Create an Ownership Definition

1. Access the Ownership definitions page of your joint venture definition.

2. On Ownership definitions, click Add.

3. On Create Ownership Definition, enter a name and description for the ownership definition.

   Use all upper case characters with no spaces for the name. If you don’t, the application will adjust the name according to this convention.

   Typically, you’ll set up multiple ownership definitions for a joint venture. So try using a name and description that makes each definition easy to identify.

4. Save the ownership definition.

   Notice that the default status for an ownership definition is Pending. After completing the ownership definition, you must change it to Active for it to be used by the joint venture definition.

5. Complete the Start Date and End Date to enter an effective date range for the ownership definition.

6. To add a stakeholder with an ownership percentage, click Add and complete the following fields and then click Submit on the row:

   • Stakeholder. Select a stakeholder from the drop-down list.

     The list includes only the stakeholders that have been added to the joint venture definition and have a status of Active.

   • Ownership Percentage. Enter the stakeholder’s ownership percentage. The percentage can include up to 14 decimal places.

   • Rounding Partner. You must select one stakeholder as the rounding partner. The rounding partner receives the extra cost or revenue that remains after the split is calculated. Typically, the managing partner is the rounding partner, but you can make any stakeholder the rounding partner.

     Note: If you don’t select a rounding partner, the application automatically designates the internal stakeholder with the largest percentage of ownership as the rounding partner. If there are no internal stakeholders, the application designates the external stakeholder with the largest percentage as the rounding partner. If all percentages are the same, the application selects the first stakeholder in the list.

   • Distribution Only. This setting is inherited from the stakeholder, but you can override it here. Select if the stakeholder only participates in the transaction distribution and is not invoiced.

7. Repeat the preceding step until all stakeholders are added and their ownership percentages total 100%, as indicated by the Total Ownership gauge.

   If you have a stakeholder that's currently not partaking in the share of transactions, you can still add them and enter 0 for the ownership percentage.

8. To add a file attachment for the ownership definition, drag the file from your local directory into the Drag and Drop field. Or click anywhere in this field, locate and upload the file. 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.

9. When finished, click Save to save your changes and stay on the page. Or click Save and New to save this ownership definition and add another.

Note: Remember that the ownership definition can’t be used by the joint venture definition until you change its status to Active.