To perform routine foreign vendor invoice processing activities including checking invoices against purchase orders, timely entry into ERP system, verification of TDS requirements, coordination with banks and treasury for payment follow-up, and maintaining FEMA compliance awareness. This entry-level role focuses on learning foreign payment processes and building specialized skills in international transaction processing.
- Job Context & Major Challenges: Write the specific aspects of the job that provide a challenge internal and external) to the jobholder in the context of the Business / Unit / Function / Department / Section
Key Responsibilities And Accountabilities
- Checking of foreign invoices with Purchase Order, material/service receipt
- Timely entry of invoices into ERP system
- Checking of TDS & other statutory requirements
- Follow up with bank & treasury for timely remittance
- Updated with FEMA compliance requirements
- Communication to obtain required information to process documents
- Coordination with banks and treasury for timely execution of payment
- Accounting of TDS as per applicable rate and reconcile monthly liability
- Controls of liability accounts and monthly monitoring
- Ensure effective accounting and timeliness of accounting
Major Challenges Associated With These Responsibilities
- FEMA Regulation Learning: Understanding complex FEMA guidelines, documentation requirements, and compliance procedures as a beginner
- Foreign Currency Handling: Learning currency conversions, exchange rate applications, and multi-currency accounting
- Documentation Complexity: Managing multiple documents (contracts, licenses, customs papers, tax forms) for each invoice
- Bank Coordination: Following up with AD banks for payment status across different time zones and banking channels
- TDS Rate Determination: Learning Section 195 provisions, DTAA treaties, and correct TDS rate application for different countries
- Key Result Areas:
Key Result Areas
Supporting Actions
Foreign Invoice Processing Accuracy
- Process routine foreign invoices with 99% accuracy
- Perform PO-Invoice-Contract matching correctly
- Apply correct exchange rates and currency codes
- Ensure all mandatory FEMA documents are attached
TDS & Compliance
- Apply correct TDS rates under Section 195
- Verify tax residency certificates when applicable
- Account for TDS postings accurately
- Reconcile monthly TDS liability for foreign payments
Bank & Treasury Coordination
- Follow up with banks for payment execution status
- Coordinate with treasury for forex booking confirmation
- Track SWIFT payment UTRs and confirmations
- Escalate payment failures to Process Lead promptly
Learning & Development
- Build knowledge of FEMA regulations through training
- Learn different payment purposes and documentation requirements
- Improve understanding of foreign exchange and banking
- Seek guidance on complex foreign payment scenarios
