Reports to: Controller
Responsible for general ledger analysis and the maintenance of accurate records for a portfolio of properties from the partnership agreement to financial statements in accordance with established accounting and tax policies.
- Reconcile operating cash, intercompany accounts, tenant accounts receivable, accounts payable, accounts payable tenants, and escrow cash accounts from the general ledger to supporting detail on a timely basis.
Reconcile security deposit bank account(s). Compare balance(s) to corresponding liability and transfer cash to/from operating account as required.
- Review and analyze monthly general ledger activity.
- Monitor available cash on an ongoing basis.
- Ensure timely payments of monthly mortgages and quarterly real estate tax payment. Update real estate tax schedule for all properties.
- Review and change standard payables and journal entries for each property as needed. Process any payables/journals if necessary.
- Prepare monthly/quarterly special reporting to mortgagees and investors, as required by mortgagee and/or partnership agreement. Submit to Controller for final review and approval.
- Prepare year-end audit workpapers for external audit. This process is ongoing throughout the year and should not be postponed.
- Calculate necessary entries for MIP payments.
- Calculate gross potential rents (subsidy properties only). Analyze variances and forward to appropriate Management staff for resolution.
- At May 31st, November 30th, and December 31st, re-compute management fee based on actual and adjust. If necessary, calculate monthly.
- Prepare annual budget information for non-operating expenses for Management review.
- Prepare 121A Urban Redevelopment Excise tax return for project (if applicable).
- Maintain correspondence/permanent files for each property.
- Test the adequacy of all escrows. Request return of excess funds or propose solution to underlying issues.
- Maintain prepaid insurance schedules.
- Update depreciation/amortization expense each year from auditors' schedules (typically in May of each year).
- Month-end closing and various reports for clients as needed.
- Assist in financial statement preparation, review and variance analysis on a quarterly basis.
- Other property specific accounting, reporting and projects, as needed.
- 2+ years of accounting experience, property accounting specific experience desired but not required.
- GL/journal entry experience (private accounting) or real estate specific audit client experience (public accounting) required.
- Proficient use of Microsoft Office and accounting software.
- Attention to detail and strong analytical skills.
- Strong, collaborative work ethic, able to take on new projects and responsibilities as part of a growing team.
- CPA a plus, but not required.
- Must submit to and pass Corcoran Management Company’s background screening as explained in the employment application.
- Must submit to and pass a Drug and Alcohol Screening as explained in the Corcoran Management Company’s Substance Abuse Prevention/Detection Policy.
- Must be able to read, write and communicate in English.
- Must wear the appropriate uniform provided for this position.