Update Accounting Information for Posted Receivables Invoices

After invoices are posted to the General Ledger, run the following process to store the information for retrieving the partner and receivable 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:

• For the partner account, it stores a reference information from Receivables, which then derives the account combination identifier of the partner account from the General Ledger.

• For the receivable account, it stores the account combination identifier of the receivable 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 receivable account and partner account. Remember that the partner account is recorded in the Revenue accounting class on each 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 receivable account to avoid data backlog.

After both accounts are updated in the invoiced distributions, the distributions are considered as accounted in Joint Venture Management and are available for reporting. The status of the distributions changes from "Accounting in progress" to "Process complete." If the integration with Project Costing is enabled, the accounted distributions can then be processed to create cost adjustments in Project Costing. This facilitates a streamlined General Ledger to Project Costing reconciliation.

See Create and Send Cost Adjustments to Oracle Project Costing for more information.

Run the Process to Store the General Ledger Reference for Posted Receivables 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 receivables joint venture invoices and credit memos that are posted.

1. From the Home page, select Joint Venture Management, and then select Create Joint Venture Invoices and Journal Entries from the Quick Actions list.

2. For the Processing Mode, select Update Accounting for Invoices.

3. For the Source, select Receivables. You can also select “Both” to update the General Ledger references for both receivables and payables invoices.

4. In the Basic Options section, you can specify values in the following fields to filter invoiced distributions to process:

   • 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.

   • 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.

   • From Date.

   • To Date.

     You can use a transaction date range to select invoiced distributions to process.

   • 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.

   • Update Receivables and Liability Accounts. Select “Yes” to store the information for retrieving the receivable account and partner account from the General Ledger for each selected distribution. If you are also processing payables invoices in the run, selecting “Yes” will also store the information for retrieving the liability account and partner account from the posted payables invoices.

     If you select “No”, the process will only store the information for retrieving the partner account for receivables and payables 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 receivable account for posted receivables invoices and liability account for posted payables invoices. After your monthly billing is complete, you should select “Yes” and rerun the process to store the information for the receivable account and liability account to avoid data backlog.

5. Click Submit.