Oracle 1Z0-511 Exam Questions

1. If you enable the Project Task Owning Organization classification, you must also specify the additional organization information for the classification as follows:

a. Place your cursor on the Project Task Owning Organization classification.

b. Select the Others button.

c. In the Additional Organization Information window, place your cursor in the Project Type Class Information field.

d. In the Project Type Class Information window, enter information for the following fields:

Allow Entry Of Indirect Projects: Select Yes from if you want this organization to own indirect projects.

Allow Entry of Capital Projects: Select Yes from if you want this organization to own capital projects.

Allow Entry of Contract Projects: You must select Yes.

Note: You must select Yes, even though you cannot create contract projects in Oracle Grants Accounting. Oracle Grants Accounting uses contract projects to process revenue and invoices for awards. Oracle Grants Accounting uses an underlying award project to process revenue and invoices. The award project is a contract class project.

e. In the Project Type Class Information window, select the OK button.

f. In the Additional Organization Information window, select the OK button.

g. In the Forms dialog box that asks you if you want to save the changes you have made, select the Yes button to save your work.

The following activities take place as part of the expenditures process flow for labor costs:

1. Run the process PRC: Distribute Labor Costs. This process calculates the raw and burden cost components for labor cost expenditure items. It also uses AutoAccounting to determine the default debit account for each expenditure item.

2. Run the process PRC: Generate Cost Accounting Events. This process uses AutoAccounting to determine the default credit account for each expenditure item. It also generates accounting events for distributed transactions. You can optionally select Labor Cost as the process category to limit the process to labor costs.

3. Run the process PRC: Create Accounting. This process creates subledger journal entries for eligible accounting events. You can run the process in either draft or final mode. You can optionally select Labor Cost as the process category to limit the process to labor cost accounting events. Optionally, the process can post journal entries in Oracle General Ledger.

If you define your own detailed accounting rules in Oracle Subledger Accounting, then Oracle Subledger Accounting overwrites default accounts, or individual segments of accounts, that Oracle Projects derives using AutoAccounting.

4. Run the process PRC: Transfer Journal Entries to GL. When you run the process PRC: Create Accounting, if you select No for the parameter Transfer to GL, then you run the process PRC: Transfer Journal Entries to GL to transfer the final subledger journal entries from Oracle Subledger Accounting to Oracle General Ledger. You can optionally select Labor Cost as the process category to limit the process to labor cost accounting events. Optionally, the process can post journal entries in Oracle General Ledger.

5. Run Journal Import in Oracle General Ledger. (optional) This process brings the final accounting entries from Oracle Subledger Accounting into Oracle General Ledger.

Note:

* Allow Revenue Budget Entry. Indicates if you allow entry of revenue budget types. You may choose to not allow entry of revenue budgets for indirect or capital projects. You must enter a revenue budget for a contract project before it can accrue revenue and be billed.

Storing Burden Costs as a Separate Expenditure Item on the Same Project

You can choose to hold the burden cost components as a separate expenditure item on the same project. The expenditure items storing the burden cost components are identified with a different expenditure type that is classified by the expenditure type class Burden Transaction.

C: The multi-currency billing option can be set both at the operating unit level and at the project level. To enter agreements and rate schedules in any currency for a project, you must enable the multi-currency billing functionality for the operating unit. To enter events in any currency for a project, you can enable the functionality at the project level only. This value defaults from the project template You can override the default value for an individual project template or project.

Note:

Oracle Projects gives you the option to bill in a global environment when the multi-currency billing is enabled for an operating unit and for a project. When multi-currency billing is enabled, you can:

* Enter agreements, bill rates, and events in any currency regardless of the project functional currency (B)

* Designate the project functional currency, project currency, or funding currency as the invoice processing currency for a project

* Designate the project functional currency and the invoice transaction currency as the revenue transaction currency

* Define currency conversion attributes for converting revenue and invoicing amounts to the project currency, project functional currency, and funding currency

* Define currency conversion attributes for converting funding amounts to the project functional currency, and the project currency

* Define a default invoice currency for a project customer that is different from the project functional currency and assign conversion attributes for deriving revenue in this currency