Job Description
The General Accounting Associate is responsible for ensuring the accuracy and integrity of financial records through comprehensive bank reconciliation and validation processes. This includes reconciling bank transactions, investigating discrepancies, verifying client account payments, preparing Certificates of Full Payment, and computing collection fees and incentives. The role supports financial reporting, maintains detailed documentation, and collaborates with internal and external parties to ensure compliance with company policies and audit readiness.
Key Responsibilities
- Bank Reconciliation
- Prepare daily, weekly, and monthly bank reconciliation reports, identifying and resolving discrepancies between bank records and company books.
- Track and reconcile various banking transactions including deposits, withdrawals, transfers, and bank charges.
- Monitor outstanding checks and unposted transactions to ensure timely follow-up and accurate recording.
- Transaction Verification and Adjustments
- Ensure all payments and receipts are accurately reflected in the accounting system.
- Investigate discrepancies such as duplicate entries, missing transactions, or incorrect postings and coordinate necessary adjustments.
- Client Account Validation
- Review and validate client accounts to confirm full settlement of principal and interest prior to issuing Certificates of Full Payment.
- Compute applicable rebates or discounts as per policy.
- Liaise with Treasury, Customer Service, and Collections to verify payment history and balances.
- Certificate Preparation and Issuance
- Generate and issue Certificates of Full Payment to qualified clients with complete and accurate information.
- Ensure timely issuance and proper documentation of certificates in compliance with internal procedures.
- Collection Fee and Incentive Computation
- Compute collection fees based on existing contracts and company policy.
- Calculate incentives for collection agencies using defined metrics and validate figures against performance data.
- Documentation and Audit Support
- Maintain well-organized records of reconciliations, validations, payment confirmations, and issued certificates.
- Assist in internal and external audits by providing documentation, explanations, and reports related to reconciliations and client validations.
- Reporting and Month-End Support
- Provide status updates and reports on reconciliations, validations, and certificate issuance for month-end and year-end closing.
- Ensure that reconciled bank account balances are included in financial statements and reports.
- Cross-functional Coordination
- Collaborate with internal departments to address payment issues, validation requirements, and reconciliation discrepancies.
- Work with collection agencies and external parties to confirm transactions and resolve issues related to fees or incentives.
- Other Supporting Accounting Functions
- Provide support to the immediate Supervisors and Accounting Heads in financial reporting, documentation, or other assigned accounting tasks.
- Participate in projects or initiatives aimed at improving reconciliation and validation processes.
Key Requirements
- Bachelors degree in accountancy, Management Accounting, or other related finance fields.
- 1-2 years of experience in general accounting and bank reconciliation.
- Basic to intermediate knowledge of accounting and bank reconciliation principles.
- Proficiency in Microsoft Excel (e.g., formulas, pivot tables, VLOOKUP) for financial analysis and document preparation.
- Strong analytical and critical thinking skills to resolve discrepancies and interpret financial data.
- Excellent attention to detail and organizational skills to manage large volumes of financial records.
- Effective communication skills for coordination with internal teams and external partners.
- Familiarity with banking processes, collection procedures, and document verification standards.
- Strong time management skills and ability to meet deadlines in a high-volume environment.
