Creating a PRA Venture 

Use

Use this transaction to create master data for a PRA venture, which represents a property with one or several leases. The PRA venture is an extension of the joint venture record set up in joint venture accounting.

 

When you create a PRA venture, you will have to define the following venture attributes for the venture (each one of these corresponds with a screen tab on the PRA venture maintenance screen):

General	General information on the type of venture, and revenue-related attributes for the venture.
Location	Information on the geographical location of the venture (country, state, and whether the venture is located onshore or offshore).
Legal description	Information on the surveying method used for that DOI.
Acquisition information	Information on when a venture was acquired, sold, etc., and the parties involved
Unit venture	If the venture is a PRA Unit Venture, you specify the applicable combined product codes.

 

 

Creating a PRA venture does NOT create a new venture in the system, rather, it is an extension of the joint venture that has already been created in the SAP Joint Venture Accounting system.

You cannot delete ventures in PRA, due to that link.

 

Procedure

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       1.      At the SAP Easy Access screen, choose Logistics  ®  Production and Revenue Accounting  ®  Ownership  ®  Venture  ®  Create.

The Create Joint Venture Maintenance: Initial Screen is displayed.

 

       2.      Enter a joint venture and company code (or you can create one with reference).

 

       3.      Choose Enter.

 

The Create Joint Venture Maintenance: Overview Screen is displayed.

 

       4.      Enter a short description of the venture.

 

       5.      Within the General screen tab, enter the following required data:

·        The interest code (specifying who receives interest from the venture), the usage type (how the venture is being used), the status of the venture (active, non-producing, sold, etc.), as well as the status effective date (the date on which the status that you listed is to be active).

 

·        Field ID (optional), which will appear in the Schedule A Reports (if entered here) – (for more information on that see: Generating a DOI Schedule A Report).

 

·        If the venture that you are creating is a PRA Unit Venture, set the Unit venture flag. Set the DOI by tract flag to indicate whether ownership and the resulting revenue disbursement for the unit that is being set up is under one division order, or under multiple division orders – that is, one for each tract in the unit.

 

·        DOI Print Flag – Set this if you want the DOI name, instead of the venture name, to be printed on checks.

 

       6.      Select the Location screen tab, and enter the relevant data. This defines what state and region the venture is in, and whether the venture is an onshore or offshore venture.

 

       7.      Select the Acquisitions tab. Note that the acquired from party, and the sold-to party have to be valid customers in the SAP System.

 

       8.      Legal description – You can only access the Legal Description screen tab if you have already entered a legal description on the General screen tab. Based on the legal description type that you enter, the system displays a list of legal description fields, for which you enter data in the Value column. The unit of measure is also displayed.

 

       9.      Unit Venture screen tab –  In order to be able to select this, both the Unit venture flag, as well as the DOI by tract flags have to already be set on the General screen tab. Select the Unit venture screen tab. Within that screen tab, select the applicable combined product codes for the unit venture.

 

You can also create a long text description for the venture that you are creating. To do that, from the screen that you are on (Create Joint Venture Maintenance: Overview Screen), select Edit à Long Text.

 

   10.      Save the PRA venture.

See also:

Joint venture