Financial Manager : Treasury and Derivatives - Westville at RCL Foods

Job Description    

• At RCL Foods, we are driven by a purpose that goes beyond business. Our commitment to "We grow what matters" reflects our dedication to nourishing lives, communities, and the future.
• As a leading player in the Food Manufacturing industry, we pride ourselves on delivering high-quality products and making a positive impact. As we continue to grow, we are seeking a talented and motivated individual to join our team as a Financial Manager looking after Treasury across 2 business units within the group. The job holder will also be required to perform the functions of super user for the Treasury system (Kyriba) and be responsible for accounting related to Derivates across the Food Division.
• The role will be based in Durban and report to the Finance Executive.

Minimum Requirements    

• CA (SA)
• Minimum 2 years post articles in a similar role
• Kyriba (Advantageous) / Treasury system exposure
• Strong technical understanding of derivatives. This includes the application of the IFRS 9 accounting standard, advising on the tax treatment of derivatives and compliance of derivative trading with Reserve Bank regulations

Duties & Responsibilities    

The incumbent in this role is responsible for various financial and treasury tasks, including:

General:

• Preparation and review of journals.
• Calculation of forex gains and losses between FEC and actual payments to foreign suppliers.
• Monthly VAT reconciliations.
• Allocation of debtors' receipts for external and intercompany customers.
• Preparation of general ledger reconciliations and schedules.
• Monitoring GR/IR account.

Creditors and Cash Book:

• Reconciliation of bank statements.
• Clearing cash book sub-ledgers at month end.
• Posting to correct GL accounts.

Treasury:

• Consolidation of cash forecast for two business units.
• Analyzing cash forecasts for material differences or trends.
• Preparation of daily business unit dashboards.
• Calculation of daily net cash positions.
• Revision of consolidated cash forecast.
• Monthly treasury tasks, including loan confirmations, TB reconciliation, and monthly packs.

Derivatives:

• Preparation of derivative financial results in accordance with IFRS 9.
• Tracking all derivative trades, including soft commodities, currency, and off-balance sheet positions.
• Weekly derivative dashboards for procurement committee.
• Preparation of financial statements and disclosures related to derivatives.
• Management of queries on accounting and tax treatment of derivatives.
• Review of daily mark-to-market movements.
• Balancing open derivative positions to external statements.
• Calculation of realized profit and loss on derivative positions.
• Derivative sensitivity analysis for risk management.
• Review of derivative balance sheet reconciliations.
• Calculation of realized profit and loss for commercial profitability.
• Tracking stock consumption on underlying derivative positions.
• Calculation of effective rates for derivative positions.
• Calculation of cash flows due to derivative movements.
• Assistance to procurement teams with profit/loss allocation.
• Reviewing currency positions against trade confirmations.
• Writing SENS commentary for IFRS 9 movements.
• Calculation of mark-to-market movements on off-balance sheet positions.
• Facilitating the expiry of currency positions.