Operations Accounting Sample Clauses
Operations Accounting. The Operations Accounting group is responsible for management reporting, transaction processing, billing, and invoice processing. To ensure proper segregation of duties all cash settlements are processed by the Treasury Department. Moreover, Operations Accounting does not control the recording in or reconciliation of the general ledger, but provides assistance in a transparent manner to the Financial Accounting Department which determines the appropriate financial accounting treatment and disclosure for Supply / Trading and Marketing transactions and related exposures. The responsibilities of Operations Accounting encompass comprehensive support of Front Office transactional activities other than position valuation, which is performed by the Middle Office group as discussed earlier in Section 2.7. Specific responsibilities include:
Operations Accounting. 1. Maintain general accounting records relating the operation of the Properties in accordance with generally accepted accounting principles.
2. Ensuring the accuracy and completeness of costs and expenses invoiced by third parties providing services in connection with the operation of the Properties.
3. Paying and discharging costs and expenses incurred in operation of the Properties.
4. Maintaining and preserving materials and supplies and keeping inventory of same.
Operations Accounting. The Operations Accounting group is responsible for management reporting, transaction processing, billing, and invoice processing. To ensure proper segregation of duties all cash settlements are processed by the Treasury Department. Moreover, Operations Accounting does not control the recording in or reconciliation of the general ledger, but provides assistance in a transparent manner to the Financial Accounting Department which determines the appropriate financial accounting treatment and disclosure for Supply / Trading and Marketing transactions and related exposures. The responsibilities of Operations Accounting encompass comprehensive support of Front Office transactional activities other than position valuation, which is performed by the Middle Office group as discussed earlier in Section 2.7. Specific responsibilities include:
2.10.3 Information Technology Responsibilities of (“IT”) include: Providing business analysis of Front/Middle/Back Office system needs, ensuring balance with the varied interests throughout the corporation; Developing business process flow, ensuring efficient, timely, and accurate information to all applicable corporate business units; Privileged and Confidential - 12/5/2011
Operations Accounting. The Operations Accounting group is responsible for management reporting, transaction processing, billing, and invoice processing. To ensure proper segregation of duties all cash settlements are processed by the Treasury Department. Moreover, Operations Accounting does not control the recording in or reconciliation of the general ledger, but provides assistance in a transparent manner to the Financial Accounting Department which determines the appropriate financial accounting treatment and disclosure for Supply / Trading and Marketing transactions and related exposures. The responsibilities of Operations Accounting encompass comprehensive support of Front Office transactional activities other than position valuation, which is performed by the Middle Office group as discussed earlier in Section 2.7. Specific responsibilities include:
A. Facilitating the Financial Accounting Department’s understanding of Middle Office valuation and related reserves in a transparent manner;
B. Reconciliation of broker statements with trade information captured in ▇▇▇▇▇▇▇’▇ systems including to support of month-end reporting requirements;
C. Completing any hedge accounting requirements if applicable;
D. Providing management report(s) of monthly P&L and supporting Financial Planning and Analysis (FP&A) and Operating Groups as necessary to develop narrative explanations of significant changes in volumes, margins and ▇▇▇▇-to-market amounts;
E. Reviewing Risk Management & Trading System prior to billing and informing the Middle Office of discrepancies; and
F. Producing and processing invoices based upon Supply / Trading and Marketing activity and reporting such activity to the Treasury Department for cash collection/distribution.