Create an Account Set

Use the Joint Venture Account Sets work area to create, update, activate, and delete account sets. You can also use a Microsoft Excel spreadsheet to create and update multiple account sets, and then upload them all at once to the work area.

Joint venture accountants and joint venture application administrators can create and manage account sets.

Perform the following steps to enter the initial details for the account set, and then see Add Filter Sets and Filters to an Account Set to enter the criteria for identifying accounts.

1. Navigate to Setup and Maintenance and select the Joint Venture Management functional area under the Financials offering.
2. Select the Manage Joint Venture Account Sets task.

3. On Account Sets, click Add.

   Or click Manage in Excel and use the spreadsheet to add multiple account sets. The spreadsheet contains instructions on how to complete the columns, which reflect the fields in the user interface and include a list of values for fields when applicable.

4. On New Account Set, enter a name and description for the account set.
5. Set up the account set for use in either a specific joint venture or multiple joint ventures:

   1. For a specific joint venture, specify the joint venture and then click the “Use Joint Venture Ledger” checkbox to automatically select the ledger of the joint venture.

      Or you can choose to select a ledger other than the ledger of the joint venture, for example if you’re creating an account set for an overhead method and you track costs for accounting, maintenance, and other general business operations in a ledger that’s different than the ledger of the joint venture.

   2. For multiple joint ventures, specify a ledger without specifying a joint venture.

      The COA for the ledger specified here must match the COA for the primary ledger of the joint ventures.

   3. If you selected a joint venture and the “Use Joint Venture Ledger” checkbox, you can also select these options:

      • Validate Primary Segment Values. You must select this option if you’re managing multiple joint ventures under the same legal entity.

        With this option enabled, the application will validate that the primary segment values that you enter in account set filters are primary segment values in the joint venture definition. No other primary segment values will be allowed in a filter.

      • Include Primary Segment Values. Use this option if you want the account set to automatically filter on all primary segment values identified in the joint venture definition of the selected joint venture.

        With this option enabled, you don't have to explicitly add filter sets with filters for the primary segment values. You only need to set up filter sets to specify segment values other than the primary segment values to identify other accounts. See Example of Setting Up Filter Sets with the Include Primary Segment Values Option Enabled for more information.

6. Optionally, use the Classification field to specify where you want to use the account set.

   For example, if you’re setting up an account set to identify the distributable accounts for a joint venture, select the Distributable checkbox. This refines the list of account sets to select from when you’re assigning an account set to a particular joint venture configuration.

7. Click Create and then proceed to add filter sets and filters to the account set.