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Performs accounting functions for assigned property(s) working under the technical
direction of the Portfolio, Partnership or Third Party Accounting Manager and
has a strong dotted line reporting relationship to the Property Manager (General
Manager, if applicable). The position is oriented to providing service and support
to the Accounting Department's internal clients. These include Property Management,
Asset Management and Investor Reporting.
Essential Duties & Responsibilities include the following. Other duties
may be assigned.
All tasks are to be completed in an accurate and timely manner demonstrating
a sound understanding of assigned area of responsibility.
General Responsibilities:
• Maintain the property's books and records in accordance with the company's
policies and procedures.
• Ensure compliance with the company's internal controls and separation of duties.
• Attend periodic Asset Team meetings and provide occasional assistance with
requests.
• Assist Accounting Manager with accounting projects. This may include, but is
not limited to special transactions, i.e. acquisitions, dispositions and refinancing
of property and systems related projects.
• Assist property manager with property projects as related to accounting issues.
This may include, but is not limited to responsibilities listed in sections of
this document.
• Read and understand the partnership agreement, the property management agreement
and any loan documents related to the property(s).
• Maintains regular contact and builds solid working relationships with Lease
Administration and Property Managers within assigned property to ensure high
level of customer service as measured by manager observation and feedback from
principal customers.
• Reaches out to peers to identify solutions to issues.
• Completes well thought out and well-documented self review within designated
timeframes.
• Brings issues and concerns to manager's attention on a timely basis.
Daily/Periodic Responsibilities:
• Review accounts payable batches for proper coding and approvals, propriety
of payments, supporting documents, etc. Post reviewed and approved Accounts Payable
(AP) batches.
• Review accounts receivable batches for proper coding and application. Post
reviewed and approved Accounts Receivable (AR) batches.
• Assist Property Manager, Tenant Administrator and tenants in researching and
applying unclassified (unapplied) cash receipts.
• Review cash position daily. Ensure accurate recording of the previous day cash
activity via journal entry.
• Prepare wire transfer and check requests to properly position funds in the
appropriate accounts.
• Work with Property Manager, Tenant Administrator and Lease Administrator to
ensure the completeness and accuracy of tenant data in the Commercial Management
(CM) module of the CTI accounting system.
Monthly Responsibilities:
General Items:
• Prepare the monthly property management fee calculation for review and approval
by the • Property Manager.
• Prepare the monthly construction management fee request for review and approval
by the Property Manager.
• Review and verify the accuracy of all commission calculations for review and
approval by • Property Manager for payment.
• Prepare bank reconciliations for all property bank accounts for review and
approval by • Accounting Manager. Ensure proper and timely recording of reconciling
items as necessary.
• Process monthly late fees and rent rolls. Post rent roll upon approval by the
Property Manager.
• Monitor accounts receivable aging. With Property Manager, identify collection
issues. With • Property Manager and Accounting Manager determine appropriateness
and amounts of reserves for past due amounts.
Cash Basis Reporting:
• Prepare monthly cash basis journal entries as needed to properly reflect all
financial activity on a cash basis.
• Prepare monthly cash basis operating statements Monthly Asset Profile (MAP).
• Prepare preliminary variance explanations for review by Property Manager and
assist with preparation of final explanations of the monthly cash vs. budget
variance report.
• Prepare preliminary monthly reforecast for review by Property Manager and assist
with preparation of final reforecast.
Accrual Basis Reporting:
• Prepare monthly allocation entries for prepaid expenses, accrued liabilities,
depreciation, amortization and FAS 13 adjustments.
• May prepare accrual basis financial statements, including support package (see
quarterly below).
Quarterly Responsibilities:
General Items:
• Reconcile the Job Cost schedules to Construction in Progress (CIP) accounts.
• Maintain the Fixed Asset sub-ledger system as described in the department policies
and procedures.
• Prepare or assist Accounting Manager in the preparation of loan compliance
reporting (if applicable).
• As needed, update job cost summary with check number and date paid in appropriate
section of the report.
• Prepare accrual journal entries necessary to properly state the quarterly accrual
financial statements (these responsibilities may be monthly if monthly accrual
basis financial statements are prepared for the property(s)).
• Review Financial Accounting Standards 13 (FAS 13) reports and rent roll for
accuracy. • Make corrections as necessary.
• Prepare the quarterly accrual basis financial statement reporting package on
a timely basis for review by the Accounting Manager and Portfolio Controller.
Annual Responsibilities:
• Prepare year-end audit package to include drafting the financial statements
and footnotes and preparing supporting schedules as required by external auditors.
• Prepare direct expense letter packages for the external auditors.
