Responsibilities :
DATE LAST UPDATED:
October 30, 2020
UPDATED BY:
Iris Cruz - Torremocha
JOB/BUSINESS TITLE:
CASH APPLICATION SPECIALIST
Business Area:
Order to Cash
Category:
Invoice to Cash
Sub-Category:
Cash Application
Job Role:
Range of Level:
Reports To:
Direct Reports, If Any:
Indirect Reports, If Any:
Annual Budget:
Location:
Cash Application Specialist
B1 to B2
Cash Application Manager
n/a
n/a
PhP0.0
Cebu Center of Competence
JOB PURPOSE/MISSION/SUMMARY:
A Cash Application Specialist is responsible for performing accounting activities to enable the company to generate a sound and accurate financial statement monthly, quarterly and annually. Duties include reviewing transactions, posting adjusting entries, collecting and evaluating data, conducting analysis, and preparing reconciliations and recommendations.
KEY ROLES & RESPONSIBILITIES / KEY JOB FUNCTIONS:
CASH APPLICATION
FACTORING
DIRECT DEBIT
SYSTEMS / PROJECTS / PROCESS DESIGN
CLOSING OF ACCOUNTING BOOKS
ACCOUNTING POLICY COMPLIANCE
FINANCIAL MANAGEMENT REPORTING
CASH APPLICATION
- Ensures customer remittances are posted accurately and timely in order to update customer accounts receivable balances and increase customer credit limit.
- Generate daily bank statement. Identify, reconcile and post customer remittance. Communicate to Collection team for unidentified receipts credited in Lexmark-IN bank account. Review early payment discount. Create chargeback on customer account for payments made beyond the discounting period and enforce collection to Collection team. Generate payment remittance and sales order information for credit card transaction. Reconcile SAP data against accredited credit card/payment processing company. Identify payment residual and post credit card transaction. Communicate payment discrepancy, aged invoices to Collection team and monitor closure of document. Check feba lockbox if loaded. Research and communicate to GXS, Bank of America & COE for lockbox file not successfully loaded in SAP. Reconcile and post lockbox unprocessed items. Communicate to Collection team and country contacts for unidentified receipts. Execute daily cash reconciliation to determine bank and lockbox discrepancy. Research and reconcile document reinstatement request. Post valid adjustment in SAP and communicate to Collection team rejected request and provide systematic finding. Reconcile and post FINCO netting transaction timely to eliminate FX exposure and update sub-ledger balances. Identify and communicate to Intercompany team discrepancies and monitor closure of document. Review and reconcile file maintenance request. Post accurate request in SAP and communicate to Collection team rejected request and provide systematic findings. Review completeness of accounts receivable clearing reversal request. Reconcile data in SAP and process reversal for valid request. Communicate rejected request and provide systematic findings. Identify open credit notes related to revenue reversal. Communicate and reconcile document with Cash Collection team. Monitor and request credit note adjustment to Collection team if invoice is already cleared or paid.
FACTORING
Reconciles factoring remittance against documents purchased by Factoring Company. Identify discrepancy and exclude document when clearing normal accounts receivable. Review and post customer receipts for factored document. Identify and post factoring payable amount. Reconciles cleared factored amount against payable account. Identify discrepancy and process adjustment. Send payable reconciliation file weekly to Collection team for review and payment processing. Identify and post disbursement receipts against factoring payable documents. Reconcile special accounts receivable sub-ledger against accounts receivable contra account. Variance noted are investigated and adjusted.
DIRECT DEBIT
- Ensures accurate customer master set-up and on time collection of invoices.
Review customer signed mandate and request set-up in SAP. Communicate to Collection team for any exceptions noted.
Reconcile proposal list and ensures that all invoices are collected on time. Request adjustment of value date if falls on a banking holiday.
Reconcile proposal list on credit balance and present netting proposal to Collection team. Ensure invoices are netted before next direct debit run.
Monitor direct debit collection run and ensure adjustments are timely recorded for rejected direct debit. Communicate to Collection team rejected documents and ensure no early payment discount is extended if included on next direct debit run.
SYSTEMS / PROJECTS / PROCESS DESIGN
- Engage actively in the new projects and support the establishing and implementing process optimization actions for the respective area. Identify inefficiencies to establish consistent process models for the legal entities in scope, while ensuring compliance with internal and external laws, rules and regulations.
CLOSING OF ACCOUNTING BOOKS
- Completes monthly, quarterly and yearly close activities to ensure integrity of financial statements
- Ensures all period transactions are booked and posted. Reviews balance sheet accounts for proper classification.
ACCOUNTING POLICY COMPLIANCE
- Ensures that all ledger’s transactions and reconciliations are in compliance to Corporate Accounting Instruction, Cash Application Global Procedure & Policy, and Corporate Financial Policies.
- Ensures that process documentations are revelated per revaluation schedule or annually.
FINANCIAL MANAGEMENT REPORTING
- Reviews AR aging and escalates aged items needing resolution to the Regional Coordinators/Controllers and OTC Management.
- Provides fluctuation analysis for Consolidations and Stakeholders reporting.
- Assists in providing schedules for Statutory and audit requirements.
- Prepares and presents measurements result to stakeholders through monthly update of Cash Application Metrics.
COMPETENCIES, SKILLS, KNOWLEDGE & ABILITIES:
Strong Analytical and Communication Skills.
Proficient in Microsoft Office Applications.
Knowledge in SAP (System Application and Products)
Attentive to detail and accuracy
Can work under pressure and minimal supervision.
Wide knowledge in Accounting
Ability to work with people across different organizations.
EDUCATION, EXPERIENCE & CERTIFICATIONS BASIC REQUIREMENTS:
College Degree in BS Accountancy (or Management Accounting), CPA is an advantage.
2 years related or Accounting experience
Knowledge on billings, and credit and s, preferred but not required
Excellent oral and written English communication skills
Strong people and interpersonal skills
ORGANIZATIONAL CHART (COPY/PASTE ORG CHART):
Order to Cash Manager
Invoice to Cash Manager
Operations Manager
Cash Application Specialist, L2
Cash Application SME
Cash Application Specialist
AUTHORITY & DECISION RIGHTS:
Has overall responsibility and accountability on all assigned Ledgers and functions, except when there are special cases where consultation, interpretation and even decision, escalation is required with higher management.
INTERFACES:
Daily with business area, country contacts, and department manager. Monthly with the stakeholders worldwide.
CAREER PROGRESSION:
Good performer can be moved to cross functional or can be promoted to Cash Application Specialist L2, Cash Application SME, Process Analyst or Managerial positions.
WORKING CONDITIONS:
Depends on Geography supported as follows:
AP and NA: normal hours
EMEA and LA: 2nd shift (12noon to 9:00pm)
Trainings will depend on business needs.
OTHERS:
Other duties related to the job maybe assigned from time to time.
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