1. Using Joint Venture Management
  2. Close a Partner Contribution by Creating a Transaction Through Scheduled Processes

Close a Partner Contribution by Creating a Transaction Through Scheduled Processes

To close a partner contribution by creating a transaction through scheduled processes, you must perform the following tasks:

  • In the partner contribution, enter closure details to include in the transaction that you generate for the refund amount.

  • Process the partner contribution to create a payables invoice or journal entry for the refund amount.

Enter Closure Details

  1. In the Partner Contributions work area, click the stakeholder with the partner contribution that you want to close.

  2. On Edit Partner Contribution, click the Actions menu and select Close Contribution.

  3. On Close Partner Contribution, leave the Transaction Number field blank and complete the other fields:

    • Transaction Date. Enter a date to use as the transaction date for the payables invoice or journal entry that you will create for the refund amount. By default, the system date is used.

    • Close Type. Select whether to close the partner contribution using an AP invoice or a journal entry.

    • Close Date. Enter the date that you want to use as the close date. By default, the system date is used.

    • Transaction Reason. Enter a reason for closing the partner contribution.

    • Agreement Default Charge. If the terms in the joint operating agreement include a charge for closing a partner contribution, enter the amount of the charge. This amount will be deducted from the refund amount.

    • Agreement Default Charge Account. If you entered an agreement default charge, you must identify the account to record this amount.

      Click the field and select each segment value to identify the account, or use the search filters to identify the account.

  4. Click Submit.

When you click Submit, the partner contribution status changes to Ready to Close and a record for the close transaction reference appears in the Transactions tab. At this stage, the Transaction Number field is blank and the transaction status is in Ready to Close.

The next two topics describe how to create a payables invoice or a journal entry using the details that you entered.

Create a Payables Invoice for the Refund Amount

  1. From the Home page, select Joint Venture Management, and then select Process Joint Venture Partner Contributions from the Quick Actions list.

  2. For the Processing Mode, select Process Partner Contribution Transactions.

  3. For the Process Type, select Close. You can select “All” to process all partner contributions that are eligible to be closed and canceled.

  4. If you selected the Close process type, the Close Type field appears that you can use to select a close transaction type to filter partner contributions to process:

    Note: This field doesn’t appear if you selected “All” in the Process Type field.

    • AP Invoice. Select this to process only the partner contributions that were specified for closing using an AP invoice.

    • Journal Entry.

    • All. Use this default value to process all partner contributions that were specified for closing using an AP invoice or a journal entry

    Note: The process to create a journal entry for the refund amount is discussed separately in the “Create a Journal Entry for the Refund Amount” topic.

  5. Complete the following fields as needed:

    • Business Unit. To close partner contributions for joint ventures associated with a particular business unit, enter the business unit here.

      If you have multiple joint ventures managed under different business units, you can leave this blank to close partner contributions for all your joint ventures.

    • Joint Venture. Select a joint venture, or you can leave this field blank to run this process over all joint ventures. The process selects only those joint ventures at an Active status.

    • Stakeholder. Select a stakeholder if you want to run this process for a particular stakeholder. Otherwise, you can leave this field blank.

    • Contribution Start Date. Enter a date to run this process over all the partner contributions that have this contribution start date.

    • Accounting Date. Enter a date to use for the general ledger date in the payables invoices. If you leave this field blank, the system date will be used.

    • Transaction Date. Enter a date to override the transaction date that you specified in the Partner Contributions work area. This date will be assigned to the payables invoices. If you don’t enter a date in either this field or in the Partner Contributions work area, the system date will be used.

  6. Click Submit

    The process includes only those partner contributions that are in “Ready to Close” status.

  7. When the process completes, click OK in the confirmation window.

  8. Click the log file in the Log and Output section to view the following information:

    • The partner contributions that were successfully processed along with the details of the invoice.

    • The partner contributions that were skipped by the process due to issues, for example, no supplier information was available for the stakeholder associated with the partner contribution.

Create a Journal Entry for the Refund Amount

Important: Before you perform the tasks in this topic, an application implementation consultant must set up subledger accounting to derive the partner contribution account to which the amount will be refunded.

You must perform the following tasks to create and process journal entries for the refund amount:

  • Run the process that creates journal entries to close partner contributions.

  • Run the process that creates accounting for the journal entries.

  • Run the process that updates the accounting for posted partner contribution journals.

Perform the following steps to create journal entries to close partner contributions:

  1. From the Home page, select Joint Venture Management, and then select Process Joint Venture Partner Contributions from the Quick Actions list.

  2. For the Processing Mode, select Process Partner Contribution Transactions.

  3. For the Process Type, select Close. You can select “All” to process all partner contributions that are eligible to be closed and canceled.

  4. If you selected the Close process type, the Close Type field appears that you can use to select a close transaction type to filter partner contributions to process:

    Note: This field doesn’t appear if you selected “All” in the Process Type field.

    • AP Invoice.

    • Journal Entry. Select this to process only the partner contributions that were specified for closing using a journal entry.

    • All. Use this default value to process all partner contributions that were specified for closing using an AP invoice or a journal entry

  5. Complete the following fields as needed:

    • Business Unit. To close partner contributions for joint ventures associated with a particular business unit, enter the business unit here.

      If you have multiple joint ventures managed under different business units, you can leave this blank to close partner contributions for all your joint ventures.

    • Joint Venture. Select a joint venture, or you can leave this field blank to run this process over all joint ventures. The process selects only those joint ventures at an Active status.

    • Stakeholder. Select a stakeholder if you want to run this process for a particular stakeholder. Otherwise, you can leave this field blank.

    • Contribution Start Date. Enter a date to run this process over all the partner contributions that have this contribution start date.

    • Accounting Date. Enter a date to use for the general ledger date in the journal entries. If you leave this field blank, the system date will be used.

  6. Click Submit.

    The process includes only those partner contributions that are in “Ready to Close” status.

  7. When the process completes, click OK in the confirmation window.

  8. Click the log file in the Log and Output section to view the following information:

    • The partner contributions that were successfully processed along with the details of the journal entry.

    • The partner contributions that were skipped by the process due to issues, for example, the accounting date does not belong to any accounting period in the ledger.

In the Edit Partner Contribution page, the impacted partner contributions are updated with the status “Accounting in Progress.” The open amount will be updated to zero and the refund will be processed only after you complete the next two tasks.

Perform the following steps to create accounting for journal entries:

  1. From the Home page, select Joint Venture Management, and then select Create Accounting for Joint Ventures from the Quick Actions list.

  2. Complete these fields:

    • Subledger Application. Select Joint Ventures.

    • Ledger. Enter the primary ledger of the business unit of the joint venture for which you are processing the journals.

    • Process Category. Select Partner Contribution.

    • End Date. This is in reference to the transaction or event date. Only events having an event date on or before the end date are selected for accounting. By default, this field displays the current system date.

    • Accounting Mode. Select Final.

    • Process Events. Select All.

    • Report Style. Select Summary.

    • Transfer to General Ledger. Select Yes.

    • Post in General Ledger. Select Yes if you want the entries to be automatically posted to Oracle General Ledger.

    • Journal Batch. It’s recommended that you enter a name for the journal batch. Remember this name so you can use it to search for journals generated by this process.

    • Include User Transaction Identifiers. Select No.

  3. Click Submit.

The process submits multiple subprocesses. You can review the Create Accounting Execution Report for any errors. In the Edit Partner Contribution page, the partner contributions remain in “Accounting in Progress” status and the open amount remains the same.

Perform the following steps to update the accounting information of the journal entries in the partner contributions:

Important: You must post the journal entries to the General Ledger before you perform this task.

  1. From the Home page, select Joint Venture Management, and then select Process Joint Venture Partner Contributions from the Quick Actions list.

  2. For the Processing Mode, select Update Accounting for Contribution Journals.

  3. Complete the Joint Venture field if you want to run the process over a specific joint venture.

  4. Click Submit.

  5. When the process completes, click OK in the confirmation window.

  6. Click the log file in the Log and Output section to view the journal entries that are updated with the Final Accounted status.