MULTI-ENTITY CONSOLIDATION PROCESS

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[ ] Fetch Subsidiary Financial Data: Retrieve all monthly trial balance entries from the Sub-Ledger data model for all active entities.
[ ] Fetch Currency Exchange Rates: Retrieve the latest exchange rate entries for all required currency pairs from the FX Data Model.
[ ] Convert Local Currency to Group Currency: Multiply local currency amounts by the retrieved exchange rates to normalize all entries to the functional currency.
[ ] Aggregate Revenue and Expenses: Sum all converted revenue and expense entries by account type and entity for the reporting period.
[ ] Create Consolidation Draft: Create a new entry in the Consolidation Journal data model containing the aggregated totals.
[ ] Get Intercompany Transactions: Retrieve all pending intercompany invoice entries to identify elimination requirements.
[ ] Calculate Intercompany Eliminations: Calculate the net offset required to zero out intercompany receivables and payables.
[ ] Post Elimination Journal: Update the Consolidation Draft entry with the calculated elimination adjustments.
[ ] Assign Controller Review: Create a task for the Group Controller to verify the accuracy of the consolidated figures.
[ ] Get Reviewer Comments: Retrieve any notes or discrepancy entries left by the Controller during the review task.
[ ] Finalize Consolidation Status: Update the Consolidation Draft entry status to 'Finalized' once review is complete.
[ ] Generate Consolidated P&L Report: Generate a formal Profit and Loss report based on the finalized consolidated data entries.
[ ] Notify Stakeholders: Send an email to the CFO and Board of Directors with the link to the newly generated report.

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