Process Associate Foreign Invoicing Processing

• Job Purpose:
  

• Job Context & Major Challenges: Write the specific aspects of the job that provide a challenge internal and external) to the jobholder in the context of the Business / Unit / Function / Department / Section
  

Key Responsibilities And Accountabilities

• Checking of foreign invoices with Purchase Order, material/service receipt
• Timely entry of invoices into ERP system
• Checking of TDS & other statutory requirements
• Follow up with bank & treasury for timely remittance
• Updated with FEMA compliance requirements
• Communication to obtain required information to process documents
• Coordination with banks and treasury for timely execution of payment
• Accounting of TDS as per applicable rate and reconcile monthly liability
• Controls of liability accounts and monthly monitoring
• Ensure effective accounting and timeliness of accounting
  

Major Challenges Associated With These Responsibilities

• FEMA Regulation Learning: Understanding complex FEMA guidelines, documentation requirements, and compliance procedures as a beginner
• Foreign Currency Handling: Learning currency conversions, exchange rate applications, and multi-currency accounting
• Documentation Complexity: Managing multiple documents (contracts, licenses, customs papers, tax forms) for each invoice
• Bank Coordination: Following up with AD banks for payment status across different time zones and banking channels
• TDS Rate Determination: Learning Section 195 provisions, DTAA treaties, and correct TDS rate application for different countries
• Key Result Areas:
  

Key Result Areas

Supporting Actions

Foreign Invoice Processing Accuracy

• Process routine foreign invoices with 99% accuracy
• Perform PO-Invoice-Contract matching correctly
• Apply correct exchange rates and currency codes
• Ensure all mandatory FEMA documents are attached
  

TDS & Compliance

• Apply correct TDS rates under Section 195
• Verify tax residency certificates when applicable
• Account for TDS postings accurately
• Reconcile monthly TDS liability for foreign payments
  

Bank & Treasury Coordination

• Follow up with banks for payment execution status
• Coordinate with treasury for forex booking confirmation
• Track SWIFT payment UTRs and confirmations
• Escalate payment failures to Process Lead promptly
  

Learning & Development

• Build knowledge of FEMA regulations through training
• Learn different payment purposes and documentation requirements
• Improve understanding of foreign exchange and banking
• Seek guidance on complex foreign payment scenarios