FINANCIAL MONTH-END CLOSING PROCESS

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[ ] Fetch Unreconciled Bank Transactions: Retrieve all bank statement entries from the Bank Transactions data model where status is 'Unreconciled'.
[ ] Perform Bank Reconciliation: Create a task for the Accountant to match bank statement entries against internal ledger entries.
[ ] Update Transaction Status: Update the status of reconciled transactions to 'Closed' in the Bank Transactions data model.
[ ] Retrieve All Accrual Expenses: Fetch all pending accrual entries from the Accruals data model for the current period.
[ ] Calculate Total Accrual Amount: Sum the 'Amount' property of all retrieved accrual entries to determine total monthly accrual liability.
[ ] Calculate Variance: Calculate the difference between the Total Accrual Amount and the Budgeted Accrual amount.
[ ] Create Journal Voucher: Create a new entry in the General Ledger data model to record the calculated accrual amounts.
[ ] Review Accounts Payable: Create a task for the AP Manager to verify all unpaid invoices in the Accounts Payable data model.
[ ] Fetch Pending Invoices: Retrieve all invoices from the Invoices data model with a status of 'Pending Approval'.
[ ] Sum Total Accounts Payable: Aggregate the total value of all pending invoices to calculate the total current liability.
[ ] Final Ledger Review: Create a task for the Finance Controller to perform a final review of all ledger entries before closing the period.
[ ] Generate Month-End P&L Report: Create a financial report summarizing Profit and Loss based on the updated General Ledger entries.
[ ] Close Financial Period: Update the Accounting Period data model to change the status from 'Open' to 'Closed'.
[ ] Notify Stakeholders of Period Closure: Send an email to the Executive Team and Department Heads notifying them that the month-end close is complete.
[ ] Archive Monthly Documents: Create a task for the Accounting Clerk to move all period-specific documents to the permanent archive folder.

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