INTERCOMPANY RECONCILIATION PROCESS

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[ ] Fetch Intercompany Transactions: Retrieve all pending transaction entries from the Intercompany Ledger data model.
[ ] Fetch Counterparty Balances: Retrieve the reported balances from the subsidiary/counterparty data model.
[ ] Sum Total Internal Debits: Calculate the total sum of all debit entries identified in the first step.
[ ] Sum Total Internal Credits: Calculate the total sum of all credit entries identified in the first step.
[ ] Calculate Discrepancy Variance: Subtract the counterparty balance from the internal ledger balance to identify the variance amount.
[ ] Assign Discrepancy Investigation: Create a task for the Financial Controller if the variance is greater than zero.
[ ] Log Reconciliation Discrepancy: Create a new entry in the Discrepancy Log data model with the calculated variance details.
[ ] Create Adjustment Journal Task: Create a task for the Accounting Team to prepare manual adjustment entries.
[ ] Update Transaction Status: Update the status of the processed transactions to 'Reconciled' in the ledger data model.
[ ] Generate Monthly Reconciliation Report: Generate a summary report showing reconciled vs unreconciled amounts for the period.
[ ] Notify Stakeholders of Discrepancies: Send an email to the Finance Director and Subsidiary Managers containing the discrepancy report.
[ ] Cleanup Temporary Working Data: Delete the temporary calculation entries used during the aggregation process.

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