Overview of the Setup in Oracle Financials to Create Payables Invoices for Joint Ventures

Joint venture accountants use Oracle Joint Venture Management to create payables invoices for joint venture revenue distributions.

To enable accurate accounting of amounts in payables invoices, you must perform these setup tasks:

• Set up the following accounts in Oracle Payables:
  • Liability account. The account in your general ledger for posting distributed revenue amounts in payables invoices, which are entered as a credit.
  • Partner account. The account in your general ledger for posting the offset accounting entries for distributed revenue amounts, which are entered as a debit. These entries are written in the Item Expense accounting class.

• Set up Payables for debit memos.

  If payables invoices for distributed revenue are generated with incorrect amounts, this setup enables you to create debit memos to adjust the amounts in Payables.

• Set up currency conversion rates and rate types to create payables invoices in multiple currencies.

Note:

Except for debit memos, these instructions are applicable to payables invoices created for both operated and nonoperated joint ventures.

Also, if you haven’t already set up the logging level for joint venture invoices during the setup for receivables invoices, see Set Up the Logging Level of Detail for Joint Venture Invoices.

Application implementation consultants can perform these tasks.