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'll create for the refund amount. By default, the current 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 current 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.

The partner contribution status changes to Ready to Close and a record for the close transaction appears in the Transactions tab in Ready to Close status.

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

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

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, canceled, and transferred.

4. If you selected the Close process type, the Close Type field appears with the following options that enables you to process partner contributions based on the close transaction type:

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

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

   • Legal Entity. Use this field to process partner contributions 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. Use this field to select partner contributions for a particular joint venture. 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.

6. Select a stakeholder or leave this field blank to run the process over all stakeholders.

7. Specify default values for the following dates:

   • Contribution Start Date. Enter a date to run this process over all the partner contributions that have this contribution start date. If you leave this field blank, the current date is used.

   • Accounting Date. Enter a date to use as the general ledger date in Oracle Payables when creating the payables invoices. If you leave this field blank, the current date is used.

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.

Create a Journal Entry for the Refund Amount

Important: Before you perform the tasks in this topic, an application implementation consultant might need to set up subledger accounting to derive the partner contribution account to which the amount will be refunded. See Derive Partner Contribution Accounts for Journal Entries Created to Close Partner Contributions.

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

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, canceled, and transferred..

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

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

   • Legal Entity. Use this field to process partner contributions 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. Use this field to select partner contributions for a particular joint venture. 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.

6. Select a stakeholder or leave this field blank to run the process over all stakeholders.

7. Specify default values for the following dates:

   • Contribution Start Date. Enter a date to run this process over all the partner contributions that have this contribution start date. If you leave this field blank, the current date is used.

   • Accounting Date. Enter a date to use as the general ledger date for the transaction. If you leave this field blank, the current date will be used.

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.

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

   • Legal Entity. Use this field to process partner contributions 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. Use this field to select partner contributions for a particular joint venture. 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. 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.