Before you perform this task, make sure that you create a transaction (a receivables
invoice or a journal entry) for the partner contribution open amount less the agreement
default charge, if applicable. You need to enter the transaction details to close the
partner contribution.
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In the Partner Contributions work area, click the stakeholder with the partner
contribution that you want to close.
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On Edit Partner Contribution, from the Actions menu, select Close Contribution.
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On Close Partner Contribution, complete the following fields:
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Transaction Number. Enter the transaction number for the invoice or
journal entry that you manually created for the refund amount.
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Transaction Date. Enter the transaction date on the invoice or
journal entry. By default, the system date is used.
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Close Date. Enter the date that you want to use as the close date. By
default, the system date is used.
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Transaction Reason. Enter a reason for closing the partner
contribution.
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Agreement Default Charge. If the terms in the joint operating
agreement include a charge for closing a partner contribution, enter
the amount of the charge. This amount will be deducted from the
refund amount.
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Agreement Default Charge Account. Specify the account that was used
on the manual agreement default charge transaction.
Click the field and select each segment value to identify the
account, or use the search filters to identify the account.
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Click Submit.
Results:
If closed successfully, the status of the partner
contribution changes to Closed and a record for the close reference appears in the
Transactions tab with a transaction status of Process Complete.