batches must be in balance (debits equal credits) to post. If the General Ledger Post (R09801) encounters an out-of-balance batch, it will reject the entire batch, set its status to 'E' for Error, and list the reason on the post-edit report. No transactions from that batch will be posted to the Account Balances table (F0902).
- 5
A new implementation consultant is explaining the Procure-to-Pay (P2P) process within JD Edwards to a client's AP team. Which of the following diagrams best represents the standard flow of the 3-way voucher matching process within the P2P cycle?
flowchart TD A[Purchase Order Created] --> B{Goods Received} B --> C[Supplier Invoice Received] C --> D{Perform 3-Way Match} D -->|Match Successful| E[Voucher Created] D -->|Match Fails| F[Resolve Variances] F --> D E --> G[Payment Process]Show answer details
Correct answer: A
The diagram accurately depicts the standard Procure-to-Pay cycle involving a 3-way match. The process begins with a Purchase Order, followed by the receipt of goods and the supplier's invoice. The core step is the 3-way match, which compares these three documents. A successful match leads to voucher creation and subsequent payment, while a failed match requires variance resolution.
- 6
A junior AP clerk at a manufacturing company is processing a high volume of non-purchase order vouchers. The AP manager wants to streamline the entry process but ensure that basic GL account validation occurs. The manager has noted that the standard P0411 application is too slow for their needs. Which JD Edwards EnterpriseOne application is the MOST appropriate for this requirement, and why?
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Correct answer: B
Speed Voucher Entry (P0411SV) is specifically designed for high-volume entry of simple, non-PO vouchers. It uses a workfile (F0411Z1) to stage the data, providing faster performance. It still performs essential validations like GL account existence before the voucher is created in the main tables (F0411, F0911), meeting the manager's requirements. Standard Voucher Entry is too slow, Recurring Vouchers are for identical periodic payments, and Logged Vouchers are for vouchers where the GL distribution is unknown at the time of entry.
- 7
Global Corp is a multinational with three legal entities: Company 100 (USA), Company 200 (Canada), and Company 300 (UK). All companies share a single Chart of Accounts but have different base currencies (USD, CAD, GBP). The corporate policy requires that all intercompany transactions be settled through a central clearing account (hub-and-spoke method).
An invoice for services rendered by Company 200 is paid by Company 100 on behalf of Company 300. This creates a complex intercompany transaction that needs to be recorded accurately across all three entities' ledgers. The controller requires that the system automatically generate the balancing entries to the correct intercompany accounts based on predefined rules.
The implementation consultant has configured the Intercompany Settlement Method to '2' (Hub Method) in the General Accounting Constants. They have also set up the AAI item 'ICCC' for the clearing company (Company 100) and 'ICH' for the hub company. The journal entry is entered with Company 100 paying the expense, but the Business Unit on the expense line belongs to Company 300. When the batch is posted (R09801), the intercompany settlement entries are not created as expected.
What is the most likely cause for the failure of the automatic intercompany settlement process?
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Correct answer: A
Even when using the Hub Method (Method 2), the system still requires specific AAI 'IC' items to be set up for each pair of transacting companies (e.g., Company 100 to 200, 100 to 300). The 'IC' AAI defines the specific intercompany receivables and payables accounts to be used between the hub and the spoke companies. The ICCC and ICH AAIs define the clearing account, but without the 'IC' records, the system doesn't know which specific accounts to use for the detailed settlement entries. While the other options could cause issues, the missing 'IC' AAI is the most direct cause for the settlement entries failing to generate.
- 8
A company is performing its annual physical inventory of fixed assets and has identified several discrepancies. Which TWO of the following actions can be performed using the Asset Transfer program (P12108)? (Select TWO)
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Correct answer: B, F
The Asset Transfer program (P12108) is primarily used to change an asset's location-related information, which includes the physical location, the responsible business unit, and related address book numbers. It can also be used to update non-financial information such as category codes.
The Asset Transfer program (P12108) is primarily used to change an asset's location-related information, which includes the physical location, the responsible business unit, and related address book numbers. It can also be used to update non-financial information such as category codes.
- 9
A credit manager wants to implement a policy where a customer's credit limit is checked against the total outstanding balance of the parent company and all its subsidiaries. The corporate structure is set up in the Address Book with a Parent/Child relationship. Which setup is essential in the Customer Master (P03013) to enforce this parent-level credit check?
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Correct answer: D
The 'Credit Check Level' field in the Customer Master (Billing Information tab) is the specific control for this requirement. Setting it to 'P' (Parent/Child) instructs the system to aggregate the open balances for the customer's entire hierarchical structure (as defined by the Parent Number in the Address Book) and compare that total against the credit limit of the parent company. Simply populating the Parent Number in the Address Book establishes the relationship but doesn't enable the credit check aggregation. The Credit Message and Send Invoice To fields do not control the credit check logic.
- 10
True or False: Once a OneView Financial Statement layout is created and saved, it can only be modified by the original user who created it.
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Correct answer: B
OneView Financial Statements, like other User Defined Objects (UDOs), can be shared with other users, roles, or *PUBLIC. The ability to view, modify, or run a statement is controlled by UDO security settings, not by the original creator. An administrator can grant permissions to other users or roles to modify the statement layout.
