Entering Legal Entities for Joint Ventures
To enter legal entities for a joint venture:
From the Joint Venture Management module (G09J), click Joint Venture Setup, and then Legal Entities.
On the Work With Legal Entities form, review existing legal entity records.
To add a new legal entity, click Add.
On the Add Legal Entity form, complete these fields:
Address Number
This is a required field. The entity must have an Address Number in order to be entered into the system. If you have not yet set up an address book record for the entity, you can access the Address Book Revisions form from the Address Book form menu.
Effective Date
The system automatically uses the system date in this field. You can override this value. This is a required field.
Legal Name
Enter a legal name (can be up to 80 characters). If you do not enter a value in this field, the system uses the address book alpha name as the default legal name.
Extended Legal Name
Use this field to enter the extended legal name or description of the entity. This value is stored as a text media object when you enter the record.
On the Joint Venture section of the form, complete these optional fields:
Entity Type
Specify the entity type, as it relates to the joint venture. If the entity is involved in multiple joint ventures, the value that you enter here is the default entity type. If the entity type is different for each joint venture, you can override the entity type at the DOI or Approval List level.
Invoice Minimum Amount
Use this field to specify a minimum amount for which you will generate an invoice to the joint venture entity when processing joint venture information. This value, if entered, overrides the value entered at the joint venture level for this specific entity. Therefore, you enter a value in this field only if the minimum amount for this entity is different than the value entered at the joint venture level.
The invoice minimum amount is in the currency specified for the legal entity in the Customer Master table (F0301).
Voucher Minimum Amount
Use this field to specify a minimum amount for which you will generate a voucher to the joint venture entity when processing joint venture information. This value, if entered, overrides the value entered at the joint venture level for this specific entity. Therefore, you enter a value in this field only if the minimum amount for this entity is different than the value entered at the joint venture level.
The voucher minimum amount is in the currency specified for the legal entity in the Supplier Master table (F0401).
Invoice Payment Terms
Use this field to indicate the default payment terms that will be applied when you generate an invoice to the joint venture legal entity. This value, if entered, overrides the value entered in the customer master record for the legal entity. Payment terms determine the due date, discount, and discount due date that the system assigns when you create an invoice.
Partners who are also customers might not want their standard payment terms indicating discounts applied to their joint venture invoices. They can use this field to override their standard payment terms.
Voucher Payment Terms
Use this field to indicate the default payment terms that will be applied when you generate a voucher to the joint venture legal entity. This value, if entered, overrides the value entered in the supplier master record for the legal entity. Payment terms determine the due date, discount, and discount due date that the system assigns when you create a voucher.
Partners who are also suppliers might not want their standard payment terms indicating discounts applied to their joint venture vouchers. They can use this field to override their standard payment terms.
Click OK to save the entity record.