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Financial Reporting, Budgeting, Cost Accounting business requirements

Thanks to all of the SONATA team and KPMG stakeholders for joining this marathon meeting today. I am summarizing the MOM (Minutes of Meeting) for your knowledge :

1. Finalization of COA values

a. CFO has recommended us that let KPMG team review the SONATA COA (Chart of Accounts) Values file already submitted to us earlier. According to his opinion, detailed discussion on this topic is not needed as recommended by Phani. We all agreed to his view point.

b. KPMG team will analyze SONATA COA (Chart of Accounts) values in terms of its fitment to Financial Reporting, Budgeting, Cost Accounting and other critical business requirements. If there are any anomalies in the current COA values, we will identify them and give our recommendations

c. KPMG Consultants will schedule the final review meeting with Finance Super users on this topic after he has completed his review.

2. Finalization of Budget and Variance reporting requirement

a. KPMG Consultants needed one more meeting to fully understand the requirements

b. I will schedule another meeting on this topic tomorrow from 12.30 pm to 01.30 pm BDT to discuss this requirement. KPMG Consultants will join from the offshore location

3. Financial Statements

a. After finalization of COA values, KPMG Consultants will guide the team on the roadmap & execution of Financial Statement report generation

b. CFO also requested us to explore the possibility of generating P&L statement at the Plant level

c. Head of IT also asked our team to explore if all the financial reporting can be done along the dimensions of LOB (Line of Business), Plant

4. Cost Sheet Report

a. This report was reviewed in detail by CFO, CIO, Costing Team

b. KPMG Consultants clarified all the queries including the costing approach when implementing AVERAGE COSTING

c. CFO has agreed with the COST SHEET Report and have recommended to rectify the following two points:

i. In the CO Product Cost report, the Cost of BP item should be the unit cost at the BP item level , not on the FG item level

ii. While querying the BP Product for the cost sheet, there should be provision to query fractional quantities.If I have missed any point above, please let me know.
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