Update Accounting Information for Posted Joint Venture Invoices

After you post joint venture invoices, run the Create Joint Venture Invoices and Journal Entries process in Update Accounting for Invoices mode. This process updates the related joint venture distributions with the accounting created for the posted invoices, keeping accounting consistent across Oracle Fusion Cloud Financials.

The process updates these accounts on the distributions:

• Partner account

• Receivable account (for Receivables invoices) or liability account (for Payables invoices)

For distributions invoiced in Oracle Receivables, the process stores this information for the accounts:

• For the partner account, it stores a reference from Receivables and uses it to derive the account combination identifier from Oracle General Ledger.

  In Receivables invoices, this account can be viewed under the Revenue accounting class on each invoice line.

• For the receivable account, it stores the account combination identifier from General Ledger.

For distributions invoiced in Oracle Payables, the process stores this information for the accounts:

• For the partner account, it stores a reference from Payables and uses it to derive the account combination identifier from Oracle General Ledger.

  In Payables invoices, this account can be viewed under the Item Expense accounting class on each invoice line.

• For the liability account, it stores the account combination identifier from General Ledger.

After the process updates accounting on the joint venture distributions, the distribution status changes from "Accounting in Progress" to "Process Complete." The distributions are now available for reporting or for downstream processing. For example, if an integration with Oracle Project Costing is enabled, you can process the distributions to create cost adjustments in Project Costing. This supports reconciliation between General Ledger and Project Costing.

See Create and Send Cost Adjustments to Oracle Project Costing for more information.

Run the Process to Update the Accounting for Posted Invoices

The process selects only those distributions associated with posted invoices.

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 Invoices.

3. For the Source, select Receivables or Payables, or select “Both” to update the accounting for both Receivables and Payables invoices.

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

   • Business Unit. Select a business unit to process invoiced distributions for all the joint ventures associated with the business unit.

   • Legal Entity. Use this field to process invoiced distributions for joint ventures that are associated with a particular legal entity.

     Caution: The drop-down list displays all legal entities associated with joint ventures, including those linked to business units you don't have access to. If you select a legal entity that's associated with joint ventures you don’t have access to, no records will be processed.

   • Joint Venture. Select a particular joint venture or use 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.

5. Use the following fields to specify a transaction date range to select invoiced distributions to process:

   • From Date

   • To Date

6. Select an invoicing partner or leave it blank to process invoiced distributions for all invoicing partners.

7. For the Update Receivable and Liability Accounts, select “No” to only update the partner account in this session. Select “Yes” to also update the receivable account and liability account for Receivables invoices and Payables invoices respectively.

8. Select Submit.

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