BUDGET OFFICER
ABU DHABI UNIVERSITY
Total years of experience :21 years, 4 Months
*In line with the 5 yearS Strategic Plan of the Institution, I have drafted the institution’s 2016-2017 capital and operating budgets (including Strategic Initiatives) in coordination with the Budget Managers, Deans and Senior Leadership Team for submission to Board of Directors for approval.
*Coordinates and advises Department heads of the 5 colleges and 32 support departments in the planning, preparation and optimum utilization of their budgets with maximum potential savings.
*In the ERP system, I allocate and approve budget for purchase requisitions, purchase orders and Accounts Payable vouchers (non PO based expenses) and in some cases do budget transfer/s from one budget line to another within the department excluding allocated costs. I have to ensure proper budget line used i.e operating, capital, inventory, prepaid, etc.
*After obtaining proper approval, prepares budget transfers within operating budgets and within capital budgets within one department and do budget transfers of operating budget from one department to another as approved by the Budget Manager from which the budget are transferred from.
*Coordinates with Human Resources for budgets of new hires, promotions and internal transfers and even budget for health insurance premiums with an increase in premiums.
*Advises Accounting Manager of any misalignment of expenses or manpower so a proper reclassification/adjustment in the books can be made.
*Prepares monthly budget to actual report of each department and ultimately the institution wide budget to actual report reporting analyses on the reasons of significant variance/s. This report also includes the activities and the Strategic Initiatives. Simultaneously, a Profit and Loss forecast will also be incorporated in the budget to actual report to guide on where the institution is heading financially.
*Helps in monitoring research grants budgeted the previous year that were approved for carry forward to current year.
*Monitors and analyzes the purchases related to non-budgeted fundraised revenues ensuring that budget allocated for their purchases is limited to the funds they have raised.
*Once 2016-2017 budget is approved the 5 year Strategic Plan will accordingly be revised.
*If applicable, implement measures related to budget recovery plan in the department’s operating budget by incorporating approved budget cuts
*Do other analyses that the Finance Director or the Vice Chancellor for Financial Affairs may need like analysis to open new branch in Dubai
Treasury
• Acts as the University’s main contact to banks. Prepares communications to banks like update of signatories, authorization letters, applications and amendments of Letter of Guarantee & Letter of Credit and other communications. Communicates with bank for clarification of certain transactions especially breakdown of bank charges relating to application and amendment of LG&LC.
• Coordinates with 3rd party security agency authorized by the bank for the pick-up of collections including arrangement on schedule of pick up or special requests to pick up various times during peak period
• Provides input to improve existing policies and practices in the Treasury function of the University.
• Captures and records market values of the company’s portfolio of investment in shares every month end
• Prepares Daily Cash Position Report and prepares rolling Cash Forecast which is updated monthly or quarterly
• Analyzes and reconciles daily bank transactions ensuring that all bank transactions are identified and recorded and that no unusual transactions were posted by the bank. Immediately inform the bank if bank errors are discovered for bank’s immediate rectification.
• Prepares monthly reconciliation of bank accounts, bank clearing accounts, Time Deposits, Fixed Deposits, Margins on LG & LC
• Records bank charges, foreign exchange gain/loss, LG/LC charges, cash margins on LG/LC, profit rebates/interest income, credit card payments, dividend income, loan repayments/ disbursements, other receipts, reversal/ return of LG/LC cash margins, transfers to/from Short Term Overdraft to the current account, corporate cards purchases
• Reconciles credit card collections ensuring the bank posted correct credit card sales after the corresponding bank charges. Coordinates with Service Provider for request for refunds/reversal of credit card transactions.
• Performs other Treasury related transactions, like bank to bank transfers, transfers to related parties, applications for Demand Draft, applications and amendments of LG & LC.
General Ledger
• Proficient with ERP Peoplesoft system - GL, Other AR, AP & Budget Modules
• Assists in the preparation of monthly TB, Balance Sheet, Statement of P&L & OCI, Statement of Cash Flows & Statement of Changes in Equity
• Analyzes various accounts like intercompany accounts, rental revenues, grant revenues and other revenues. Also responsible in recording amortization of prepayments.
• Accrue utilities like Electricity, Water, Cleaning, Telephone, Security, Maintenance, Management Fees, Clinic Expense, Audit Fees, Legal Fees etc.
