Accounting Staff (Reliever)

Department: Accounting

Location: Insular Life Corporate Centre, Alabang, Muntinlupa City

Job Description

Credit and Collection

  • Establish dealer’s credit line after approval has been secured
  • For parts sales, credit line approval is secured before credit terms is granted. The same data is entered in SAP.
  • Monitoring of outstanding accounts including timely submission of creditable withholding tax (CWT) by customers
  • On a weekly basis, finance staff monitors outstanding receivable. In cases where invoices are about to become overdue, finance staff follows up with the customers and asks support from Parts sales if needed to.
  • For customer’s payment, normally they withhold taxes for payment made to us. It is the duty of Finance staff to ensure that all taxes withheld by customers are covered by CWT. Otherwise, collection receipts will not be provided to them.

Treasury

  • Preparation of collection and official receipts
  • Upon confirmation of the bank credit, Cashier to issue the receipts
  • Petty cash custodianship
  • Upon presentation of approved cash advance, Finance to release the funds to the requesting party
  • Finance to follow up outstanding advances for timely liquidation
  • Once cash advances are liquidated, petty cash vouchers are prepared.
  • To replenish the fund, Finance to prepare summary the petty cash vouchers and request for check.  This is done once the fund is Php 15,000 or below
  • Releasing of checks to vendors
  • Checks to vendors for release every Friday – no longer applicable if we outsource to RCBC
  • Creation of Ringi for new account opening and credit line with banks and secure HQ’s approval
  • Currently, we have accounts with the RCBC, BPI and MUFG.  In cases where we need to open new accounts, corresponding approval should be secured
  • Bank borrowings upon securing approval from HQ
  • Forward exchange contracts with banks
  • Once we received the invoices related to importation, we submit them to the bank for registration with BSP
  • Quotation of foreign exchange rates are then asked from MUFG or RCBC
  • Bank providing the best rates will be awarded with the forward contract
  • Borrowing and foreign exchange rates monitoring
  • On a monthly basis, we do roll over of bank loans on MUFG. Rates are being monitored to ensure we get the best rates
  • Bank transaction monitoring and reconciliation report
  • On a weekly basis, we monitor our cash balance to ensure sufficient cash to pay for our loans and payables
  • Communicate with banks for remittance, payment and cash transfer, forex forward, etc.
  • Registration of importation documents with the BSP through the bank
  • Preparation of monthly cash forecast
  • Within the week after month end, cash forecast is prepared to check on the sufficiency of funds to pay the vendors and bank loan.  In the event that cash would not be sufficient, bank loan is availed based on the approved amount.

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