Treasury

Okay, some of you must be familiar with a position called Treasury. But, some don't know what kind of job was that. So, for you who don't know what that is, let me explain a bit about my job. This may be different in any other companies. Treasury is a job that maintain all transaction in bank, making a bank reconciliation, and checking all documents that need to be paid. Well, in my case, this three is the most important thing to do in daily basis of my working hour. I will try to explain it one by one to you.

First thing first, the basic. Checking all documents before uploading to the bank. This one is important thing before we execute the payment. Looking through completeness of all supporting documents before making a payment is the main thing to determine whether this invoice can be paid or not. If the supporting documents not complete, we turn back the invoices to accounting team to recheck and completed by supporting documents. After all documents is completed, we as a treasury checked again with our system. We used ERP to choose what invoices will be paid today. When checking with ERP, the amount that should be paid must be deduct by with holding tax (if the transaction is related to tax object). Therefore, I tell my team to ask the tax team whether this transaction should be deduct by WHT or not. If the amount state on invoice same with the journal on ERP, we will procee

Okay, next is maintain all transaction in bank, and execute it. Well, I have a great team for this. A team that know when to focus on this job or multitasking with another job. Maintaining a transaction that my colleague upload to the bank is a tricky job. I should check all the instruction match with the invoice, such as beneficiary name, beneficiary account, and amount to be transfer. We execute this job twice a week, in Tuesday and Thursday. Therefore, in Monday and Wednesday, I should close all the invoice that Accounting gave so we can proceed to check and upload the instruction to the bank. If not, there will be a lot of urgent invoices that will come to us to be paid. The most vital thing is Due Date Payment. As a

Treasurer, I must know when to execute this invoice or not. Our company have a policy that due date given not from the invoice date, but based on the invoice received by user. So, sometimes there's misunderstanding between vendor and us. When the vendor came, I need to give them a clear explanation about due date policy. So, I became the connected between vendor and the company. Oh before we move further, the transaction that we've been talking is payment to vendor, employees claim, and inter-company payment. Inter-company payment is like payable from other company in one big group company. Usually the payment for inter-company is using a foreign exchange currencies, because they are foreign company outside Indonesia.

The last one is making bank reconciliation. All of you, in accounting job, must be familiar with this. Reconciliation bank is the most common thing in Accounting. Matching your daily data input with bank transfer transaction in the end of the month is needed, so accounting team can make a financial report with this. Therefore, I try to make it simple and traceable. I said to my team to always reckon every H+1 after the account statement released from bank. If everyday is always checked, in the end of the month we will easily closed the period of bank report and submitted to accounting team. Keep in mind that our bank reconciliation must be zero in all bank statement (we have 5 bank that we must reckon every month with zero different).

After those three task I explained, in our company there is one additional task that we do as a treasury. Forecasting OPEX and OPLAN. what is OPEX and OPLAN? OPEX is an operational daily expense that we calculate for every area and regional we have. It's something like we give them an advance money to do daily operational work in once a week. Same like OPEX, OPLAN is an expense, but for marketing and promotional event. We give them once a week too as an advance. Keep in mind that this two kind of costs is a different expenses.

Okay, that's a story of my work life as a Treasurer. Hope this can help you if you interested to become a treasury. If you have any suggestion, question, or anything else, you can leave a comment bellow or contact me on my LinkedIn. See you guys 😉