Key Responsibilities
1. Import Accounting & Foreign Vendor Payments
- Account for import purchases and all related expenses in compliance with company accounting policies.
- Verify and process import-related documents.
- Pass accounting entries related to:
- Coordinate with banks for import remittances and foreign currency payments.
- Ensure compliance with RBI, FEMA, Income Tax, and other applicable regulatory guidelines related to import transactions.
- Monitor and ensure timely closure of IDPMS/EDPMS transactions and maintain supporting documentation.
- Track advance payments made to overseas suppliers and reconcile them against final invoices and import documentation.
- Maintain records of all paid and outstanding payment requests.
- Review and monitor aging of foreign vendor balances and advances.
2. Treasury Operations
- Manage treasury-related activities including fund planning and payment execution.
- Process import remittances, domestic vendor payments, and inter-plant fund transfers.
- Pass control account entries for plant fund transfers and import payment transactions.
- Coordinate with banks for payment processing, foreign exchange transactions, and banking documentation.
- Monitor foreign exchange exposures and assist in forex reporting.
- Maintain adequate liquidity for operational requirements and payment commitments.
- Support cash flow tracking, treasury reporting, and banking relationship management.
4. Bank Reconciliation
- Prepare daily, weekly, and monthly bank reconciliations.
- Identify, investigate, and resolve unreconciled transactions on a timely basis.
- Monitor bank charges, interest entries, and foreign exchange transactions.
- Coordinate with banks for issue resolution and required documentation.
- Maintain reconciliation schedules and ensure timely closure of open items.
5. Month-End & Year-End Closing Activities
- Prepare bank reconciliation schedules and supporting reports for financial close.
- Reconcile import advances, vendor balances, and treasury accounts.
- Ensure all import-related accounting entries are recorded accurately before month-end closure.
- Support preparation of provisions, accruals, and closing schedules.
- Assist in financial reporting and account reconciliation activities.
6. Audit & Compliance Support
- Assist in statutory audits, internal audits, tax audits, and regulatory reviews.
- Prepare schedules, reconciliations, and supporting documents for auditors.
- Obtain and verify vendor confirmations and balance confirmations from banks where required.
- Ensure proper maintenance of accounting records and audit documentation.
- Support preparation of annual financial statements and compliance reports.
- Ensure adherence to internal controls and company policies.
Required Skills & Competencies
- Strong knowledge of Import Accounting and Foreign Vendor Payments.
- Good understanding of FEMA, RBI regulations, IDPMS/EDPMS processes, and import remittances.
- Experience in Treasury Management and Banking Operations.
- Strong expertise in Bank Reconciliation and General Ledger reconciliation.
- Proficiency in ERP systems such as SAP,
- Advanced MS Excel skills including Pivot Tables, VLOOKUP/XLOOKUP, reconciliation reports, and data analysis.
- Strong analytical, problem-solving, and organizational skills.
- Good communication and stakeholder management abilities.
- Ability to work effectively under strict month-end and year-end deadlines.
Key Performance Indicators (KPIs)
- Timely processing of import and foreign vendor payments.
- Accuracy of import accounting and treasury transactions.
- Timely closure of IDPMS/EDPMS cases.
- Completion of bank reconciliations within agreed timelines.
- Compliance with FEMA, RBI, GST, TDS, and Income Tax regulations.
- Reduction in unreconciled bank and vendor items.
- Timely completion of month-end and year-end closing activities.
- Audit compliance with minimal observations.
