Validate Ownership Definition Effective Dates (Optional)

After joint venture transactions are identified and before you run the process to distribute them, you can run a process to validate whether the ownership definitions assigned to the transactions are effective on the transaction date. This helps ensure that joint venture transactions are associated with the correct ownership definitions for splitting the transactions during the distribution process.

The process validates joint venture transactions that are in Available to Process status and updates those with ineffective ownership definitions to Ownership Not Effective status. You must correct the issue before you can distribute the transactions. See Correcting Issues with Joint Venture Transactions and Distributions. The process also validates the transactions that were already in Ownership Not Effective status and changes them to Available to Process if the issue has been corrected.

If you skip this process, transactions with ineffective ownership definitions remain in Available to Process status. When you run the Create Joint Venture Distributions process and it encounters transactions with this issue, it can’t process them. However, it sets the status of these transactions to Ownership Not Effective.

1. Access the Identify Joint Venture Transactions process.

2. For the Processing Mode, select Validate Ownership Definition Effective Dates.

3. Complete the following fields to determine the transactions to process:

   • Legal Entity. Use this field to validate the transactions for joint ventures that are associated with a particular legal entity. Leave it blank to run the process over all your joint ventures.

     Caution: The drop-down list includes all legal entities that are associated with joint ventures; this can include legal entities that you don't have access to. If you select a legal entity that you don’t have access to, no records will be processed.

   • Joint Venture. Select a particular joint venture or leave this field blank if you want the process to validate the transactions for all your joint ventures. Only joint ventures in Active status will be processed.

     If you selected a legal entity, the drop-down list includes only the joint ventures associated with the selected legal entity. Click Select More…to select multiple joint ventures for processing.

     Note: If you need to select a legal entity or change the one you selected, you must first clear the joint venture selections.

   • Ledger. Use this field only if you want the process to validate the transactions in a ledger other than the primary ledger of the joint venture. If you leave it blank, the primary ledger associated with the business unit of the joint venture will be used.

   • Period. Use this field to validate the transactions in a particular accounting period. If you leave this blank, the earliest open period for the ledger will be used.