Associate a Legal Entity with a Joint Venture

After you select a business unit in the joint venture definition, associate the joint venture with the legal entity to which you need to account the invoices generated for the joint venture.

You can associate the joint venture to a legal entity that’s set up only for the primary ledger of the joint venture’s business unit. If you manage multiple joint ventures, selecting a specific legal entity for each joint venture can help ensure that the invoices generated for each joint venture are accounted under the correct legal entity. If you don’t select a legal entity in the joint venture definition, the default legal entity for the primary ledger, if available, will be used.

Access the Basic properties page of your joint venture definition and select a legal entity from the Legal Entity drop-down list. The list includes only the legal entities that are associated with the primary ledger of the business unit. If you leave this field blank, the default legal entity of the business unit will be populated, if available.

Note: This field won’t be populated with the default legal entity for joint venture definitions that were created in a prior release. However, the invoicing process automatically uses the default legal entity of the business unit, if available, when creating invoices for these joint ventures.

For more information on legal entities, see:

• Create Legal Entities, Registrations, and Reporting Units

• Assign Legal Entities and Balancing Segments