A joint venture (JV) is an association of two or more parties formed to diversify risks, achieve operational efficiencies, and share in costs and revenues. Sharing is proportional according to each party’s interest in the venture. Each cost object that is used to post joint venture accounting expenses must be assigned to a single joint venture.
In PRA-Ownership, you create ventures as “extensions“ of JVA joint ventures. If you do not have Joint Venture Accounting installed and active, you can, however, still create ventures in PRA (see: Setting Up JVA Master Data for Non-JVA Systems).
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