Understanding Approval Lists for a Joint Venture
Before any processing occurs, a joint venture might require approval from all or some of the following parties: partners, internal employees, and managers. Some organizations might require a combination of internal and external approvers. Approval lists can include individuals, organizations, or partner entities, as needed, to fit the approval requirements of your organization.
You use the Division of Interest/Approval List program (P09J20) to create approval lists. The entities that you add to the approval list are determined by the approval process of your organization. You can associate an approval list to only one joint venture.
When you add entities to an approval list, you enter the insider business unit or address book number for the outside partner. If there is a valid legal entity record for the business unit or the partner, the system automatically populates the Entity Type field with the value from the legal entity record. You can override the Entity Type on the approval list if necessary. If no legal entity record exists for that entity, you can specify the Entity Type or leave it blank. The Entity Type field is informational only.
For a partner who is set up as a legal entity, you can access the legal entity information for the partner from the P09J20 program for approval list. This enables you to view the legal entity information or revise the information as required.
See Setting Up Legal Entities for Joint Ventures.
Approval list are stored in these tables:
Division of Interest Header (F09J20)
Division of Interest Detail (F09J21)
Approve an Approval List
You can approve an approval list only if you have the approval authority. The users who have this authority uses the version of the P09J20 program that has the processing options set to create approval lists and also approve the lists.
If you have the approval authority, you use the approval list to record the date when each entity approves the joint venture. You can use the media object attachment feature to save and attach documents or files that are relevant to the approval process for each entity. For example, if you receive an email from Jane Smith that approves the joint venture, you can save and attach that email to Jane's record in the approval list.
You attach this approval list to the Joint Venture Master. After all of the entities have approved the joint venture, you can mark the approval list as Approved. The approval list must be attached to a joint venture to be approved. After the list is approved, the joint venture to which it is assigned is automatically marked as approved. You cannot delete an approval list that is attached to a joint venture.
Once the approval list is set to Approved, it is read-only. No changes can be made to the record.
For additional information about assigning an approval list to a joint venture, see Entering Joint Venture Master Records.