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Finance Department Functions

The document outlines the duties and responsibilities of the accounting department at Huaneng Fuyun Port & Shipping. It defines the department's core responsibilities as accounting, auditing, taxation, and payments. It then describes the department structure, dividing responsibilities among the accountant for bookkeeping, taxation, and payments. Their individual duties are listed and include tasks like financial reporting, tax filings, payroll processing, and vendor payments for the group of companies. It requests that the CEO address transforming the finance department to cover the additional work of five companies and adjust pay scales accordingly.

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muhammad saad
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146 views4 pages

Finance Department Functions

The document outlines the duties and responsibilities of the accounting department at Huaneng Fuyun Port & Shipping. It defines the department's core responsibilities as accounting, auditing, taxation, and payments. It then describes the department structure, dividing responsibilities among the accountant for bookkeeping, taxation, and payments. Their individual duties are listed and include tasks like financial reporting, tax filings, payroll processing, and vendor payments for the group of companies. It requests that the CEO address transforming the finance department to cover the additional work of five companies and adjust pay scales accordingly.

Uploaded by

muhammad saad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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Duties of Accounting Department

Huaneng Fuyun Port & Shipping

1. SCOPE AND OBJECTIVE


  
The purpose of this document is to define policy parameters for the routine daily
procedures to be followed at Accounts and Finance Department for recording the
activities undertaken by Group of Companies.
 
This document shall lay down various responsiblities of the staff that will govern the
different areas of work. All efforts have been made by the department to ensure that
various legal requirements and industry best practices regarding processing and
disclosure of financial transactions have been covered.

2. Functions

2.1 Core Responsibilities:

The Finance Department's Functions covers the following areas :

1. Accounting / Bookkeeping
2. Auditing
3. Taxation
4. Payments

2.2 Finance Department Structure:

. The structure of the Finance Department shall be as under:

 Accountant for Bookkeeping ( Muhammad Saad)


 Accountant for Taxation ( Mohsin Nasir)
 Accountant for Payments ( Faizan Ahmed)
Duties of Accounting Department

Finance

Bookkeeping Taxation Payments


(Muhammad Saad) (Mohsin Nasir) (Faizan Ahmed)

2.3 Work Allocation:

Accountant for Bookkeeping (Muhammad Saad)


 Overall supervision of accounts function of All the companies in the Old Captain
Group
 Posting of Vouchers of All the companies in the Old Captain Group
 Bank Reconciliation
 To Check withholding Tax Payment of All the companies in the Old Captain
Group
 Preparation of Monthly Accounts of All the companies in the Old Captain Group
 Liaison with auditors to the extent of delegated authority
 Maintenance of chart of accounts of All the companies in the Old Captain Group.
 Provision of timely and accurate financial information related to f All the
companies in the Old Captain Group.
 Management Reporting
 Assistance in submission of returns to SRB and FBR. of All the companies in the
Old Captain Group
 Record of Receipts from Clients of All the companies in the Old Captain Group
 Preparation of JV's (monthly adjustment) of All the companies in the Old Captain
Group
 Liaison with other departments. of All the companies in the Old Captain Group

Accountant for Taxation (Mohsin Nasir)


 Liaison with external auditors of All the companies in the Old Captain Group.
 Liaison with legal and tax advisors. of All the companies in the Old Captain Group
 Submission of withholding tax returns / other tax returns of All the companies
in the Old Captain Group
Duties of Accounting Department

 Preparation of Tax Statements – monthly, quarterly and annual. All the


companies in the Old Captain Group
 Compliance with all regulatory and tax authorities of All the companies in the Old
Captain Group
 Liaison with Bankers / Legal Advisors / Tax Advisors
 Management Reporting of All the companies in the Old Captain Group
 Employee salary tax calculation
 Preparation of Tax Statements – monthly, quarterly and annual. of All the
companies in the Old Captain Group
 Liaison with other departments. of All the companies in the Old Captain Group

Accountant for Payments (Faizan Ahmed )


 Preparation, Calculation and disbursement of payroll of Pakistani Employees. All
the companies in the Old Captain Group
 Monthly Salary payment of Pakistani Employees. All the companies in the Old
Captain Group
 Liaison with auditors to the extent of delegated authority
 Management Reporting
 Payments of vendors’ bills of All the companies in the Old Captain Group
 Payments to Clients of All the companies in the Old Captain Group
 Payments of Re-imbursement to Staff of All the companies in the Old Captain
Group
 Liaison with auditors to the extent of delegated authority
 Liaison with other departments.

Furthermore I want Our CEO kind attention to address the matter that
Transforming Finance Department of Huaneng Fuyun into the Finance Department
of Old Captain Group that include Five Companies will be a huge Challenge for
the Current Staff So the Pay scale Should also be Adjusted Accordingly

Prepared By
Muhammad Saad
(Accountant HFP)
Duties of Accounting Department

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