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Majed Al Toukhi, Commercial Payments Manager

Majed Al Toukhi

Commercial Payments Manager·Red Sea Global

Saudi Arabia

Bachelor's degree, Accounting

Work experience

Total years of experience: 17 years, 4 months

Commercial Payments Manager

February 2024 - Present

Red Sea Global

Riyadh, Saudi Arabia

February 2024 - Present

-Managing contracts.

-Preparing monthly BUR Budget utilization report.

-Initiating Budget transfer between control accounts for all projects.

-Managing change events & contract changes throughout the project lifecycle.

-Creating cost worksheets & setting up new contracts on Aconex connected cost system.

-Processing payments to contractors, consultants & service providers.

-Ensure Performance & Advance payment bonds are received & in place for awarded contractors & maintain a database for same.

-Ensure Insurance policies are available & valid.

-Worked on data migration & mapping from Oracle Reef system to SAP S/4 Hana.

-Using SAP Ariba to validate & check on vendor information and making sure all vendors are integrated with SAP S/4 Hana.

-Contracts reconciliation between Oracle Aconex Vs. Oracle Reef system & managing any discrepancies in data.

-Ensure Notice to proceed letters are issued & sent to contractors to proceed with the works as per contract terms.

-Processing DVO determined variation orders.

-Converting PR to PO & checking if there is retention & advance recovery to apply to PO.

-Processing the approved certified invoices & submitting them for payment.

-Making sure Governance & compliance are in place.

-Preparing payment certificates after gathering all the required documents.

-Receiveing the standard PO’s by creating the receiving receipts in the ERP Oracle Reef.

-Closing paid invoices in Acconex system.

-Closing PO’s in Oracle Reef system.

-Working closely with the Commercial team on site & making sure all site requirements are fulfilled.

-Preparing monthly accruals.
Company industry:
Hospitality & Accomodation
Job role:
Accounting and Auditing

Accounts Payable Manager

August 2022 - August 2023

Emaar - Saudi Arabia

Jeddah, Saudi Arabia

August 2022 - August 2023

-Managing Accounts payable of Emaar co. & subsidiaries.

-Managing vendor statements reconciliations VS. bank statements to make sure the AP ledger is correct & matching with bank accounts.

-Reviewing and posting monthly accruals.

-Validating & approving Invoices, work confirmations & PO’s through ERP Oracle and making sure the Tax invoices matches ZATCA tax requirements.

-Making sure the expenses are correctly booked on the cost center & GL accounts which they are related too.

-Review of the Withholding tax monthly report to make sure that the right WHT rates are applied on the invoices before filling the WHT return to E&Y.

-Running AP aging report & make sure to pay the overdue invoices.

-Running weekly payment schedules & working closely with treasury team to secure bank approvals.

-Monitoring the open advance payments and making sure to obtain the invoices to properly close the open advances, running weekly prepayments report.

-Running GL account analysis reports & reconcile with the Trial balance.

-Performing balance confirmation with the vendors.

-Monthly closing of Accounts payable & cost management modules.

-Working closely with IT to upgrade the current ERP Oracle system and enhance system reports.

-Managing internal & external Audit requirements.
Company industry:
Real Estate
Job role:
Accounting and Auditing

Credit Control Manager

May 2021 - August 2022

Binzagr Co.

Jeddah, Saudi Arabia

May 2021 - August 2022

Managing Credit control & receivables of the company.
Company industry:
FMCG
Job role:
Accounting and Auditing

Country Senior Accountant

March 2018 - March 2021

IKEA Ghassan ahmed alsulaiman furniture trading co.

Jeddah, Saudi Arabia

I found this job using Bayt.com

March 2018 - March 2021

Accountability and responsibilities as a Country Senior Accountant & Acting Chief Accountant:

- Monthly VAT Filling for KSA & Bahrain (reconciliation - Filling & payment to GAZT & NBR).

- Year end Zakat Consolidated filling & payment (IKEA Group of companies).

- Monthly Withholding Tax filling & payment.

- Excise Tax filling & payment (For IF&B Juices which are imported from Sweden).

- Managing Internal & external audit requirements related to fiscal year closure & working along with the team to fulfill the Mid & End year Audit requirements.

- Inter company accounts reconciliation (Month end closing).

- Supplier accounts reconciliations (Monthly).

- GL reconciliation with Sub Ledger (Monthly).

- B2B customers collection.

- Managing monthly accruals & recurring entries (Month end closing).

- Managing 2 Major projects for automation Robotics process automation (RPA) & Vendor portal.
Company industry:
Retail & Wholesale
Job role:
Accounting and Auditing

Accounting Supervisor

July 2015 - March 2018

Saudi Goody Products Marketing Company

Jeddah, Saudi Arabia

July 2015 - March 2018

Mainly responsible for Accounts payable & GL functions.

Received the Excellence Award as Champion of the 2nd Quarter July 2017 under the strategy of Drive Sustainability & Efficiencies.

- Tasks & Responsibilities :

- Freight, Delivery orders, Handling, recovery charges & Detention invoices.

- Admin & Marketing expenses invoices.

- Transporters invoices for Export orders to the distributors.

- Shipping line invoices.

- Custom clearance invoices & Custom duties sadad payments.

- Bank reconciliations.

- Suppliers reconciliations.

- Imported goods invoices.

- International suppliers invoices.

- GL & Fixed assets.

- Petty cash & employee expenses.

