Validate Ownership Definition Effective Dates (Optional)

After identifying joint venture transactions, you can run a process to validate whether the ownership definitions assigned to the transactions are effective on the transaction date. This helps ensure that joint venture transactions are associated with valid ownership definitions prior to the distribution process.

The process validates joint venture transactions that are in Available to Process status and updates those with ownership definitions that aren’t effective on the transaction date to Ownership Not Effective status. You must correct the issue before you can distribute the transactions. See Correcting Issues with Joint Venture Transactions and Distributions. The process also validates the transactions that were already in Ownership Not Effective status and changes them to Available to Process if the issue has been corrected.

If you skip this process, transactions with ownership definitions that aren’t effective on the transaction date remain in Available to Process status. When you run the Create Joint Venture Distributions process, it sets the status of these transactions to Ownership Not Effective and won’t process them.

1. Access the Identify Joint Venture Transactions process.

2. For the Processing Mode, select Validate Ownership Definition Effective Dates.

3. Use the following fields to determine the transactions to process, or leave them blank if you want to process transactions for all your joint ventures:

   • Legal Entity. Use this field to validate transactions for joint ventures that are associated with a particular legal entity.

     Caution: The drop-down list includes all legal entities that are associated with joint ventures; this can include legal entities that you don't have access to. If you select a legal entity that you don’t have access to, no records will be processed.

   • Joint Venture. Select a particular joint venture or click Select More to select multiple joint ventures. If you selected a legal entity, the drop-down list includes only the joint ventures associated with the legal entity.

     Only joint ventures in Active status will be processed.

4. Use the Ledger field only if you want the process to validate the transactions in a ledger other than the primary ledger of the joint venture. If you leave it blank, the primary ledger associated with the business unit of the joint venture will be used.

5. Select a period to validate the transactions for a particular period. If you leave this blank, the earliest open period for the ledger will be used.

6. Click Submit.

   After the process completes, you can review the processing details in a report. To access the report, click the Process Details tab, select the “…more” link next to Attachment, and then click the .txt file.