Patent ID: 8655754

Claim:
A non-transitory computer readable medium having instructions stored thereon that, when executed by a processor, causes the processor to: define a hierarchy relationship between entities of a company, wherein the entities comprise a first entity, a second entity, and a third entity, wherein the first entity and the second entity are subsidiaries of the third entity, and wherein the third entity is the parent of the first entity and the second entity; define an eliminations entity for each pair of subsidiaries involved in an intercompany transaction, wherein there is a separate eliminations entity for each parent in the hierarchy; receive an intercompany transaction between the first entity and the second entity from the first entity; identify, by the eliminations entity, the intercompany transaction between the first entity and the second entity; send a request for approval of the intercompany transaction between the first entity and the second entity to the second entity; receive an approval of the intercompany transaction between the first entity and the second entity from the second entity; and generate an eliminating entry for the intercompany transaction upon receiving the approval, wherein the eliminating entry is associated with the eliminations entity for a common parent of the first entity and the second entity, wherein the eliminating entry is generated before a second approval is received.