Audit Reports for Joint Ventures

You might be required to provide an audit report to external auditors to help ensure that the joint venture is operating in accordance with the joint operating agreement. The report includes a subset of the transactional data for joint venture costs, expenses, and other transactions, along with information about the original transaction. If Project Costing is integrated with Oracle Joint Venture Management, the report also includes project information for subledger transactions.

You run a process to retrieve and extract the data to a file in CSV (Comma-Separated Values) format. The process extracts transactional data from the Joint Venture Distributions work area. For joint venture transactions that originate from Oracle Payables and Payroll Costing, it extracts additional data, such as the transaction reference, directly from these subledgers.

The transaction reference differs depending on the origin of the transaction:

• For Payables transactions, this is a concatenation of the invoice number, invoice line number, distribution line number, and invoice date.

• For Payroll Costing transactions, this is a concatenation of the Payroll Costing ID, element name (basic Pay, HRA, and so on), and payroll period.

• For General Ledger transactions, this is a concatenation of the journal source, journal name, and journal batch name.

• For joint venture source transactions, this is a concatenation of the joint venture name, transaction date, and overhead method name.

• For joint venture manual transactions, this is a concatenation of the joint venture name and transaction date, with "Manual Transaction" appended at the end.

Perform the following steps to run the process to generate audit reports:

Note: You can run the process only for the joint ventures that are associated with the business units you're authorized to manage through data security.

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

2. For the Processing Mode, select Export Data for Audit Report.

3. Use the following fields to determine the transactions to process, or leave them blank if you want to run the process over all your joint ventures:

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

     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 click 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.

4. Use the following fields to select transactions based on a range:

   • From and To Invoicing partner

   • From and To Project Number

   If you enter only the beginning value in a range, the process will run over all data starting from the value you entered. If you leave these fields blank, the process will run over all your invoicing partners and project numbers.

5. Complete at least one of the following parameters to select the data for the report. The process will end in error otherwise.

   • Process By. Use the Process By drop-down list to select transactions by period or accounting date.

     If you select Period, then select the period in the field provided.

     If you select Accounting Date, use these fields to enter a date range:

     • From Date. If you complete this field and leave the To Date field blank, the process will select all transactions that have the accounting date starting from the date you specified to the current date.

     • To Date. If you complete this field and leave the From Date field blank, the process will select all transactions that have the accounting date before and on the date you specified.

     Note: Only transactions with an accounting date in the specified period or within the date range will be processed.

     If you select Period or Accounting Date in the drop-down list but don’t specify a period or a date range, the process will select transactions that have an accounting date corresponding with the earliest open period.

   • Transaction from Date and Transaction to Date.

   • Receivables Invoice from Date and Receivables Invoice to Date.

     If you use these parameters, you must enter both the beginning and ending date in the range.

6. For the “Include Distributions Created by Joint Venture Management” option, select Yes to include these types of distributions in your audit report.

   This is applicable only if you're using Joint Venture Management to generate distributions to support financial reporting by joint venture stakeholder. These distributions are generated primarily for this purpose, but you can also include them in your audit report. See Financial Reporting by Joint Venture Stakeholder for more information about these distributions.

7. Click Submit.

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