1. Using Joint Venture Management
  2. Update a Stakeholder

Update a Stakeholder

To update a stakeholder:

  1. On the Stakeholders page for the joint venture, click the stakeholder you want to modify.

  2. On Edit Stakeholder, update the stakeholder as needed and save it.

The updates you can make to a stakeholder depend on its status. A stakeholder can be set to one of these predefined statuses or to a user defined status:

  • Pending. The initial status when you create a stakeholder.

  • Active. Enables a stakeholder to be added to an ownership definition in a joint venture.

  • Inactive. Used when a stakeholder is no longer partaking in the joint venture.

Update a Stakeholder in the Pending Status

The initial status of a stakeholder is Pending. You can update any of the details of a stakeholder in this status. After you set up a stakeholder, you can change its status from Pending to Active.

Update a Stakeholder in the Active Status

You can make any changes to a stakeholder in the Active status if it’s not associated with an ownership definition.

If a stakeholder is associated with an ownership definition, you are limited to the details you can change. The system prevents you from changing the Stakeholder Type and certain partner information. However, you can change some of information, such as the invoicing preference, as long as the system hasn't generated distributions for the joint venture that are associated to the stakeholder.

Instead of modifying a stakeholder in the Active status, you might need to create a new one. For example, an internal stakeholder in the managing partner’s organization could spin off and become an independent company. In this case, you would need to set up a new invoicing partner for the former internal stakeholder, and then create a new external stakeholder with the new invoicing partner.

Before you change the stakeholder status from Active to Inactive, verify that the stakeholder isn't associated with unprocessed transactions or distributions, or both. Because the system doesn’t check if unprocessed transactions or distributions exist for inactive stakeholders and creates distributions and invoices for the inactive stakeholders.

Update a Stakeholder in the Inactive Status: Not Allowed

You can’t make any changes to a stakeholder in the Inactive status. To make changes, you must first change the stakeholder back to Active.