• Monitor revenues and expenses of activities, external and internal grants. Prepares consequent P & L statement
• Assists external auditors during interim and year-end audits
Budget
• Currently the acting Budget Controller of Abu Dhabi University, as such I prepare monthly budget to actual report of the whole university reflecting the variances of actual and budget for the 4 colleges of the University and 36 support services/departments. Prepares monthly budget to actual report for capital budget, activities and strategic initiatives. Monitors budget of each department especially for unusually huge variances. Ensure that any budget cuts if any are monitored and each department do not exceed their budgets after the cuts. Approves purchase requisitions and purchase orders making sure that all purchases are budgeted. Prepare budget transfers of operating budget and capital budget within the department and budget transfers of operating budget from one department to another as approved by the department manager from which the transfers should be made.
• Prepares invoices for other receivables, follow up payments & prepares aging of these receivables.
• In the absence of Payroll Accountant, I prepare WPS payroll & other employee-related payments such as leave salaries, final settlements, furniture allowances.
Supervises the entire Accounting department
Proficient with QUICKBOOKS PREMIERE EDITION Accounting Software
Supervises three (3) Accounting Staff
Checks that all disbursements made are valid, documented, supported, & budgeted
Monitors movements of cash by coordinating with the Ohio, USA office (main office) and depository banks
Prepares monthly bank reconciliation reports
Ensures timely submission of governmental reportorial requirements specifically those that relate to taxes (monthly, quarterly & yearly) to be submitted to the Bureau of Internal Revenue
Responsible in the annual registration of the company’s books of accounts to the Bureau of Internal Revenue
Gained approval from the Bureau of Internal Revenue for the company’s application for VAT Zero Rating
Does manual bookkeeping of the company’s Cash Disbursements Book
Updates Fixed Assets Lapsing Schedule indicating acquisitions and disposals of fixed assets to come up with accurate amount of depreciation expense monthly
Facilitates monthly physical inventory count, making sure that all items owned are completely counted and tallied in the count sheets
Prepares monthly financial statements, Trial Balance, Balance Sheet & Income Statement including Cost of Goods Manufactured and Cost of Goods Sold schedules
Does monthly variance analysis of Expenses
Spearheads in the accuracy and completeness of payroll processing. Making sure that all tardiness, overtime and leave/s with or without credits are completely accounted and making sure that all deductions for cash advance are complete
Process final settlements
Updates leave credits of employees
Ensures accuracy of premiums remitted to Social Security System, Philippine Health Insurance Corporation & Home Development Mutual Fund
Assists external auditors during interim and year-end audits including preparation of Audit Schedules
Reconciles Advances to Employees account monthly
Helps in the preparation of Sales Invoices and Official Receipts for customers
Prepares daily status reports indicating the performances of the 24 branches
Reviews daily Cash Receipts and Disbursements Reports of branches
Checks the propriety of entries and the validity of checks issued by branches within my area of responsibility
Prepares monthly financial statements Income Statement, Balance Sheet, Trial Balance, Cash Flow and subsidiary ledgers of Advances to Employees and Accounts Payable accounts
Prepares periodic remittances to Social Security System, Phil Health Insurance Corp and Home Development Mutual Fund
Consolidates taxes withheld on services purchased by branches all over the Region for the entire month
Process Business Permits, Certificates of Registration from Bangko Sentral ng Pilipinas and Bureau of Internal Revenue, Authority to Print Receipts, etc. of newly opened branches
Trains newly hired Accounting personnel
Oversees lapses of the Accounting Department within the Region and suggests effective and possible resolutions
Prepares manual payroll at the end of every cut-off period indicating tardiness, loans amortizations, contributions and CA deductions of employees. This will serve as the guide of the Head Office in processing the payroll of employees
Does semi-monthly branch visits to ensure timely resolution of problems or confusions in the Accounting department
Conducts monthly meetings with the Accounting Department
Prepares other reports and analyses that the Regional Manager needs in decision making
Acts as mediator of the Head Office and the Area Offices of concerns of the Accounting Department and even to some extent of the Operations which may have an impact on the Accounting Department
Prepares lead schedules and working papers that serve as audit trail for the entire audit process
Performs the entire audit fieldwork including discussion of findings to audit client/s and finalization of financial statements and consequently the preparation of Annual Income Tax Return
Examines each account in the trial balance
Proposed and justify adjusting entries suggested to clients
Verify the existence and validity of various accounts and amounts
Encode and send confirmation letters in relation to the examination of Accounts Receivable and Accounts Payable accounts
Interview selected staff of audit clients of in order to verify if client’s internal control system as presented in the flow chart is actually the one being used and practiced
Facilitate physical count of client’s inventory at end of audit period
Discuss final findings of the audit with concern officers of audit clients
Suggests possible revisions of the client’s internal control to further enhanced their system (if applicable)
I was one of the 19 graduates for the course Bachelor of Science in Accountancy batch 2002