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
