Update Accounting Information for Posted Joint Venture Invoices

After the accounting entries have been created and the invoices have been posted to the General Ledger, run the Create Joint Venture Invoices and Journal Entries process in the Update Accounting for Invoices mode.

For invoiced cost distributions, the process stores this information for the accounts:

• For the partner account, it stores a reference information from Receivables, which then derives the account combination identifier of the partner account from the General Ledger.

• For the receivable account, it stores the account combination identifier of the receivable account from the General Ledger.

For invoiced revenue distributions, the process stores this information for the accounts:

• For the partner account, it stores a reference information from Payables, which then derives the account combination identifier of the partner account from the General Ledger.

• For the liability account, it stores the account combination identifier of the liability account from the General Ledger.

The process includes an option that enables you to store the information for only the partner account or for both the partner account and receivable or liability account. Remember that for invoiced cost distributions, the partner account is recorded in the Revenue accounting class on each invoice line. For invoiced revenue distributions, the partner account is recorded in the Item Expense accounting class on each payables invoice line.

After the accounts are updated in the invoiced distributions, the distributions are considered as accounted in Joint Venture Management and are available for reporting. The status of the distributions changes from Accounting in Progress to Process Complete. If the integration with Project Costing is enabled, the accounted distributions can then be processed to create cost adjustments in Project Costing. This facilitates a streamlined General Ledger to Project Costing reconciliation.

See Create and Send Cost Adjustments to Oracle Project Costing for more information.

Run the Process to Update the Accounting for Posted Invoices

Joint venture accountants can run this process.

The process selects only those joint venture invoices that are posted.

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

2. For the Processing Mode, select Update Accounting for Invoices.

3. For the Source, select Receivables or Payables, or select “Both” to update the General Ledger references for both receivables and payables invoices.

4. Use the following fields to determine the invoiced distributions to process, or leave them blank if you want to process invoiced distributions for all your joint ventures:

   • Business Unit. Select a business unit to process invoiced distributions for all the joint ventures associated with the business unit.

   • Legal Entity. Use this field to process invoiced distributions 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.

5. Use the following fields to specify a transaction date range to select invoiced distributions to process:

   • From Date.

   • To Date.

6. Select an invoicing partner or leave it blank to process invoiced distributions for all invoicing partners.

7. For the Update Receivable and Liability Accounts, select “No” to only retrieve partner account information to store in the distributions. Select “Yes” to also retrieve the receivable account and liability account from the General Ledger for cost distributions and revenue distributions respectively.

8. Click Submit.

   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.