Property Accountant

1 month ago

Doral, United States KW Property Management, LLC Full time
Job DescriptionJob DescriptionJob Complexity & Critical Skills
  • The Property Accountant must perform the job duties with a view toward projecting a professional and competent image. The timeliness and professional responses are key to this position.
  • The position is fundamental to the accounting and financial analysis of an Association as such requires knowledge of the accrual basis of accounting, with attention to detail, solid time management and good interpersonal skills.

Essential Duties and Responsibilities include, but are not limited, to the following. The Duties and Responsibilities are classified into daily, weekly and monthly categories and listed in no particular order of priority:

Daily

  • Respond to requests from field staff and/or Board Members within a timely manner. As a form of policy, a professional response must be provided within 24 hours of request. If request cannot be turned around in prescribed timeframe, then accountant must inform requester of such.
  • Respond to requests from corporate staff within a timely manner, as stated above.
  • Keep abreast of any material transactions that may affect cash availability.
  • Assess tasks and prioritize them to ensure completion of deliverables by deadlines.
  • Clear review notes that may have been left to resolve from prior accounting periods.
  • Perform administrative functions including but not limited to: record keeping and filing,

Weekly

  • Approve weekly payables for assigned Associations, managing cash availability while keeping in mind the priority of payment policy established by KW: utilities, insurance, payroll and then contractual obligations.
  • Review the accounting period and general ledger account classification of AP invoices.
  • If there is an external security deposit detail, verify security deposit refunds as needed.
  • Prepare bank transfers as needed to transfer reserve funding, application of special assessments, etc.

Monthly

  • Reconcile bank accounts for assigned associations.
  • Go through and perform the items listed on the Monthly Checklist for Financial Statement Preparation.
  • Prepare the Financial Package for each assigned association by the contractual deadlines, which includes: Balance Sheet, Income Statement, Bank Reconciliations, Delinquency/Prepaid Reports, Accounts Payable Detail and Check Register.
  • Reconcile each line item on Balance Sheet and provide support for reconciliation by preparing and maintaining Supporting Schedules to the Balance Sheet
  • If association passed its budget with full/partial reserves, reconcile the reserve fund balance to restricted, reserve cash balances.
  • If association passed a special assessment, reconcile the special assessment fund balance to restricted, special assessment cash balances. Repeat for each special assessment passed by association.
  • If Association approved “pooled reserves,” prepare a supporting schedule that details the reserve line items funded.
  • Prior to submission for review, analyze the financial statements to ensure they are presented on an accrual basis and appear properly stated. In order to efficiently do this, you are recommended to run a month by month report (i.e. “12MB” for Balance Sheet and “12MO” for income statement) to assess trends and to ensure that the financial statements comply with accrual basis of accounting.
  • If you are assigned a developer-controlled association, you must do the following:
    • Track important dates and meetings, such as the Guarantee Period and board elections, turnover, and budget approval meetings, by keeping an open line of communication with field staff.
    • While under Guarantee period, invoice developer for monthly deficit.
    • After Guarantee Period, coordinate with AR Supervisor to move in developer into unsold units.
    • After Guarantee Period, invoice developer for assessments due on their units.

Annually

  • Budget Preparation:
    • Fill in Budget Worksheet with month to month actual balances.
    • Fill in Budget reserve schedule.
  • Financial Audit:
    • Immediately following the election of an audit firm, request from auditor list of required information to start audit fieldwork.
    • Constantly follow up with auditor to ensure timely progress of annual audit to completion.
    • Upon receiving the audit report draft, perform the following procedures:
      • Ensure the financial statements properly add across and down.
      • Tie the balances provided in Notes to Financial Statements to financial statements.
      • Obtain proposed audit journal entries and adjusted trial balance.
        • Determine if the audit entries appear accurate by reviewing the entries against the unaudited financial statements provided to auditor and review of any supporting documentation from auditor.
      • Follow up with auditor if there are any discrepancies in their entries.
    • Communicate any events/transactions after year-end that are material to the association (i.e. special assessments, construction project, loan financing, large purchases, etc)
    • Ensure timely issuance of final audit report by following up with PM/DM to have Board approve draft, sign management letter and receipt acknowledgement.
    • Upon receiving the final audit report, book the audit entries affecting the fund balance.
  • Tax Return:
    • Ensure that an extension is filed if the audit report will not be final on or after March 15, 2010.
    • Provide tax accountant with financial information required to file extension, if applicable, or with audit report for final tax return filing.
    • If extension is filed, ensure filing of tax return on or after due date (September 15, 2010).

Job Requirements

  • 1 to 3 years work experience in related field.
  • Bachelor’s Degree in Business Administration with major in Accounting.
  • Should have knowledge of accrual based accounting.
  • Must demonstrate strong organizational skills and a commitment to meeting reporting deadlines.
  • Must have ability to prioritize and multi-task.
  • Must be proficient in Microsoft Office (e.g. Excel and Word.)

Position Supervision

Employee reports directly to the Director of Association Finance.

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