Senior Property Accountant

Senior Property Accountant New England Development Boston, MA Job Details Full-time $95,000 - $115,000 a year 2 hours ago Benefits Disability insurance Dental insurance 401(k) Flexible spending account Paid time off Vision insurance 401(k) matching Life insurance Qualifications Interpersonal skills Spreadsheets Bachelor's degree Attention to detail Productivity software Business Property management

Full Job Description TITLE:

Senior Property Accountant

REPORTS TO

Accounting Manager

POSITION SUMMARY

Maintain general ledger, prepare financial statements, prepare year-end workpapers for audit and tax return preparation for assigned properties in the portfolio. Assist in budgeting process; prepare bank reconciliations and review tenant reconciliations for CAM, RE Tax, and percentage rents. Review and approve invoice coding and check runs.

KEY AREAS

I. Budgets II. General Ledger Maintenance III. Financial Reporting (Internal & External) IV. Partner Distributions/Contributions V. Bank Reconciliations VI. Tenant Billings / Charges VII. Year End Work Papers/Audits

JOB DESCRIPTION

I. Budgets

• Assist in preparation of annual property budgets (including capital) for upcoming year
• Assist property manager with certain line items (income and expenses)
• Review rent assumptions from Leasing
• Review projected CAM & RETax recovery rates and percent rent
• Review budget and respond to inquiries from JV partner and other external owners
• Prepare executive summary based on approved budgets
• Prepare on accrual & cash basis II. General Ledger Maintenance
• Review G/L monthly to verify accuracy of transaction postings
• Prepare journal entries as necessary including recurring
• Update month end workpaper schedules for balance sheet accounts
• Reconcile Cash, AR and AP balances monthly
• Prepare monthly schedules for fees due to management company in accordance with Management / LLC agreement
• Prepare monthly

CAM / RE

Tax reimbursement estimates

• Actively collaborate with development accounting team to monitor project budgets, prepare monthly construction draws and track funding timelines
• Interface with corporate accounting, property management, development accounting, accounts receivable, accounts payable and lease administration to resolve issues
• Approve & code AP invoices and review cash balances for weekly check runs III. Financial Reporting (Internal & External)
• Prepare monthly cash flow projections
• Prepare monthly financial statements including variance analysis including reforecasting
• Interpret and maintain compliance with complex cash management agreements, lender covenants, and waterfall distribution structures
• Prepare financial package for outside partners in accordance with management/LLC agreement
• Prepare rent roll and occupancy reports monthly
• Participate in monthly meetings to review cash flow projections and financial statements
• Prepare Quarterly P&L and actuals vs. budget analysis
• Respond to Ad Hoc requests from client as needed
• Debt compliance/covenant monitoring IV. Partner Distributions/Contributions
• Budget partner calls and distributions per original cashflow projections
• Prepare partner calls and distributions as required
• Maintain schedules of partners' percentages in accordance with LLC/LP agreements
• Adjust projected distributions & contributions to assure adequate cash balances V. Bank Reconciliations
• Prepare bank reconciliations for entities assigned
• Resolve / research open reconciling items VI. Tenant Billings / Charges
• Review tenant reconciliations for CAM and RETaxes
• Review percent rent calculations and prepare accrual estimates
• Review all Tenant charges VII. Year End Work Papers
• Finalize CAM expenses for annual tenant reconciliation
• Make necessary year-end adjustments to finalize financial statements and tax return
• Prepare appropriate schedules to support year end balances
• Assist in K-1 estimates required at various times during the year
• Prepare year-end audit requirements/schedules
• Coordinate with external auditors, including preparing reconciliation schedules, fielding auditor questions, and ensuring timely resolution of inquiries
• Update fixed asset schedules and depreciation/amortization on GAAP and Tax basis using excel and FAPro software
• Update straight line rent schedules and corresponding journal entries

Job Qualifications/Requirements:

Bachelor's degree in Accounting/Business 5 + years' work experience in related field Experience with property management software preferred - MRI, Nexus, Fixed Asset Pro Knowledge of commercial real estate, lease documents, lease language & interpretation preferred Proficient in the use of Microsoft Excel, Word and Adobe Strong verbal and written communications skills Well organized, self-motivated, and detail oriented, with excellent interpersonal skills Demonstrated ability to take initiative, set priorities, and handle a wide range of tasks simultaneously and handle shifting priorities in a fast-paced environment. Must be flexible and willing to take on new assignments. Excellent judgment and discretion are required

Pay:

$95,000.00 - $115,000.00 per year

Benefits:

401(k) 401(k) matching Dental insurance Disability insurance Flexible spending account Life insurance Paid time off Vision insurance

Work Location:

Hybrid remote in Boston, MA 02116