Correcting Issues with Joint Venture Transactions and Distributions

To resolve any issues or disputes, you can delete joint venture distributions and remove their associated joint venture transactions from the Distributions and Transactions work areas respectively. You can then update the joint venture definition to correct the issue.

For example, you might have to add a new stakeholder or adjust the stakeholder percentages in the ownership definition, or identify another account that contains transactions to distribute. After revising the joint venture definition, you can rerun the Oracle Joint Venture Management processes to identify and distribute the transactions again.

This section describes some of the different types of issues you might encounter and the general process for resolving them.

Distributions with Incorrect Amounts

To resolve distributions with incorrect amounts:

1. In the Joint Venture Distributions work area, delete the distributions created for the transaction.

   Deleting distributions automatically resets the status of the associated transaction from “Process Complete” to “Available to process” in the Joint Venture Transactions work area.

2. In the Joint Venture Transactions work area, locate the transaction and change the status to “On hold” so the scheduled Create Joint Venture Distributions process doesn’t process the transaction again.

3. Identify the ownership definition that's associated with it and verify that the ownership percentages are correct.

4. If a different version of the ownership definition exists that contains the correct ownership percentages, you can override the transaction date in the transaction by entering a date that aligns with the effective dates in the appropriate ownership definition version.

5. If there isn't an ownership definition with correct ownership percentages, you have two possible actions:

   • In the joint venture definition, correct the ownership percentages in the ownership definition that was used to calculate the split.

     Note: The system prevents you from updating an ownership definition if distributions exist that were generated using the ownership definition.

   • In the joint venture definition, create a new ownership definition with the proper ownership percentages. It could be that there was a change to the joint operating agreement that calls for a change in the split calculation for transactions from a particular account, which includes the transaction in dispute. You can create a new ownership definition to adjust for this change.

6. Access the Joint Ventures work area, and open the joint venture definition.

7. Either update the existing ownership definition with the correct percentages or create a new ownership definition with a different breakdown of ownership percentages.

8. If you created a new ownership definition, in the Joint Venture Transactions work area, override the transaction with the new ownership definition.

9. Change the status of the transaction to “Available to process.”

10. Manually run the Create Joint Venture Distributions process, or wait for it to run on its schedule, to generate distributions for the transaction again.

Transaction Split When Entire Transaction Amount Should Be Applied to a Direct Billed Stakeholder

A transaction should have been distributed to a direct billed stakeholder but instead was mistakenly split and distributed among stakeholders. To correct this issue, you need to:

1. In the Joint Venture Distributions work area, delete the distributions created for the transaction.

   This resets the status of the associated transaction from “Process complete” to “Available to process” in the Joint Venture Transactions work area.

2. In the Joint Venture Transactions work area, locate the transaction and change the status to “On hold” so the scheduled Create Joint Venture Distributions process doesn’t process the transaction again.

3. Override the ownership definition with the direct billed stakeholder.

4. Reset the status to “Available to process.”

5. Manually run the Create Joint Venture Distributions process, or wait for it to run on its schedule to create a distribution for the stakeholder that contains the entire transaction amount.

Incorrectly Identified Transactions

Distributions have been generated for transactions that are not associated with a joint venture. In this case, it's likely that the wrong account has been identified as distributable in the joint venture definition. To correct this issue, you need to:

1. Suspend the joint venture definition so that it stops processing transactions from the wrong account. In the Joint Ventures work area, open the joint venture and change its status to a user defined status such as “On hold” or "Suspended."

2. In the Joint Venture Distributions work area, delete distributions generated from the incorrectly identified transactions.

3. Remove the transactions from the Joint Venture Transactions work area.

4. In the Joint Ventures work area, in the joint venture definition, remove the information used to identify the incorrect distributable account.

5. Reset the status of the joint venture definition to "Active."

Transactions Not Identified or Transactions Split Incorrectly

If the source of the transaction date is a free-form text field, the user must enter the transaction date in this format: YYYY/MM/DD. If this format isn't used, then unpredictable results will be encountered when running the Identify Joint Venture Transactions process. The process could result in errors, transactions might not be processed, or in some cases, the transaction date could be mapped incorrectly, resulting in the transaction being split using the wrong ownership definition.