senior manager accounts
vgn homes pvt ltd
Total years of experience :14 years, 5 Months
Performed Treasury actrivities of raising of funds, management of working capital requirements, valuation of investments based on MTM every quarter and preparation of reports of stock statement for submission to banks.
Core Competency
•Monitoring of Bank Balances on daily basis for below Purpose:
•Deployment of Surplus Funds into Call Deposit Account for Earning Income from Deposits.
•Transfer of Funds to an account for enabling LC payments, LC Refinancing / Loan Settlements, Vendor Payments, Freight Payments and for Forex Deal.
•Maintaining a Record of LC opened with various Banks on Monthly basis, Utilization of LC, Tracking of LC Negotiation due date from Telex Advise from Bank for arranging Payment on due date.
•Maintaining a Record of TR and ST Loans Availed, Rolled over and Settled, List of Forex Deals entered into with various Banks.
•Scrutiny of LC application and Opening of LC in the nature of Sight and Usance every Month in favor of various Suppliers.
•Accounting of Imports in the Books of Accounts on a Daily Basis.
•Reviewing the Bank Reconciliation Statements on a Monthly Basis.
•Hedging of Foreign Currency Exposure in the Imports by entering into Forward Contract with Banks for the purchase of Foreign Currency.
•Studying the Credit Facility Agreement for Working Capital with Banks in respect of Interest Rates, Financial Covenants, Utilization of Facility, Security Documents, Events of Default, Sub-limits, penal Interest Rate and conditions to be complied with.
•Ascertaining Utilization of various components of Bank Facilities in the nature of LC, Guarantee, Trust Receipt Loans and Short Term Loans on a monthly basis before opening of fresh LC with the Banks.
•Liaising with Bank in respect of according approval for Draft LC to be transmitted, Interest rate obtention for Loans, Calculation of Bank’s Debit of Overdraft Interest in the account, LC and Guarantee Commission and Loan Interest.
•Scrutiny of TT Letters to Bank for Transfer of Funds between Accounts, LC negotiation Letter, Loan (availment/Rollover/Settlement) Letter, Forex Deal Letter and LC amendment Letter.
•Calculation of Effective Interest Rate and performing Sensitivity analysis for Interest Rate on Borrowings every half Year.
•Controlling the Overdraft Interest by effective Cash management by way of deploying funds to required account within the stipulated cut off time. This is achieved by obtaining swift copy from bank on the date of transfer and furnishing it to beneficiary bank immediately to trace funds.
Core Competency:
•Treasury management in the nature of monitoring of daily bank balances in CC as well as current accounts for meeting of expenses in nature of salary, rent, admin overheads, statutory payments, vendor payments, interest on loans and cash credit.
•Bank reconciliation of seven banks on daily basis in Microsoft Dynamics Navishon ERP Package.
•Liaising with banks for obtention of Bank Guarantee, Bill discounting under LC and for correctness of interest debits in nature of cash credit, term loans.
•Reconciliation of fixed deposits, Bank Guarantee, Buyers Credit loan under ECB norms with banks on periodical basis.
•Making import payments in the nature of A1 and A2 by collating of payment documents of invoice / Performa, Bill of lading/Awb, Form 15CA and 15CB from Chartered Accountant in case of A2 payment.
•Preparation of funds utilization report on monthly basis disseminating information of inflows and outflows that was routed through bank by taking data from BRS report of all banks.
•Preparation of monthly stock statement, quarterly FFR-1, half yearly FFR-2 statement for submission to bank.
Core Competency:
•Bank reconciliation of 10 banks under Multiple Banking Arrangement on monthly basis for current and CC account.
•Accounting of loans received from Group Company in Tally ERP 9 package.
•Monitoring of Bank Balances on daily basis for all banks and preparing funds position report at the end of the day for submission to management on daily basis.
•Scrutiny of OD interest debits by bank in month end to verify the correctness of debit with respect to agreed interest rate as per credit facility agreement and day end balances.
•Checking of Packing Credit loan, short term and long term loan interest debits by bank for its correct computation with respect to agreed interest rate and tenor.
•Passing of loan availment, repayment and OD and loan interest debit entries in Tally ERP 9 Package.
•Amortization of prepaid expenses in the nature of insurance premium in respect of stock, fixed assets and bank guarantee charges on monthly basis.
•Passing of bank entries in respect of LC Payment on due date, LC opening and amendment charges and inter and intra bank fund transfers in Tally.
