Oracle Exam 1z0-1107-2 Topic 1 Question 22 Discussion

Actual exam question for Oracle's 1z0-1107-2 exam

Question #: 22
Topic #: 1

Your organization has decided to use the automatic reconciliation feature to reconcile bank statement lines with system transactions. Which three components will be useful for the auto-matic reconciliation of bank statements with system transactions? (Choose three.)

ATransaction Grouping Rules

BTolerance Rules

CMatching Rules

DParse Rule Set

ETransfer Rules

Show Suggested Answer

Suggested Answer: A, B, C

These are three components that will be useful for the automatic reconciliation of bank statements with system transactions. Automatic reconciliation is a feature that enables you to reconcile bank statement lines with system transactions without manual intervention.You can use various components to define the criteria and conditions for automatic reconciliation1. Some of these components are:

Transaction Grouping Rules: These are rules that determine how system transactions are grouped together for reconciliation purposes. You can group transactions by attributes, such as bank account, currency, transaction type, or payment method.

Tolerance Rules: These are rules that define the acceptable differences between bank statement lines and system transactions for reconciliation purposes. You can define tolerances by amount or percentage, and by bank account or currency.

Matching Rules: These are rules that specify how bank statement lines and system transactions are matched for reconciliation purposes. You can match transactions by attributes, such as transaction number, amount, date, or reference number.Reference:Oracle Financials Business Process Certified Foundations Associate Rel 1

by Amie at Jun 22, 2024, 02:22 PM

Limited Time Offer

25%

Off

Get Premium 1z0-1107-2 Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Suzi

5 months ago

Man, I hope the 'Automatic Reconciliation' feature is better than the 'Automatic Spell Check' feature on my phone. Otherwise, I might end up with some *interesting* bank statement descriptions.

upvoted 0 times

Derrick

4 months ago

C) Matching Rules are crucial for identifying matching transactions.

upvoted 0 times

...

Rikki

4 months ago

B) Tolerance Rules help in setting limits for acceptable discrepancies.

upvoted 0 times

...

Kristel

4 months ago

A) Transaction Grouping Rules are essential for organizing transactions.

upvoted 0 times

...

Shayne

4 months ago

C) Matching Rules play a crucial role in automatically reconciling bank statement lines with system transactions.

upvoted 0 times

...

Tennie

4 months ago

B) Tolerance Rules help in identifying acceptable differences between bank statement lines and system transactions.

upvoted 0 times

...

Jodi

4 months ago

A) Transaction Grouping Rules are essential for organizing transactions.

upvoted 0 times

...

Carin

5 months ago

Option C, B, and D? Sounds like a winning combo to me. Although, I'm still waiting for the 'Automatic Reconciliation Assistant 3000' - complete with built-in sarcasm and eye-rolling functionality.

upvoted 0 times

...

Lenna

5 months ago

Okay, let's see... Transaction Grouping Rules, Tolerance Rules, and Matching Rules. Easy peasy, just like balancing my checkbook (which I haven't done in years, but hey, who's counting?)

upvoted 0 times

...

Arlie

5 months ago

Ah, the age-old battle of system transactions vs. bank statements. I bet the transfer rules (Option E) would come in handy too, just to make sure everything is moving as it should.

upvoted 0 times

Lawrence

4 months ago

User 2

upvoted 0 times

...

Karma

4 months ago

User 1

upvoted 0 times

...

Layla

5 months ago

I believe Tolerance Rules play a crucial role in this process.

upvoted 0 times

...

Leonard

5 months ago

I agree, Matching Rules are also important for automatic reconciliation.

upvoted 0 times

...

Lore

5 months ago

Options C, B, and D seem like the right choices here. Automatic reconciliation needs some solid matching rules, tolerance rules, and a way to parse the bank statements, right?

upvoted 0 times

Cristen

4 months ago

I agree. Tolerance rules and parse rule set are also crucial components for accurate reconciliation.

upvoted 0 times

...

Tyra

5 months ago

Yes, you're correct. Matching rules are essential for the automatic reconciliation process.

upvoted 0 times

...

Tora

6 months ago

I think Transaction Grouping Rules would be useful.

upvoted 0 times

...