Property Accountant – Mixed Portfolio – Residential & Commercial
Responsible for organizing the full accounting cycle for a portfolio of residential and commercial real estate properties. This responsibility includes analysis and research to provide the organization with high quality accounting information.
- Prepare month-end journal entries.
- Monthly bank reconciliation and general ledger reconciliations to the sub ledger.
- Maintain schedules reconciling cash, accounts receivable, inter-company balances, prepaid expenses, fixed assets, accrued expenses and liabilities.
- In addition, organize full accounting cycle for real estate commercial properties.
- Review and prepare monthly, quarterly, and yearly financial statements and ensure that all monthly reporting deadlines are met.
- Prepare HST remittance for each property.
- Annual tenant recovery reconciliations.
- Prepare monthly operating income statements and balance sheets for all Company owned and third-party residential properties with supporting schedules and submit to operation department for review.
- Provide YTD actual, review final version and input into system.
- Update non-operational expenses such as mortgage interest, legal and accounting fees and other administrative fees.
- Finalize Budgets, check for accuracy and reasonability.
Transactions for new or sale properties:
- Prepare year-end working paper files.
- Provide auditors with back up, financial statements and comparative analyses.
Cash flow management:
- Ensure all transactions are recorded, including asset purchases / sales of land / building;
- Monitor post-closing to be completed within the timeframe dictated by the purchase and sale document.
- Bank reconciliation complete until all the cheques are cashed before closing the account (for sale).
Monitoring A/R, A/P:
- Prepare cash flow projection on a timely basis.
- Monitor and inform Owner of the cash position (distributions/contributions).
- Oversee accounts receivables and accounts payables including review of cash requirement reports and reconciliation of tenant statements.
- Monitor banking deposits and daily balances.
- Monitor operational expenses on a monthly basis by performing variance analysis.
- Liaise with property administrators and property managers.
- Maintain records of all the Tenants Improvements, Building Improvements, leasing commissions, and other capital renovations.
- Communicate with outside parties (landlords, lawyers, accountants) when required.
- Take initiative to propose improvements of the accounting process or management of the flow of information to Senior Management.
- Other duties as required.
- Fulfill all responsibilities and activities in close cooperation with other Property Accountants, A/P Clerks, Property Administrators and Property Managers.