•Interacted with SBI with respect to excess OD interest debited by them to the extent of Rs.19 lacs and obtained refund of that amount by way of my correct computation of interest and informed the same to bank for reversal of excess debit.
•Scrutinized working capital credit facility letter of axis bank and found that the excess CC interest rate charged instead of rate that is mentioned in the facility agreement and taken up with the bank for reversal.
Core Competency:
•Treasury Management in the nature of short term and long term loan availment from banks, rollover and repayment of loan on due dates by keeping track of loan details like principal amount, rate of interest, tenor of loan, due date of loan.
•Calculation of loan interest debited by bank on due dates with respect to agreed interest rate and period and accounting of loan and interest transactions in general ledger.
•Management of working capital on day to day basis by monitoring the bank overdraft balances daily for making payment of overhead expenses in nature of rent, electricity, transport expenses, supplier payments, statutory remittance in nature of TDS, sales tax, service tax and Provident fund and payment of staff salary.
•Bank reconciliation on daily basis for Overdraft accounts and for other banks on monthly basis.
•Making import payments to overseas suppliers after scrutinizing the import documents of invoice, BL/AWB with purchase order by preparing TT remittance letter and A1 form for submission to bank on the due date.
•Accounting of collection received from customers periodically in Accounts receivable module in financial books.
•Preparation of cash flow every week incorporating ensuing 4 week’s inflow and outflow estimates for arranging funds in case of deficit and to deploy the funds accordingly.
•Month end provisioning for interest on loan accrued but not due and other expenses.
Core Competency:
•Bank reconciliation of all corporate current accounts of 21 banks in different currencies of Bahrain dinar, USD, JPY, GBP, EURO AND EGP on monthly basis.
•Calculation of overdraft interest on monthly basis and short term and long term loan interest charges on rollover/ repayment of loan.
•Accounting of direct remittances by customers into the bank in AR module of Oracle application system on a day to day basis.
•Accounting of cheque returns from bank by raising debit note to customers in AR module.
•Accounting of Standing instruction given to bank in respect of rent, salary expenses on a monthly basis in GL module (General ledger) of Oracle application system and passing of journals for forex deal transaction of purchase/sale of currencies, LC and guarantee commission, accrued interest on fixed deposit, purchase/sale of investments, accrued and prepaid loan interest, derivative transaction in nature of interest rate swap, mark to market valuation of investments.
•Calculation of gain/loss on forex purchase based on forward contract deal to hedge against currency fluctuation risk and accounting in books.
•GL analysis of Overdraft, loan interest on quarterly basis.
•Preparation of cash outflow forecast in respect of loan commitment for an ensuing year.
•Interaction with banks with respect to obtention of OD interest rate, clarification of any charges, dispute of wrong interest calculation, exchange rate discrepancy in case of foreign currency loans.
• Allocation of custom duty paid on import of goods to respective divisions.
•Reconciliation of credit card collection of American express and diners account.
•Revaluation of foreign currency bank balances, short term and long term foreign currency (USD, JPY) loan balances based on quarter end exchange rates for (USD and JPY vs. BHD) to ascertain forex gain/loss.
•Calculation of effective interest rate for loans quarterly and sensitivity analysis.
Core Competency:
•Preparation of FA schedule and asset capitalization. Tracking of capital expenditure with respect to budget on monthly basis.
•Preparation of cost of production statement product wise, pack size wise and tracking of cost.
•Processing of vendor payments in nature of revenue as well as capital.
•Scrutiny of bills and vouchers.
Core Competency:
•Maintenance and finalization of accounts in the accounting software Tally.
•Preparation of MIS Reports to Management on monthly basis
•Cost ascertainment, control and aiding in pricing decision of products
•Ensuring compliance with statutory obligations of Excise duty payment and service tax.
A Qualified Cost and Management Accountant having Thirteen Years of Post Qualification Experience in the field of accounting especially Eight years in the Domain of Treasury and Financial management in the nature of establishing credit lines, management of daily cash flows, interacting with banks in respect of opening of Letter of credit, Bank guarantee and Buyers credit loan(ECB). Efficiently managed the organization’s working capital by way of preparing weekly cash flow plan for ensuing four weeks, deploying surplus collections in current account into cash credit account at regular intervals to contain finance cost considerably, making statutory payment on due date and keeping a check on bank induced debits in account in respect of Overdraft interest, Term loan interest and other charges in nature of LC discounting charges, BG issuance charges to combat erroneous debits of banks in the account.