Update Accounting Information for Posted Joint Venture Invoices

After the accounting entries have been created and the invoices have been posted to the General Ledger, run the Create Joint Venture Invoices and Journal Entries process in the Update Accounting for Invoices mode.

For invoiced cost distributions, the process stores this 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.

For invoiced revenue distributions, the process stores this information for the accounts:

• 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.

• 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 for both the partner account and receivable or liability account. Remember that for invoiced cost distributions, the partner account is recorded in the Revenue accounting class on each invoice line. For invoiced revenue distributions, 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.

After the 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 Update the Accounting for Posted 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 invoices that are posted.

Tip: To ease monthly billing, you are encouraged to run this process twice. The first time, update distributions with partner account information only by selecting “No” for the “Update Receivable and Liability Accounts” option. Then after you complete your monthly billing, run the process again with this option set to “Yes.”

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 or Payables, or select “Both” to update the General Ledger references for both receivables and payables invoices.

4. 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 in 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 accounting for only the invoices that are associated with 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. You can use this field to process invoiced distributions only for a particular invoicing partner. Leave it blank to process distributions for all invoicing partners.

   • Update Receivable and Liability Accounts. Select “No” to only retrieve partner account information to store in the distributions. Select “Yes” to also retrieve the receivable account and liability account from the General Ledger for cost distributions and revenue distributions respectively.

5. Click Submit.