Head-Accounts Payable (AP)
Job Description
Title: Head-Accounts Payable (AP)
Company Name: A Reputed Textile Company
Vacancy: --
Location: Dhaka
Salary: Tk. 250000 - 300000 (Monthly)
Experience:
∎ 9 to 10 years
Published: 29 Jan 2024
Education:
∎ FCA
Requirements:
Responsibilities & Context:
∎ Understand Chart of Accounts, Cost Centers and other related coding in detail to ensure proper accounting.
∎ Understand NOW, Kandaree and other related systems (including new systems as and when implemented) to the extent they have impact on accounting.
∎ Understand all the reports from NOW and other systems related to accounting with their related logics. Must have a handy ready list of all reports used for accounting from any package.
∎ Understand how warehouses and transaction codes operate in NOW to understand their impact on accounting.
∎ Ensure correct accounting of expenses between revenue and capital (expenses like transport/C&F also to be identified correctly for booking to Capital. These expenses should NOT be booked to revenue C&F account code but to a relevant account code in CWIP).
∎ Understand complete system of generation of Project Codes, Requisitions, Purchase Orders, MRN and Issue system for Capital items to ensure correct accounting.
∎ Track Foreign Exchange Rates (for purchases) in NOW at least once a month in consultation with GL Head. Understand how exchange rates are used by NOW for various type of transactions to ensure correct treatment of transactions in Forex and related exchange rate differences. This includes impact of exchange rates in imported material accounting and payments thereof.
∎ Ensure accounting of all MRNs in time (both import and local purchases) through system. Supplier invoices to be checked with PO conditions and for accuracy before posting.
∎ Keep MRN valuation and accounting uptodate for monthly/quarterly/annual accounts.
∎ Make provisions for material/services received but supplier bills not passed to ensure correctness of Financial Statements.
∎ Ensure accounting of all Services received.
∎ Ensure accounting of all materials consumption correctly with inventory valuation and reconciliation.
∎ Reconcile inventories in GL with related itemwise inventory reports from NOW.
∎ Track LCs (Cash and BBLCs, both sight and deferred) opened for material and service purchases (local and imports both), margins given and adjustment thereof.
∎ Track UPAS LCs for material imports, due dates and payments
∎ Track the LCs within approved limits by bank
∎ Adjust payments against LCs (before receiving the material) on receipt of material and adjust LC margin account.
∎ Release acceptances for deferred LCs (both Cash and BBLCs) to Suppliers in time after due checking with materials received.
∎ Regular review of Advance to Suppliers to adjust with invoices timely
∎ Adjust and keep all sub-contract supplier accounts reconciled for material movement payments/liabililties.
∎ Track Deferred Capex creditors by due date (Capex incurred under ECA approvals). Keep these creditors record separately identified for easy identification and tracking
∎ Ensure proper booking of import expenses between revenue and capital. Expenses for capital items to be booked under CWIP/asset head with proper narrations and capitalized accordingly.
∎ Review of importation expenses variances to review absorption rates. Review to be done in association with MIS.
∎ Approve all voucher above Tk 25 lacs of Revenue nature and all voucher of Capital nature in NOW system.
∎ Keep balances in NOW reconciled and tallied with respective sub systems having linkage with NOW (like inventory reports from NOW must tally with balance in accounts ledger).
∎ Ensure allocation of payments made to suppliers to respective invoices to get invoice wise outstanding correctly. In case of customer account in foreign currency, allocation will also ensure accounting of exchange rate difference.
∎ Confirm ledger balances to suppliers/their auditors whenever required.
∎ Accounting of materials received on loan or given on loan. Same way accounting of materials on loan returned. Follow up for return of material given on loan.
∎ Ensure correct deduction of VAT and AIT from different supplies of materials and services.
∎ Monitoring of timely payment of AIT and VAT deducted and distribution of AIT & VAT challan among different party. Ensure to complete this work within time limits prescribed by law.
∎ Timely payment of VAT payable on materials and services (other than the cases where VAT is deducted and paid)
∎ Advise procurement and other departments for correct VAT and AIT conditions in Purchase/Service orders.
∎ Plan the purchase of material and services and advise expenses booking to various heads to minimize VAT liability
∎ Attending hearing for VAT audit of different company and manage VAT office by providing documents and explanations.
∎ Keep all other Accounts Payable related matters up to date.
∎ Provide specific suggestions to improve accounting method or accounting in general.
∎ Test the new systems (whenever new systems are implemented) to ensure desired outcome. Prepare for data migration to new system.
∎ Set the detailed Job Description and training of reporting team members on their specific tasks.
∎ Objective assessment of performance of team members for recommending increments and promotions.
∎ Tasks as assigned from time to time by CFO/Management.
∎ Overall responsibility of managing Accounts Payable and related activities:
∎ GENERAL
∎ ACCOUNTS PAYABLE MANAGEMENT
∎ OTHERS
Employment Status: Full Time
Job Location: Dhaka
Apply Procedure:
Email your CV:
∎ Send your CV to the given email [email protected] or Email your CV from My Bdjobs account
Company Information:
∎ A Reputed Textile Company
Read Before Apply: Please apply only who are fulfilling all the requirements of this job
Application Deadline: 1 Feb 2024
Category: Accounting/Finance
Source: bdjobs.com
Deadline Expired on 1st Feb 2024
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