Joint Venture Accounting Specialist
Manila, Philippines
3d ago

Principal Accountabilities :

This position is responsible in managing Joint Venture accounting system set-up, monthly recording, reviewing and approving Joint Venture AFE (Authority for Expenditure) attributes, accuracy of billings and payouts in adherence to Joint Operating Agreement.

The account scope is for Upstream Americas Deepwater, Exploration, LNG and / or Unconventional gas properties. The Specialist must be familiar with all aspects of joint venture accounting and have an understanding of the various issues impacting the industry.

The Specialist must rapidly develop the ability to read and understand the joint venture portions of each Joint Operating Agreement (JOA).

The Specialist must also possess strong communication skills and the capability of developing effective relationships to resolve data discrepancies and JVA AR Analyst queries with Asset Financial Representatives and Financial Manager, Property Accountants, Project Accountants, Revenue Accountants, Landmen and Land Managers and partners Joint Venture accountants.

Accountabilities :

Provide assistance to FitB in completing master data updates or changes; ensuring accuracy of venture and equity changes

Request necessary master data changes to close disputes raised by JV partners as necessary

Review completeness and accuracy of master data changes

Monitor the Joint Venture AFE suspense accounts; provide assistance to FitB to close any issues relating to master data

Manage system to Suspense / Unsuspense AFEs to bill

Review and approve AFE JV attributes before set-up by Projects Team

Perform pay-out analysis and reconcile with revenue accounting to ensure Carried Interest Statements accuracy

Prepare and reconcile Prior Period Analysis and Adjustments

Prepare manual entries and billings in adherence to JOA policy

Ensure accuracy of manual and mechanical allocations; cycle update and perform test run

Ensure to close issues and errors during allocation and cutback process

Monitor JV closing jobs and resolve issues to ensure timely closing of books

Prepare required Account Analysis report and supporting documentation.

Prepare and analyze assigned SOAR (Status of Accounts reporting)

Work with JV AR analysts in resolving disputes related to Master Data

Achieve set SLA and TAT in each activity.

Types of Issues handled :

Incorrect Joint Venture master data set-ups; untimely working interest update and accounting set-up inconsistency with JOA

Incorrect Joint Venture attributes (object type and overhead)

Complexity of JOA set-up

Possible error due to manual interventions in billing and allocation

Incorrect / not up to date revenue postings

Controls :

Ensure compliance with RDS, Key, Non-Key and Internal Business Controls and other participating controls (MJE, SOAR, Master Data)

Ensure SAP set-up in accordance to Joint Operating Agreement

Process Improvements :

Independently manage errors or issues that arise, make adjustments and corrections as needed, within delegated authorities and responsibilities.

If actions are needed that are not within the desk scope or authority, bring actions to be taken to the appropriate level needed for handling.

Has the knowledge and experience to identify control weaknesses and recommend changes on their desk.

Ongoing review of desk processes and procedures to look for possible enhancements. Provide data supporting changes and related impacts to Team Manager for review.

Training / Job Knowledge :

ØLearn the processes used by joint venture accounting, as well as the transactions in SAP.

Acquire industry knowledge in the area of joint venture accounting

Continue participation in Finance’s training program and quickly apply learning to analyzing routine business transactions.

Key Challenges :

JV Specialist handles a variety of joint venture errors and issues with resolution falling within a reasonable timeframe.

The Specialist must develop content knowledge of many aspects of joint venture accounting and the ability to apply this knowledge in changing business applications.

The ability to work with many diverse individuals in a team environment and to be capable of acting independently is essential.

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