- Created a SOP for clearance & shipping lines processes.

- Local & international purchases invoicing.

- Advance payments to Suppliers & employees.

- Initiating payments online & Sadad custom duties online.

- Responsible for collecting all Accounting & Finance team data to finalize the Scorecard sheet.
Company industry:
FMCG
Job role:
Accounting and Auditing

Financial Accountant

March 2013 - June 2015

Al Safwa cement

Jeddah, Saudi Arabia

March 2013 - June 2015

AP, AR & GL accounting.

-Responsible for all the raw material invoices.

-Monthly Plant visit in order to perform Physical stock count of the Raw materials.

-Updating the CAPEX sheet for all current & new projects in the H.O & in the Plant.

-Receiving & Booking the customer deposits after checking them on our bank accounts online.

-Labors & Manpower invoices.

-Hotels, travel agencies & Courier invoices.

-Assisting the Senior accountant in finalizing the monthly ageing report.

-Preparing a daily statement for the customers daily deposit receipts.

-Direct contact with the suppliers in order to reconcile their accounts.

-Using Lafarge JD Edwards system.

-Processing all monthly closing entries & accrual entries as well.

-Preparing Reallocation between accounts GL entries & posting them on the JD Edwards system.

-Following up with the treasury manager for pending payments not yet paid to the suppliers.

-Communicating with the suppliers & sending them their payment breakdowns & bank transfer slips.

-Communicating with project managers for Capex invoices that needs their approval.

-Monthly preparation of the accrual report.
Company industry:
Heavy Industry & Metallurgy
Job role:
Accounting and Auditing

Accounts Receivable Accountant

August 2011 - March 2013

Magrabi Retail

Jeddah, Saudi Arabia

August 2011 - March 2013

Working in the accounts receivable department.

• Following up and monitoring monthly collection with insurance companies
• Preparing monthly reports such as: Ageing Report, collection..etc.
• Using SAP accounting module to perform entries to record collection.
• Monitoring inquires on bank accounts to check deposits and transferred cheques.
Company industry:
Accounting
Job role:
Accounting and Auditing

Junior Accountant

March 2010 - August 2011

Zuhair Fayez Partnership

Jeddah, Saudi Arabia

March 2010 - August 2011

• Responsible for monitoring and recording the petty cash accounts.

• Book keeping of the expenses related to travel and monitoring the travel agencies accounts.

• Bank reconciliations.

• Booking Journal entries related to Accounts Payable.

• Receiving branches vouchers auditing them & posting the batches.
Company industry:
Business Consultancy Services
Job role:
Accounting and Auditing

Customer service trainee

August 2008 - January 2010

National bank of abudhabi

Cairo, Egypt

August 2008 - January 2010

Trainee in National Bank Of Abu Dhabi - Egypt in the customer service department from August 2008 until January 2010.
Company industry:
Banking
Job role:
Customer Service and Call Center

Education

Ain Shams University Faculty Of Commerce

May 2008

May 2008

Bachelor's degree, Accounting

Egypt

GPA (rating): Good

GPA (rating): Good

Studied Accounting & Finance
View attachment

Skills

Accounting
Expert
Accounting
Expert
Accounts Receivable
Expert
Accounts Receivable
Expert
Finance
Expert
Finance
Expert
Budgeting
Expert
Budgeting
Expert
Accounts Payable
Expert
Accounts Payable
Expert
Accounting
Expert
Accounting
Expert
Accounts Receivable
Expert
Accounts Receivable
Expert
Accounts Payable
Expert
Accounts Payable
Expert
GL Accounting
Expert
GL Accounting
Expert
Journal Entries
Expert
Journal Entries
Expert
payments
Expert
payments
Expert
reconciliation
Expert
reconciliation
Expert
IFRS
Intermediate
IFRS
Intermediate
Project Accounting
Expert
Project Accounting
Expert
Purchase Accounting
Expert
Purchase Accounting
Expert
Teamwork
Expert
Teamwork
Expert
Major Accounts
Expert
Major Accounts
Expert
Finance
Expert
Finance
Expert
Budgeting
Expert
Budgeting
Expert
ERP Systems
Expert
ERP Systems
Expert

Social profiles

Languages

English

Expert

Arabic

Native Speaker

Memberships

Saudi organization for chartered and professional accountants

Associate member

March 2021

Training and Certifications

Certifications
SOCPA Certificate of Associate membership
Mar 2021 - Apr 2024
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Fundamentals of Credit
Jun 2020
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Heartsaver First Aid CPR / AED Course
Aug 2013 - Aug 2015
Show credentials
ICDL Certificate
Aug 2009 - Nov 2009
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Accounting Fundamentals
May 2020
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Reading Financial Statements
Jun 2020
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Introduction to Corporate Finance
Jun 2020
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Drive Sustainability & Efficiencies
Jul 2017
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SOCPA Principles of Financial Accounting - Adjustments Entries and Financial Statements Preparation
Apr 2020
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SOCPA Principles of Financial Accounting - Accounting Framework
Apr 2020
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Financial accounting foundations
Apr 2020
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SOCPA VAT Implementation
Apr 2019
Training
Certified IFR
UBT Executive education
Mar 2021
Leadership skills
IKEA Saudi Arabia
Feb 2020
IFRS 2016 update
PWC Academy
Nov 2016
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Presentation Skills
IKEA
Feb 2020

Hobbies and interests

Reading