How to Enable Third Party Control Account

The Third Party Control Account attribute enables you to maintain detailed balances by third party for an account combination.

Valid third-party information must be associated with the journal line if the account is a third party control account. General Ledger prevents manual journal entries from posting to third party control accounts. This ensures that journal lines that post to control accounts such as the supplier liability account and the customer receivables account, are associated with valid third-party information in the respective subledgers.

You can select one of the following options:

• Customer Control Account: Customer information is required when such accounts are used in subledger transactions or subledger journals.
• Supplier Control Account: Supplier information is required when such accounts are used in subledger transactions or subledger journals.
• Third Party Control Account: Third-party information is required when such accounts are used in subledger transactions or subledger journals.
• Restrict GL Manual Journals: Third-party information isn't required when such accounts are used in subledger transactions or subledger journals.
• No: Not a control account.

Note:

• Don't enable the third party control account type for exchange gain or loss accounts because third-party information is required when a control account is used and this information isn't available for exchange gain or loss journal lines.
• General Ledger account used to account for subledger transactions that are not associated with any supplier or customer should not be configured with customer, supplier or third party control type. For example, AP payment request invoices and AR miscellaneous receipts.

General Ledger prevents manual journal entries to all of the accounts whose Third Party Control Account attribute is set to a value other than No.

Note:

• If you change the Third Party Control Account attribute setting for a segment value, then run the Inherit Segment Value Attributes process to replicate the changes to the account combinations that contain that segment value.
• Best practice is to define value set values after the value set has been assigned to a chart of accounts structure instance. Otherwise you can't define the required value attributes, such as the summary indicator, the posting allowed indicator, and the account type for natural account segments. The attributes must be added after the value set is assigned to a chart of accounts structure instance.
• Run the Publish Chart of Account Dimension Members and Hierarchies to Balances Cubes process with the Publish Detail Values Only parameter set to Yes before you post journals to accounts with newly created value set values. The process creates and updates chart of accounts dimension members and hierarchies for GL balances cubes.