After invoices are posted to the General Ledger, run this process to store the
information for retrieving the partner and liability accounts for invoiced joint venture
distributions: Create Joint Venture Invoices and Journal Entries - Update Accounting for
Invoices.
The process stores different information for the accounts:
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For the partner account, it stores a reference information from Payables,
which then derives the account combination identifier of the partner account
from the General Ledger.
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For the liability account, it stores the account combination identifier of
the liability account from the General Ledger.
The process includes an option that enables you to store the information for only the
partner account or both the liability account and partner account. Remember that the
partner account is recorded in the Item Expense accounting class on each payables
invoice line. By default, the process is set up to store the information to retrieve
only the partner account.
Note: To ease your monthly billing, Oracle recommends that you run the process with the
default setup to store the information for only the partner account. After you
complete your monthly billing, you must configure the setup to store the information
for the liability account to avoid data backlog.
After both the accounts are updated in the joint venture distributions, the
distributions are considered as accounted in Joint Venture Management and are
available for reporting.
Note: Currently, there's no support for creating cost adjustments for revenue
distributions in Oracle Project Costing.
Run the Process to Store the General Ledger Reference for Posted Payables
Invoices
Joint venture accountants can run this process. If Data Security for Joint Venture
Management is enabled, you can run the process for the joint ventures that are
associated with the business units you are authorized to manage.
The process selects only those joint venture payables invoices and debit memos that
are posted.
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From the Home page, select Joint Venture Management, and then select Create
Joint Venture Invoices and Journal Entries from the Quick Actions list.
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For the Processing Mode, select Update Accounting for Invoices.
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For the Source, select Payables. You can select “Both” to update the accounting
for distributions associated with both payables and receivables invoices.
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To filter invoiced distributions to process, you can complete the following
fields:
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Business Unit. Select a particular business unit or leave it blank to
process invoiced distributions for all the joint ventures associated
with the business unit.
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Joint Venture. Select a particular joint venture or leave it blank to
process invoiced distributions for all your joint ventures. The
process selects only those joint ventures at an Active status.
If data security is enabled, the drop-down lists display only the
business units and the associated joint ventures you are authorized
to manage. If you leave these fields blank, the process updates the
GL reference for only the business units you can manage.
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From Date.
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To Date.
You can use a transaction date range to select invoiced distributions
to process.
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Invoicing Partner. Select a particular invoicing partner or leave it
blank to process invoiced distributions for all the invoicing
partners included in your joint ventures.
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Update Receivables and Liability Accounts. Select “Yes” to store the
information for retrieving the liability account and partner account
from the General Ledger for each selected distribution. If you are
also processing receivables invoices in the run, selecting “Yes”
will also store the information for retrieving the receivable
account and partner account from the posted receivables
invoices.
If you select “No”, the process will only store the information for
retrieving the partner account for payables and receivables
invoices.
Tip: To ease your monthly billing, Oracle recommends that
you use the default value “No” for this field to avoid storing the
information for retrieving the liability account for posted payables
invoices and receivable account for posted receivables invoices.
After your monthly billing is complete, you should select “Yes” and
rerun the process to store the information for the liability account
and receivable account to avoid data backlog.
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Click Submit.