Cost and Inventory Accounting Assistant

Cost and Inventory Accounting Assistant

Maintain Inventory Transactions in General Ledger.

a. Monitor Inventory transactions in the general ledger to ensure accuracy. This monitor includes customer transactions as well as the purchases made for the replenishment of warehouse stocks.

b. Submission of monthly report per schedule based on the closing of monthly records.

Regularly Generate and Analyze Inventory Reports.

a. Prepare monthly reports or as required by the supervisor. Inventory reports are analyzed to make sure there are no discrepancies or variances.

b. Checking of Discrepancies of FIFO Reports - Report of IT Specialist main warehouse vs Inventory turnover Analysis generates from SAP.

c. Monthly Inventory of LPI companies and their subsidiaries.

Monitor the Cost of Raw Materials and Projects

a. Assist in calculating the total landed cost of imported inventory items.

b. Checking of the correct unit cost of negative value items vs SAP record (start with high value of Items).

c. Checking of the correct unit cost of below 1000 value of item vs SAP record.

d. With the quantity of item but no unit cost (Purchase Cost & Selling Price)- to be checked at Landed Cost data SAP record.

e. Submission of monthly costing at the end of every month.

Perform monthly accounting activities, including the preparation of monthly journal entries, related account reconciliations, and reporting.

Submission of the monthly report together with the proposed entries.

a. Assist in conducting inventory audits at least once a year or oversee the physical inventory counts to ensure that it is efficiently and accurately done. The inventory assistant helps in creating a plan for each inventory audit and works with the Finance team to implement such a plan.

b. Inventory count and reconciliation at period end (quarterly, semi-annual, or annual).

Diagnose the Cause of Inventory Variance.

a. Report any inventory variance found and seeks guidance from a superior in investigating or analyzing discrepancies in order to establish the root cause of the discrepancies.

Assist in conducting inventory audit at least once a year or oversee the physical inventory counts to ensure that it is efficiently and accurately done. Inventory assistant helps in creating a plan for each inventory audit and work with the Finance team to implement such plan.

b. Checking of the report from IT Specialist vs SAP records "Item Master Data".

c. Inventory reconciliation report submitted on time.

d. Submit the report of analysis of variance and reconciliation on the treatment of variances in the books.

Monitor inventory transactions including stock transfers from one warehouse to another.

a. Ensure that the discrepancies are checked at the inventory report main warehouse.

check discrepancies in part number between the count sheet vs SAP record.

check discrepancies in the count itself vs. SAP.

checking of discrepancy report for the year.

Assist with the execution and/or supervision of inventory existence procedures (wall-to-wall physical inventories and/or cycle count procedures) for company-managed inventories and consigned inventories.

Assist superiors in the monitoring and tracking of offsite inventory balances and sales activities.

Assist in performing non-routine inventory transactions, e.g. revaluation, inventory obsolescence reporting.

Assist in the preparation of schedules and/or reports required by external auditors in connection with the audit of the annual financial statements.

Analyzing and tracing errors or discrepancies in inventory records.

Analyzing errors or discrepancies found in inventory records, determining impact in GL or P&L accounts.

Preparing schedules to correct errors or discrepancies found in inventory records, preparing adjusting entries for booking in the system, determining the effect of correcting entries in GL or P&L accounts.

Preparing for monthly closing of books - responsibilities of the Inventory Accountant.

Inventory costing by allocating importation, other incidental costs to various Inventory items.

a. Review standard and actual costs for inaccuracies.

b. Validate the cost of goods sold as part of the month-end close.

c. Revise the reserve for obsolete inventory as needed.

d. Accumulate and apply overhead costs.

e. Update standard costs in the bill of materials.

Inventory Accounting: Preparing for year-end or periodic inventory counting, drafting inventory counting guidelines/procedures.

a. Coordinate physical inventory counts and cycle counts.

b. Investigate cycle counting variances and resolve issues.

c. Work with the materials review board to locate and dispose of obsolete inventory.

Inventory Accounting: Reconciling the Inventory GL accounts and Inventory subsidiary accounts (Balance Sheet vs. Subsidiary Ledgers).

Cost Accounting: Controlling cost thru analysis of actual cost vs. planned cost.

Cost Accounting: Preparing P&L statements of projects and analyzing the financial health of projects.

Cost Accounting: Preparing P&L schedules and checking profitability prior to the closing of books.

Qualifications:

Candidate must possess at least a Bachelor's/College Degree, Finance/Accounting/Banking or equivalent.

At least 1 yr. working experience in the related field is required for the position.

Must have an extensive knowledge in inventory monitoring, analyze inventory reports and costing of raw materials.

Summary of role requirements:

Flexible hours available

1 year of relevant work experience required for this role

Working rights required for this role

Expected start date for role: 31 May 2024

Full time