Create Internal Transfer Journals

A joint venture accountant can run the following processes to create and complete the accounting of internal transfer journals:

• Create Joint Venture Invoices and Journal Entries – Create Internal Transfer Journals mode

  This process creates journal entries for all distributions associated with stakeholders that have Create Journals specified as their invoicing preference. The distributions must be in Available to Process status. When the process completes, the status of the distributions changes to Accounting in Progress. Transactions in the Joint Venture Subledger created from internal transfer journals display a status of Unprocessed until you run the Create Accounting process.

• Create Accounting

  This process completes the accounting of internal transfer journals. It creates a credit and a debit journal line for each amount in internal transfer journals.

  For costs distributions, it credits an expense cutback account and debits the stakeholder account. For revenue distributions, it debits a revenue cutback account and credits the stakeholder account. After you run this process, you can post the journals and review them in Subledger Accounting or in General Accounting.

• Create Joint Venture Invoices and Journal Entries - Update Accounting for Journals

  This process updates the status on the accounting header of internal transfer journals to match the status of the accounting event in Subledger Accounting. When the process completes, the status of the distribution changes to Process Complete.

Run the Process to Create Internal Transfer Journals

1. From the Home page, select Joint Venture Management, and then select Create Joint Venture Invoices and Journal Entries from the Quick Actions list.

2. For the Processing Mode, select Create Internal Transfer Journals.

3. Select a joint venture, or you can leave the Joint Venture field blank to run this process over all joint ventures.

   The process selects only those joint ventures at an Active status.

4. Select a stakeholder to run this process for a particular stakeholder. Otherwise, you can leave the Stakeholder field blank.

5. Use the Process By drop-down list to process distributions by period or accounting date.

   • If you select Period (recommended), then select the period in the field provided.

   • If you select Accounting Date, use these fields to enter a date range:

     • From Date. If you complete this field and leave the To Date field blank, the process will select all distributions that have the accounting date starting from the date you specified to the current date.

     • To Date. If you complete this field and leave the From Date field blank, the process will select all distributions that have the accounting date before and on the date you specified.

   If you select Period or Accounting Date in the drop-down list but don’t specify a period or a date range, the process will select all distributions that have an accounting date corresponding with the earliest open period.

   If you leave the Process By field blank, the process will select all distributions that are available to process.

   Note: Only distributions for transactions posted in the specified period or within the date range will be processed.
6. For Accounting Date, enter a date to assign as the general ledger date in journals created from the processed distributions. If you leave this field blank, the system date will be used.

7. Click Submit.

8. After the process completes, verify that it created internal transfer journals for the applicable distributions:

   • Review the process report for details for the internal transfer document generated with details about the generated internal transfer journals. Here’s an example of the name of an internal transfer document: COST_TRANSFER:PERMIANBASIN:PERMIANBASIN_INTERNAL_S3:16-04-2021:07:08:36

   • Check the status of the applicable distributions in the Joint Venture Distributions work area. The status should be Accounting in Progress.

   Note: You can also review internal transfer journals from the Joint Venture Distributions work area. In a processed distribution, click the Target Transaction ID link to view the transaction for the internal transfer journal. The list includes all distributions included in the transaction.

Run the Process to Create Accounting for Internal Transfer Journals

Note:

You might need to add the General Accounting Manager role (ORA_GL_GENERAL_ACCOUNTING_MANAGER_JOB) to perform this task. Also, see Subledger Accounting Options for information about the Create Accounting process, such as processing options and other configuration options.

1. On the Home page, select Joint Venture Management, and then select Create Accounting for Joint Ventures from the Quick Actions list.

   You can also access and run this process by searching on "Create Accounting" in Scheduled Processes.

2. Complete these fields:

   • Subledger Application. Select Joint Ventures.

   • Ledger. Enter the ledger or primary ledger of the business unit of the joint venture that you're processing internal transfer journals for.

   • End Date. This is in reference to the transaction or event date. Only events having an event date before the end date are selected for accounting. By default, this field displays the current system date.

   • Accounting Mode. Select Final.

   • Process Events. Select All.

   • Report Style. Select Summary.

   • Transfer to General Ledger. Select Yes.

   • Post in General Ledger. Select Yes if you want the entries to be automatically posted to Oracle General Ledger.

   • Journal Batch. It’s recommended that you enter a name for the journal batch. Remember this name so you can use it to search for journals generated by this process.

   • Include User Transaction Identifiers. Select No.

3. Click Submit.

   The process submits multiple subprocesses. You can review the Create Accounting Execution Report for any errors.

Run the Process to Update the Accounting Status of Internal Transfer Journals

1. From the Home page, select Joint Venture Management, and then select Create Joint Venture Invoices and Journal Entries from the Quick Actions list.

2. For the Processing Mode, select Update Accounting for Journals.

3. In the Joint Venture field, select a particular joint venture or leave it blank to run the process over all your joint ventures. The process selects only those joint ventures at an Active status.

4. Click Submit.

5. When the process completes, access the report to view all documents in which the status was changed.