Requesting to Close a Cash Call and Refund the Amount to the Partner
To request the closure of a cash call and refund the amount to the partner:
From the Joint Venture Management module (G09J), select Periodic Processing, Manage Cash Calls, and then select Cash Call Definition.
On the Work with Cash Call Definition form, select the cash call that you want to close and select Close Cash Call from the Row menu.
The system displays an error if the cash call is not eligible to be closed. For example, cash calls that are not invoiced yet cannot be closed.
On the Close Cash Call form, review the information for the cash call that you have selected to close.
The Refund Amount field displays the cash call open amount.
To process the refund to the partner, select either the Voucher or Journal Entry option.
If you select the Voucher option, the system will create a voucher for the refund amount.
The system displays the following fields when you select the Voucher option:
Refund Amount
This field is populated with the open cash call amount by default, but you can change the amount. The sum of the values in the Refund Amount and Agreement Default Charge fields must be equal to the open cash call amount.
Agreement Default Charge
This is the amount that will be retained by the joint venture from the open amount of the cash call. The sum of the values in the Refund Amount and Agreement Default Charge fields must be equal to the open cash call amount.
Agreement Default Account
The system populates this field with the account that is retrieved using the managing company and the AAI JVAxxx (Joint Venture Agreement Default Charge) where xxx is the G/L offset code assigned to the joint venture. If you have specified a G/L offset code in the Joint Venture Master program (P09J30), the system concatenates the G/L offset code to the AAI Item JVA to locate the account. If the account is not found using the managing company, the system uses the company 00000.
You can override the account that the system populates in this field.
Close Reason Code
Enter a value to denote the reason for closing the cash call. You can use your own user-defined reason code.
If you select the Journal Entry option, the system will create a journal entry for the refund amount.
When you select the Journal Entry option, the system displays the same fields as that of the Voucher (including the agreement default charge fields) with the addition of the following field:
Offset Account
The system populates this field with account that is retrieved using the managing company and the AAI JVJxxx (Journal Entry Offset) where xxx is the G/L offset code assigned to the joint venture. If you have specified a G/L offset code in the Joint Venture Master program (P09J30), the system concatenates the G/L offset code to the AAI Item JVJ to locate the account. If the account is not found using the managing company, the system uses the company 00000.
The offset account is used to balance the cash call journal entry, similar to how the A/P Trade account is used to close a cash call with a voucher. This account contains the open amount of the cash call minus the agreement default charge amount, if specified.
You can override the account that the system populates in this field.
Click Save and Close.