Property Accountant

The Property Accountant performs financial functions related to the collection, accuracy, recording, analysis and presentation of Condominium and Homeowner Associations’ financial operations. This includes financial data collection, entry and report generation.

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:

• Respond to requests from field staff and/or Board Members within a timely manner. As a policy, a professional response must be provided within 24 hours of request. If a request cannot be turned around in the prescribed timeframe, the accountant must inform the 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.

• 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.

• 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.

• 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…