• Assist Property Manager in audits requested by investors, partners, tenants
and regulatory agencies.
• Assist Property Manager in the preparation of the annual operating and capital
budgets.
• Prepare for Property Manager review and approval, the annual estimated escalations
(and CPI increases, if applicable) to be billed to the tenants during the year.
• Prepare for Property Manager review and approval, the annual reconciliation
of the estimate to actual escalations based on the direct expense letters, base
years, gross-ups and expense pools.
• Prepare for Property Manager review and approval, correspondence and invoicing
for the escalations, both estimates and annual reconciliations.
• Review all sales tax, property tax, real estate tax, and gross receipts tax
filings for accuracy. Ensure payments are made on time and in the correct amounts.
Properly record accruals related to these items.
• Delivers monthly, quarterly and annual reporting to the Accounting Managers
on time.
• Delivers packages that are complete, technically accurate, contain adequate
support, are fully referenced, and require minimal revision.
• Prepares accrual basis close on a monthly basis that is timely and technically
correct. • Completes accrual-related tasks throughout the month in order to reduce
workload during the close.
• Delivers accurate monthly cash basis reporting to Property Managers on time.
• Provides accurate, timely and useful information in order to measure progress
in achieving business group and property goals.
• Demonstrates technical expertise by staying abreast of current technical accounting
pronouncements. Takes initiative in staying up to date by reading technical literature
and attending training as appropriate.
• Analyzes new or changing circumstances at the earliest opportunity to identify
accounting impact. Follows through to be certain that identified issues are brought
to closure on a timely basis.
• Delivers fluctuation analyses that are well written, complete, and require
minimal revision.
• Demonstrates a full understanding of system capabilities and limitations and
proficiency in its use for recoveries (including mid year true up and budgeting)
and deferred rent calculations.
• Implements new processes and procedures accurately, on a timely basis.
• Provides support to the Accounting Manager in accurately completing the accounting
for acquisitions, dispositions and major transactions as they occur. Examples
of support include, but are not limited to, recording transaction journal entry,
FAS set-up, draft loan compliance, etc.
• Promptly identifies policies and procedures that need revision and advises
manager. As requested, participates in updating or revising policies or procedures
delivering work products that are well written, thorough, and technically correct.
• Actively participates in the departmental training and education programs.
Seeks out opportunities to contribute to the success of programs by identifying
areas where training is needed and assisting in developing appropriate training
programs.
• Volunteers to participate in special project work as opportunities arise. Takes
ownership of the project and makes a meaningful contribution to its success.
Follows through to completion.
• Serves as a resource for other department members in areas of expertise as
designated by manager.
Requirements:
Essential Skills & Qualifications:
• Working knowledge of Generally Accepted Accounting Principles (GAAP).
• Working knowledge of issues, procedures and practices associated with property
accounting.
• Demonstrated ability to manage multiple tasks and priorities to conclusion.
• Ability to respond to changing and sometimes ambiguous situations.
• Strong oral and written communication skills. Ability to read, to analyze,
and interpret technical procedures, government regulations or documents with
a similar degree of complexity. Ability to write routine reports and correspondence.
• Ability to apply common sense understanding to carry out instructions furnished
in written, oral or diagram form. Ability to deal with problems involving several
concrete variables in standardized situations.
• Demonstrated ability to identify and raise issues and propose solutions.
• Demonstrated skill in making sound and accurate judgments by providing the
appropriate level of detail to account for budget variances.
• Proven initiative in analyzing financial activity and advising property management
on corrective actions and alternatives.
• Intermediate proficiency in Microsoft Word, Excel and complex accounting software.
• Ability to choose among alternatives when completing work. Work is periodically
reviewed by management at key intervals for advice/guidance prior to completion.
Education/Experience:
• Bachelor's degree (B.A. or B.S.) in Accounting or related field from a four-year
college or university, or equivalent combination of education and experience.
• Minimum 2+ years experience in accounting. Experience with a national accounting
firm and/or real estate investment/commercial property management highly desirable.
Certificates, Licenses, Registrations:
• Certified Public Accountant (C.P.A.) designation preferred.
Physical Demands:
• The physical demands are representative of those that must be met by an employee
to successfully perform the essential functions of the job. Physical demands
include extended periods of sitting.
• Reasonable accommodations may be made to enable individuals with disabilities
to perform the essential functions.
Working Environment:
• Work environment characteristics are representative of those an employee encounters
while performing the essential functions of the job. Reasonable accommodations
may be made to enable individuals with disabilities to perform the essential
functions.
• The employee works primarily in a large office building.
Date Posted: 01/30/2006
