Common use of Operations Accounting Clause in Contracts

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: