Close a Partner Contribution

You can close a partner contribution when:

• The open amount in the partner contribution is zero.

• A joint venture or a partner’s participation in a joint venture has ended.

Although you can close a partner contribution when the balance reaches zero, it’s recommended that you leave it open in case an invoice is reversed and a partner has to be rebilled. See Considerations for Invoice Reversal and Rebill Scenarios for more information.

If the balance is more than zero, you must create a transaction to close the partner contribution and refund the balance. If the terms in the joint operating agreement include an agreement default charge for closing a partner contribution, the amount refunded is the open amount less this charge.

You can create the transaction using either of the following methods:

• Create a manual payables invoice or a journal entry for the refund amount and associate it to the partner contribution.

• Use the partner contribution scheduled processes to create a payables invoice or journal entry for the refund amount.