Disbursement Associate

JOB DESCRIPTION

Position : Disbursement Associate

Department: Fund Management Department

Division: Finance Division

Reports to: Disbursement Supervisor

Job Summary / Primary Accountabilities

Disbursement Associate is responsible for checking and preparing all transactions from the requesting department. Ensuring all Check Disbursement Request are being verified, checked and prepared on a timely manner.

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Specific Duties & Responsibilities
A. Management
Raise any recommendation or issue observed in check disbursement, to eliminate some risk or penalty involved.
B. Operations
Directs and guide all units on proper documentation and approval for all Check Disbursement Request
Ensuring that all scanned documents and files are submitted daily to Accounting Department.
Preparation of cheque, check voucher and BIR form 2307 (for signature of Disbursement Supervisor)
Check monitoring and unclaimed checks are reported to the Accounting
Department.
Maintain a scanned copy of all source documents related to disbursed fund.
Sending a report for identified erroneous/fabricated document used to request for check disbursement.
Process of Check request preparation for the following;
¨ Loan Proceed
¨ Agent/Dealer Commission
¨ Supplier / Service Provider
¨ Utilities payable
¨ Refund
¨ Employees last pay
¨ Other check disbursement
- Before check preparation, verify all supporting documents and check if it was properly approved by management approver.
- Stamped paid or for each voucher / check request done.
Stamped cancelled for each cancelled document.
Stamped staled for each staled document.
- Issue 2307 as tax withholding agent
- Observed the check voucher section; prepared, verified and approved. This should be completely signed.
Collate the official receipt/service invoice and voucher receiving copy from supplier/payee upon released of the checks.
Check request form with complete approval of signatories will verify supporting documents and prepare check payment for the following:
· Loan Related Transactions
1. Loan Proceed
o Check preparation for this type of transaction can be done thru Fund transfer, Check (MC or Regular Check - BDO Tanay) and Cash (Preparation of Cashiers Check for cash release is done by the BSO)
Note: Loan Proceed usually prepared:
· BDO Tanay
· Managers Check
· Other regular check/Managers Check upon request of the Financer/Borrower
2. Agents/Dealers Commission
o Check preparation for this type of transaction can be done through Check, G-cash, Fund transfer and credit to TRBank account (BSO will credit the funds, but the DA will prepare BIR Form 2307).
3. Refund of Cash Bond
o Check preparation for this type of transaction can be done through Check, G-cash and Fund transfer
4. LRI Insurance/Remittance
o Check preparation for this type of transaction can be done through Check, G-cash, Fund transfer and credit to TRBank account (BSO will credit the funds, but the DA will prepare BIR Form 2307).
Other task to be assigned by the immediate supervisor.
C. Accounting and Reconciliation
Maintain a scanned copy of vouchers and supporting documents and save it on One Drive (Finance Division -> FMD Disbursement -> Check Vouchers) and the original copy to General Accounting Department for record keeping once completed signatures.
D. Custodianship
Safekeeping of all physical checks of depository banks.
Maintains organized filing of cancelled and staled checks.
Ensures secure storage of check vouchers related to funding and credit line transactions.
Maintains confidentiality and security of User IDs and passwords for all system access.
E. Monitoring and Reporting
Maintain and monitor checks issued. This will also use as Counter Check List to eliminate double check issuance. This monitoring of Checks Issued will be forwarded to Accounting Department for reconciliation purposes.
Sending all daily check issuance to Fund Management for funding purposes.
Maintain and monitor inventory of checkbooks and will save a report on One drive every end of the month.
Prepare monitoring of BIR Form 2307 for all fund transfer payment/RTGS and credited to TRBanks account and will save daily report on Onedrive.
F. Customer Services
Attend promptly to all inquiries of all requesting unit, supplier, agents and borrowers pertaining to the amount being disbursed and other concerns related to their requests.
Follow up the requesting unit on the status of their check request if it is still unclaimed by sending a report weekly.
Follow up the requesting unit for the receiving copy and receipts/invoices by sending thru email a list of lacking documents.
G. General Authority
Authority to question all suspicious request, unsigned and unauthorized approval before proceeding for check preparation
Authority to request copy of official receipt and receiving voucher as a proof of payment.
H. Accountabilities
Accounting for Erroneous Payments in most cases, an erroneous payment will be charged to receivables via a disbursement voucher. If an erroneous payment is recouped or collected from the individual held liable for the payment, the appropriation originally charged is credited for the amount recouped or collected.
Reporting Erroneous Payments The DA report all erroneous payments to the Fund Management Head and Finance Officer. In addition, the DA must take aggressive action to recoup the amount of an erroneous payment from the recipient. If recoupment is not made within 7 days of continuous aggressive collection action, the case file shall be submitted to legal for further collection action.
Investigation of Erroneous Payment A formal investigation of erroneous payment is not mandatory unless fraud (on the part of the payee or disbursing office personnel) is suspected in connection with the payment. The consequence is based on the recommendation of CED Panel in accordance with bank employee code of conduct.
User ID and Password - access to Nextbank
Prepared records on the transmittal of all documents to particular department.
Assigned office equipment & Furnitures.
Unissued or Outstanding checks and Original Source Documents
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Working Relation
A. Internal Interactions with other department/s --Loan Releasing, Loan Marketing, General Services and Security, Asset Management, Legal/ Litigation, Credit/ CAED, Human Resources, Finance, Fund Management, General Accounting, Branch Banking Division, Records and Collection
B. External Interactions -- Answering queries of Loan Borrowers, Internal Audit submission of required reports, External Audit submission of reports to BSP/ PDIC and SGV
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Competencies Required
Basic accounting on investment knowledge (MORB accounting Standard & Philippine Accounting standard)
Knowledge on Withholding taxes and value-added tax
Keen Observer to details, Strict and Knowledgeable
Equipped with analytical skills and must be organize.
Can handle work well even under pressure.
Loyal, Respectful and Responsible.