PROJECT ACCOUNTANT for SUCCESSFUL GLOBAL REAL ESTATE FIRM

PROJECT ACCOUNTANT _____ ____________________________________________________________________________________

 

Our Client, a highly successful Global Real Estate Development Company is in search of a PROJECT ACCOUNTANT for their New York City office.  This person?s primary responsibility will be to ensure the accuracy and propriety of all financial data and reports maintained and prepared for the property and tier entities.  This person will report to the Controller.

 

 

JOB FUNCTIONS:

 

  Cash Management:

 

  Manages partnership cash accounts, including investment of excess cash.

 

  Reviews and approves wire transfers, which fund normal operations, payroll, mortgage payments,   distributions, etc., from partnership accounts.

 

  Verifies timeliness and accuracy of wired investments and interest earned, through review of bank   confirmation advices.

 

  Reviews and approves monthly bank reconciliations for depository, disbursing and concierge petty cash accounts.  Resolves any reconciling items and monitors outstanding checks.

 

  Prepares monthly balance reconciliation for disbursing account.  Resolves any reconciling items.

 

  Maintains adequate computer cash management system security and maintenance.

 

  Reviews cash flows by company monthly/quarterly to determine actual cash to be distributed/contributed to/by partners (as necessary).

 

  Revenue Cycle and Rent Rolls:

 

Review reconciliation  of rent roll to revenue model prepared by bookkeeper.  Ensure that approvals from PM are obtained.

 

Updates revenue model for current year new leases and current year expirations, using rent roll rollforward.  Listing aids preparation of audit schedules and property management.

 

Prepares monthly rent roll correspondence (rent start letters) and fixed charge exhibits from Access Database.  Tenant letters and attachments submitted to administrative assistant for delivery and mailing subsequent to review and approval of PM.

 

  Prepares annual tenant escalation letters and fixed charge exhibits for review by PM.

 

  Prepares annual tenant escalation reconciliations.

 

Reviews lease briefs and ensures that new leases and renewals are input into Timberline and the revenue model accurately.

 

  General Ledgers:

 

Maintains partnership general ledgers using GAAP basis accounting (or other requested method of accounting.)

 

  Reviews general ledgers, on a monthly basis, for accuracy and completeness.

 

Reviews reconciliation of accounts receivable subledger and accounts payable subledger to general ledger,   monthly.  Property bookkeeper investigates and resolves differences, under direction of Project Accountant and Controllers or Senior Controller, if appropriate.

 

  Reviews prior to posting monthly general journal entries, including accruals, and reclassifications.

 

  Prepare the first draft of the variance explanations for revenues as included in the quarterly reporting.

 

  Reviews accounts receivable and allowance for doubtful accounts, quarterly.  Investigates and appropriately resolves reconciling items.

 

  Updates deferred lease costs schedules for current year leases.  Computes and posts annual deferred lease costs journal entries.

 

  Updates depreciation schedules for current year fixed asset additions.  Computes and posts annual depreciation journal entries.

 

  Reporting:

 

Prepares monthly, quarterly and annual operating reports for the partnership, pursuant to the Management Agreement.

 

  Prepares ownership-requested reports and schedules (e.g., cash flow analysis, leakage analysis, lease buyout computations, etc.).

 

  Prepares Company requested reports and schedules (e.g. management fee analysis, partnership   distributions, tax projections, etc.)

 

Provides required GAAP Reporting (such as rent leveling and quarterly operating reports) to the Company REIT.

 

Budgeting and Quarterly Projections:

 

Prepares budgets and quarterly projections for selected revenue accounts, including office, storage, retail, escalations and management fees through use of revenue models. Coordinates with PM to ensure that variance explanations are completed for all expenses.

 

  Prepares budgets and quarterly projections for selected expense accounts (e.g., audit fees, cash   management fees, insurance, taxes, bad debt expense, G & A expense, management fees, etc.)

 

Coordinates with property management preparation of budget package for owners and the Company personnel.

 

Assists bookkeeper with system input of property budget information into Timberline  Reviews for accuracy.

 

  Prepares and inputs budgets for tier entities.

 

  Prepares budget and quarterly projections variance analyses for applicable accounts.

 

  Reviews and verifies accuracy and propriety of budgets, quarterly projections and variance analysis reports prior to submission to ownership and Company personnel.

 

  Audits:

 

  Understands purpose and procedures of financial statement and operating expense audit   performed by external auditors.

 

  Prepares and submits audit workpapers to external auditors within the required time-frame.

 

  Coordinates financial statement and operating expense report audits with external auditors, Notifies auditors of potential audit issues, material transactions which occurred during fiscal year and any subsequent events.  Answers questions and resolves any issues which may arise.

 

  Reconciles management and other fees and partnership distributions, in conjunction with the financial statement audit.

 

  Coordinates internal audits, sales tax audits and tenant audits which may arise.  Prepares information for these audits, as needed.

 

  Construction / Industrial:

 

Review monthly draw package, including general contractor?s pay application, for accuracy and reconciliation.

 

  Review budget overages and research with project manager.

 

    Ensure lien releases and insurance certificates are being tracked by staff accountant, if project

requires.