Process Associate Domestic AR

1) Job Purpose:

To execute standard routine domestic accounts receivable transactions accurately and timely following established SOPs including customer receipt recording invoice verification credit note processing supplementary invoice posting provision accounting and bank reconciliation. The role is an entry-level execution position requiring high attention to detail accuracy in data entry and adherence to defined processes under supervision of Process Lead.

2) Job Context & Major Challenges:

Key Responsibilities and Accountabilities:

• Timely recording of customer receipt transactions to reflect true financial position of Debtors
• Checking correctness of domestic sales transaction matching with plant despatch
• Timely issuance of Supplementary invoice / CN at the end of month according to maturity of QP
• Settlement of Sales Claim and Commission approved by Marketing
• Checking of correctness & Timely accounting of provisions
• Maintenance of LC / BG records in system
• Regular review of Bank statement and update open transaction with system
• Accounting of Bank Charges and complete Bank Reconciliation
• Issuance of Interest Debit for any delay payment from customer (SBU-Primary)
• Issuance of all kind of credit notes against details provided by marketing according to SLA
• Control accounts reconciliation with respect to transfer of debtors and their CN/DN
• Monthly provision of rebate and CD provided by BFM
• Arrange LC documents and submit with bank for collection ensure their payment on time and closure of transactions once payment received
• Application of receipts / Credit & Debit note ensuring minimum unapplied transaction
• Coordination with Internal & statutory auditors and provide desired details
• Ensuring effective accounting for AR
• Ensure timeliness of accounting in line with business requirements

Major Challenges Associated with these Responsibilities:

• Accuracy in High-Volume Processing: Maintaining 99.5% accuracy standards while processing large volumes of receipts invoices and credit notes daily avoiding data entry errors that could impact financial reporting ensuring correct customer and account code selection in ERP system balancing speed requirements with accuracy needs handling pressure during month-end peak periods

• Receipt Application Complexity: Accurately applying customer receipts to correct invoices from multiple open items handling partial payments and allocating across invoices correctly resolving payment advice mismatches with actual bank receipts minimizing unapplied transactions to meet <2% target managing customer-specific payment application instructions

• Plant Despatch Matching: Checking correctness of domestic sales transactions against plant despatch reports identifying and highlighting mismatches in quantities values or product codes coordinating with Process Lead when discrepancies found understanding different product types and their billing requirements managing time pressure to complete matching before invoicing deadlines

• Month-End Processing Pressures: Timely issuance of Supplementary invoices and Credit Notes at month-end according to QP maturity handling large volumes of adjustments during closing period meeting tight deadlines for provision accounting coordinating with multiple stakeholders for approvals managing overtime during month-end without compromising accuracy

• Bank Reconciliation Workload: Regular review of bank statements across multiple bank accounts updating open transactions in system promptly identifying unmatched items and investigating reasons accounting for bank charges accurately completing reconciliation within defined timelines handling discrepancies and exceptions

• LC/BG Documentation Management: Maintaining accurate LC/BG records in system with expiry tracking arranging LC documents as per bank requirements submitting documents to bank within timelines following up for payment realization ensuring transaction closure once payment received managing multiple LCs at different stages

• Credit Note Processing: Issuing all types of credit notes (discounts returns adjustments claims commission) as per marketing details adhering to SLA timelines for credit note issuance ensuring proper authorization and approval verification handling high volumes during promotional periods coordinating with marketing for required details

• Provision Accounting: Timely accounting of monthly provisions for rebates and Cash Discounts (CD) as provided by BFM understanding different types of provisions and their accounting treatment ensuring provisions are booked before month-end close coordinating for provision reversal when settled handling corrections and adjustments

• Learning Curve: Understanding complex domestic AR processes as entry-level associate learning ERP system transactions and navigation grasping GST and tax implications on transactions following multiple SOPs for different transaction types seeking guidance when unsure while meeting productivity targets

• Quality vs Productivity Balance: Meeting daily productivity targets for transaction processing maintaining quality standards under productivity pressure handling feedback and corrections from Process Lead improving speed through practice without compromising accuracy managing performance expectations as entry-level associate

3) Key Result Areas:

Key Result Areas

Supporting Actions

Receipt Processing & Application

• Receipt Processing & Application Timely recording of customer receipt transactions to reflect true financial position
• Application of receipts / Credit & Debit notes ensuring minimum unapplied transactions (<2%)
• Regular review of Bank statement and update open transactions with system
• Handle partial payments and multiple invoice allocations correctly
• Process receipts with 99.5% accuracy

Invoice Verification & Processing

• Checking correctness of domestic sales transactions matching with plant despatch
• Timely issuance of Supplementary invoice/CN at month-end according to QP maturity
• Highlight mismatches to Process Lead promptly for resolution
• Ensure accurate invoice data entry in ERP system
• Meet daily processing targets for invoice verification

Credit Note & Claims Processing

• Issuance of all kinds of credit notes against details provided by marketing according to SLA
• Settlement of Sales Claims and Commission approved by Marketing
• Verify proper approvals before processing credit notes
• Process different types of credit notes (discounts returns adjustments) accurately
• Meet SLA timelines for credit note issuance

Provision & Month-End Processing

• Checking correctness and timely accounting of provisions (rebate CD claims)
• Monthly provision of rebate and CD as provided by BFM
• Process month-end adjustments within closing timelines
• Coordinate with Process Lead for provision details and approvals
• Ensure provisions are booked before month-end close

Bank Reconciliation & LC Management

• Accounting of Bank Charges and complete Bank Reconciliation
• Maintenance of LC/BG records in system with accurate tracking
• Arrange LC documents and submit with bank for collection
• Ensure LC payment realization and transaction closure
• Identify and report unmatched bank items to Process Lead

Supporting Activities

• Control accounts reconciliation with respect to transfer of debtors and CN/DN
• Issuance of Interest Debit for delayed customer payments (SBU-Primary)
• Coordination with Internal & statutory auditors and provide desired details
• Ensure timeliness of accounting in line with business requirements
• Follow SOPs and maintain quality standards