CA Yash Jain

• Downloading reports from Oracle Financials & R7 tool. Reconciling figures in both reports to find out variances if any. • Performing VAT validations on the report as per UAE, KSA, Bahrain VAT law and try to find out any non-compliances to understand what transaction should be allowed and disallowed for VAT return purpose. • For all the queries and doubts about the transactions, get back to P2P, C2C & R2R Business to clarify or to get the original documents. • Preparing Final VAT reconciliation for both output VAT and input VAT after adding and subtracting all transactions allowed and disallowed. • Preparation of adjustment entries to be posted in OFIN as well in R7 tool. Posting VAT settlement entry in OFIN and VAT payment entry once payment is made. • Got an opportunity to work at client location (Dubai UAE) for VAT Transition, travelled to KSA to client place for process handover to team and to streamline the process. Other Operational Assignment: • Lead a team of 15 members, monitoring the VAT preparations by the team, daily reporting to leadership and clients. • Helped leadership for the resource role allocation. • Preparing VAT Decks for weekly and fortnightly meetings with clients, Preparing MoM’s post call. • Prepared FMEA to ascertain any failure mode or risk whose occurrence Is high and for which any controls are require to be implemented if any. • Helped leadership with: o Process Improvement by connecting with P2P, C2C teams to resolve upstream data booking issues. Worked with Intra Towers to provide single SPOC for all VAT related queries resolution. o Process Standardization by finalizing single VAT return template and working sheet for all the VAT entities o Process Automation - Identified RPA/Automation opportunities in the workings and implemented 3 BOTs and reduced efforts for team by 80%.

• Applying VAT Registration/Deregistration/Amendments for Clients.
• Preparing and filing simple and complex tax returns (VAT FORM 201), import declaration (VAT FORM 301), VAT refund (VAT FORM 311)
• Ensuring clients comply with federal tax laws, providing consultancy on VAT related matters.
• Communication with FTA on behalf of clients, filing RECONSIDERATION forms for clients to get penalty waiver.
• Managing day-to-day accounting functions using TALLY, including creation for ledgers/inventory items, processing of accounts receivable and payable, bank accounts.
• Year-end finalization of accounts including provisioning, depreciation, proper entries for outstanding, prepaid and cut off date income and expenses.
• Installed and implemented accounting system tally and processes for clients who had no accounting system. Including Stock count, creating & inserting inventory items in accounting software.
• Inspected and analyzed accuracy of financial records, reports, statements, policies and practices that impacted financial condition of the clients.
• Review & checking accounting system and processes of clients on a timely basis to comply with VAT laws and their financial statements are true and fair.
• Conducting internal audit/management audit and preparing reports thereon.

Auditing: Statutory Audit, Tax Audit for various assesses & for such work, vouching and verifying records, checking posting, casting and proper classification of transctions, ledger scrutiny, reconciliation including obtaining external confirmations and surprise cash audit. Statutory Bank Audit & for such work complying LFAR requirements, cash verification, NPA norms etc.( Learned here how to prepare 3CB, 3CD in tax audit).

Taxation: Preparation of various returns( ITR for various assesses, TDS returns, VAT returns) including correction of demands raised by department, and replying to notice of department. Assisting the Partner in handling and hearing of assessments through preparation of case files & relevant statement.
Applying for registration including sales tax registration, Service tax registration.


Accounting: Finalisation of accounts of clients including posting entries for purchase, sales, expenses, journal vouchers, making provisions including depreciation, proper entries for outstanding, prepaid and cut off date income and expenses.

Finance: Preparation of CMA for sanction of CC limits including their renewal.

Auditing: Statutory Audit, Tax Audit for various assesses & for such work, vouching and verifying records, checking posting, casting and proper classification of transctions, ledger scrutiny, reconciliation including obtaining external confirmations and surprise cash audit.

Concurrent Audit- checking kyc requirements for all new accounts (All accounts -S/A, C/A, Loan Account, OD A/c, FD A/c). Physical Cash verification (Branch cash and ATM cash). Physical verification of inventories (No. of cheque books remaining in stock, Fixed deposit receipts etc). Verification of new loan accounts (kyc, security against loan, security original documents, Interest rates etc)

Cash credit accounts (Whether stock valuation certificate is submitted to bank or not, Withdrawal not exceeded the limit. Accounting: Finalisation of accounts of clients including posting enteries for purchase, sales, expenses, journal vouchers, making provisions including depreciation, proper entries for outstanding, prepaid and cut off date income and expenses.