Add an External Stakeholder

Add joint venture partners that are external to the managing partner’s organization as external stakeholders.

1. Access the Stakeholders page for your joint venture definition.

2. On Stakeholders, click Add.

3. On New Stakeholder, enter a name and description for the stakeholder and click Save. Or, you can click Save and New to save this stakeholder and add another.

   If you leave this field blank and you associate an invoicing partner to the stakeholder, the description of the invoicing partner will appear here.

4. For the Stakeholder Type, select External.

   The status for new stakeholders is Pending. You can’t change it to Active until after you complete the required fields under Partner Information.

5. For the Classification, identify the stakeholder's role in the joint venture, which for an external stakeholder is always Nonoperator.

6. Select a value for the Stakeholder Category.

   This is an optional field that contains user-defined values that your company can set up to further categorize your stakeholders if desired.

7. Select Distribution Only if the stakeholder will participate only in the transaction distribution and won't be invoiced.

   You have the option to change this setting when you add the stakeholder to the ownership definition on the Ownership Definition page.

8. For the Invoicing Preference, select one of these options:

   • Create invoices. Create invoices for distributing costs and revenue to Receivables and Payables respectively.
   • Create journals. Create internal transfer journals for the external stakeholder’s share of costs and revenue. This makes it easier to generate a single invoice of the net costs and revenue for the stakeholder at your convenience, instead of generating separate invoices for each of their distributions.

   If the external stakeholder is not sharing in the joint venture costs or revenue, see Add an Interested Stakeholder.

9. If you selected "Create invoices," perform these steps:

   1. Click the Invoicing Partner drop-down list and select an invoicing partner.

      If you don’t see the invoicing partner that you expect in the list:

      • Make sure that the invoicing partner is active.
      • Make sure that it's set up with the same business unit that’s associated with the joint venture.

      After you select an invoicing partner, the application displays contact information for the invoicing partner, if available.

   2. Optionally, use the Invoice Currency Override field under Billing Information if you need to create invoices for the stakeholder in a different currency than the primary ledger currency of the joint venture business unit.

      This field is also available in the invoicing partner setup. If completed in that setup, the value is automatically displayed here.

10. If you selected "Create journals," complete these fields:

    • Cost Center. Enter the cost center for posting the stakeholder’s costs and revenue to.
    • Party. Select the party for the external stakeholder.

    When you save your changes, the application displays additional information for the party if available.

    Note: If the party isn’t in the list, it’s because the contact person associated with the party wasn’t set up with a sales account ID. Use the Accounts application for Sales to create the contact, which generates a sales account ID for the contact.

11. Under Billing Information, complete these fields, which are used when generating a joint interest billing report for the stakeholder:

    • Joint Interest Billing Report Template. The report template must exist in the BI Publisher catalog for Joint Venture Management. The name of the predefined template for stakeholders is “Joint Interest Billing For Stakeholder”.
    • Joint Interest Billing Report Output Format.

    These fields are also available in the invoicing partner setup. If completed in that setup, the values are automatically displayed here.

12. To attach a file for the stakeholder, drag the file from your local directory into the Drag and Drop field. Or click anywhere in this field, locate the file and upload it. To attach a URL, complete the URL field and click Add URL.

    For information on how to view, edit, and remove attachments, see Add Attachments.

13. Click Save to save your changes and stay on the page. Or click Save and New to save this stakeholder and add another.