CHART OF ACCOUNTS SETUP AND MAINTENANCE WORKFLOW

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[ ] Retrieve Existing Chart of Accounts: Fetch all existing account entries from the Chart of Accounts data model to check for duplicates.
[ ] Fetch Global Account Hierarchy: Retrieve the parent-child relationship structure from the data model to ensure correct nesting.
[ ] Validate Account Code Format: Execute a formula to verify that the new account code follows the predefined alphanumeric pattern.
[ ] Create New Account Entry: Create a new entry in the Chart of Accounts data model with the specified account details.
[ ] Assign Review Task to Controller: Create a task for the Financial Controller to review the newly created account for accuracy.
[ ] Update Parent Account Mapping: Update the parent account entry in the data model to include the newly created child account.
[ ] Calculate Total Assets Value: Aggregate all entries within the 'Assets' category to ensure the balance sheet structure remains intact.
[ ] Audit Trail Verification Task: Create a task for the Internal Auditor to verify the change against the change management policy.
[ ] Notify Accounting Team: Send an email notification to the accounting department regarding the update to the Chart of Accounts.
[ ] Deactivate Obsolete Account: Delete or mark as inactive the entry for the redundant account identified during the cleanup process.
[ ] Generate Updated COA Report: Generate a comprehensive report of the updated Chart of Accounts for management review.
[ ] Alert Finance Manager: Send an SMS alert to the Finance Manager for high-priority changes to sensitive accounts (e.g., Cash or Equity).

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