Consolidating data from Xero

Purpose

To automate the collection, standardization, and consolidation of transactional data from Xero across a parent company in the EU and two subsidiaries in the UK and Sweden. The workflow handles multi-currency billing across three entities, giving the finance team a single, accurate view of group-wide activity without manual exports or reformatting.

Data sources

1. Xero accounts: Trial balances collected directly from each account via AI agent.
2. Chart of accounts: Defines the standardized account mapping applied across all entities during consolidation.
3. FX rates: Closing date and period average currency conversion rates.

Key processing steps

1. Data collection

Reiterate’s AI agent connects to each Xero account and pulls the trial balances history. There’s no need to download anything manually. When an accountant makes changes in Xero, the agent picks them up automatically on the next run.

2. Data standardization and mapping

Normalize data from all accounts into a consistent structure:

• Standardize trial balance format across all entities (e.g. applying uniform field naming, date standardization)
• Map each account's data to a shared chart of accounts
• Apply FX rates to convert UK and SE entities to EUR
• Flags inter-company accounts based on the configuration

3. Intercompany eliminations

• Use intercompany account mapping configurations to identify intercompany transactions
• Apply consolidation rules to reconcile  inter-company transactions
• Flag discrepancies or mismatches across accounts for review
• Generate and apply elimination adjustments
• Produce post-elimination balances in EUR

Outputs

• Consolidated profit and loss report
• Consolidated balance sheet
• Intercompany reconciliation report
• Elimination report of intercompany transactions

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