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Fixed Asset Accounting – Staff:
Purpose
Accurate accounting and timely processing of asset related transactions
● Assist the Fixed Asset- Executive in:
o Closing activities
o Maintaining documentation and files
o Adherence to the depreciation schedule
o Identification of obsolete assets and avenues for sale for the same
● Create new asset codes and assignment to an asset class
● Create purchase requisitions orders for the purchase of the assets in the system, wherever required
● Receive, verify and enter the documents in the system related to assets accounting like asset movement form, asset disposal form
● Apply settlement rules related to CWIP and perform the required capitalization in the system
● Carry out transaction processing related to asset accounting based on instructions in the process manuals
● Ensure accounting as per statute & company policy
● Follow the escalation matrix in case of any problem /difficulty
● Assist in projects accounting activities and help track the progress of the project along with the projects team
● Provide support for the physical verification process.
Unit Closing - Staff Purpose
To ensure accurate and timely closure of books in compliance with company policies, procedures and accounting standards
● Review trial balance to ensure no abnormal balances are shown
● Monitor closing tracker post closure of individual books. Perform month and year-end closing activities as per the closing calendar
● Perform closing activities, specific manual journal entries, document reversal etc.
● Analyse departmental expenses and make the proper corrections to ensure accurate product costing. Maintain and control cost accounts and cost centres
● Compute all adjustments resulting from inventory counts and ensure that are reflected properly in General Ledger
● Undertake pre-closing activity with respect to monthly, quarterly and annual closing of accounts
● Assist in the preparation of month-end and year-end financial statements with unit related inputs
● Participate in the preparation of the financial ad-hoc reports. Prepare other financial reports that are required by auditors. Provide insightful data to assist management in decision-making
● Timely completion of statutory audits & ensures statutory compliance. Incorporate changes suggested by statutory auditors and prepare the final copy of reports
● Continually update knowledge on accounting changes & co-ordinate with relevant stakeholders to close as per laws
● Carry out monthly and yearly closing activities of fixed assets sub-system
● Ensure compliance with company policies, procedures and accounting standards, applicable laws and regulations
● Perform accurate reconciliation of all balance sheet accounts as per defined schedules
● Create PBC for audit during period end. Follow up and support the closing activities to meet closing deadlines
● Scrutiny of General Ledgers to ensure accurate reporting. Perform manual journal entries, journal reconciliations, document reversal etc.
● Identify discrepancies, if any, in the processes / reporting / accounting and raise the same to the senior for further probing and action
Consolidation - Staff
Purpose
To ensure accurate and timely closure of books in compliance with company policies, procedures and accounting standards
● Carry out consolidation of financial statements
● Drive closure of intercompany issues and perform intercompany reconciliations
● Assist the Executive in maintaining the chart of accounts
● Assist the Executive in establishing accounting policies and communicate any changes made to the relevant stakeholders
● Assist the Executive in scrutinizing the GL
● Prepare annual and quarterly reports and filings
● Carry out management adjustments at the direction of the Executive and maintain the necessary documentation
● Prepare disclosures for the financial statements and any supporting analysis, if required
● Assist the Executive in the external audit process and preparation of IndAS reports
● Collect, collate, interpret and summarize data required to respond to queries on financial statements
● Ensure time closure of audits by ensuring follow ups on closure by relevant teams as per the audit calendar
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