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Property Accountant

Job Overview

A Property Accountant provides management with financial information by researching and analyzing accounts, as well as maintain the financial reporting for assigned properties. Responsibilities include preparing monthly reporting packages for third-party owners and lenders, assisting with outsourced and in-house bank reconciliations, troubleshooting accounting software bank reconciliation issues, preparing and filing direct pay sales tax return monthly, handling sales tax audit, and other special projects.

Organizational Impact

The organization impact of a Property Accountant job can be significant. Some of the key impacts are:

1. Financial Management: Property Accountants are responsible for managing the financial aspects of a property, including budgeting, forecasting, and financial reporting. They ensure that the organization's financial resources are used effectively and efficiently.

2. Compliance: Property Accountants ensure that the organization complies with all relevant financial regulations and laws. They also ensure that the organization's financial statements are accurate and complete.

3. Decision Making: Property Accountants provide financial information and analysis to support decision-making by senior management. They help the organization make informed decisions about investments, acquisitions, and other financial matters.

4. Risk Management: Property Accountants help the organization manage financial risks by identifying potential risks and developing strategies to mitigate them. They also ensure that the organization has adequate insurance coverage to protect against financial losses.

5. Stakeholder Relations: Property Accountants work closely with stakeholders such as investors, lenders, and tenants. They provide financial information and analysis to these stakeholders to help them make informed decisions about their investments or business operations.

Overall, the Property Accountant job has a significant impact on the financial health and success of the organization.

Key Systems

- Accounting software (e.g. QuickBooks, Yardi, MRI)

- Microsoft Excel

- Property management software (e.g. AppFolio, Buildium, Rent Manager)

- Financial reporting tools (e.g. Crystal Reports, Tableau)

- Budgeting and forecasting software (e.g. Adaptive Insights, Prophix)


Inputs

- Financial statements and reports

- Lease agreements and contracts

- Property management software and systems

- Tax laws and regulations

- Communication with property owners and tenants


Outputs

- Financial statements and reports

- Budgets and forecasts

- Accounts payable and receivable management

- General ledger maintenance and reconciliation

- Tax preparation and compliance


Activities

  • Review expense coding, amounts, validity of debt and authority limits of payables and check requests submitted
  • Verify Accounts Receivable sub ledger remains in balance with General Ledger
  • Post month end adjustment of prepaid rent per guidelines
  • Post month end reserve for bad debt per guidelines
  • Prepare or review annual billings
  • Investigate cash variances between the General Ledger and the bank account
  • Investigate outstanding bank reconciliation items before bank reconciliation is posted for the month
  • Submit ACH requests to clear intercompany liabilities
  • Maintain schedules and post journal entries for monthly accruals/prepays of contract services, utilities, taxes and insurance
  • Prepare and send annual and quarterly financial statements by lender deadlines
  • Close out capital jobs at year end to move value of completed jobs from work in progress to the proper capital General Ledger account
  • Prepare schedules of prepaid commissions at year end
  • Process monthly, quarterly and annual sales tax returns
  • All other duties as assigned

Recommended Items

  • Monthly financial statements preparation
  • Bank reconciliations
  • Accounts payable and receivable management
  • Budget preparation and analysis
  • Tax filings and compliance documentation

Content Examples

  • Financial statements and reports
  • Budgets and forecasts
  • Tax returns and compliance documents
  • Lease agreements and rent rolls
  • General ledger and journal entries

Sample Event-Driven Tasks

- Reconcile bank accounts monthly upon receipt of statements

- Prepare and submit property tax payments on time to avoid penalties

- Review and analyze monthly financial statements for accuracy and completeness

- Update and maintain property management software with current tenant information

- Coordinate with property managers to ensure timely receipt of rent payments and resolve any discrepancies


Sample Infill Tasks

- Reconciling bank accounts and credit card statements

- Preparing monthly financial statements for properties

- Reviewing and approving invoices for payment

- Assisting with budget preparation and variance analysis

- Maintaining accurate records of tenant rent payments and delinquencies


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