Property Accountant

Property Accountant 

 

PURPOSE OF THE JOB:  

The Property Accountant is responsible for overseeing the complete financial cycle for a portfolio of multifamily communities. Our Property Accounting Department offers a unique blend of full-cycle accounting, treasury, and financial analysis, creating an environment that fosters growth and development. 

 

ESSENTIAL FUNCTIONS AND RESPONSIBILITIES  

General Accounting and Portfolio Management: 

• Oversee the accounting, treasury and reporting of a portfolio of multi-family properties 

• Review of the monthly financial package (GL, budget comparison, and 12 months rolling P&L) for required reclasses, accruals, and explanations in close collaboration with Community Managers and according to published guidelines. 

• Confirm accuracy and upload petty cash transactions 

• Review G/L and re-class to ensure operating/major expenses and capital expenditures are recorded accurately 

• Calculate accruals for mortgage interest, property taxes, and insurance 

• Calculate and pay management fees to HRP, ensuring the monthly true up is within established materiality thresholds of the actual fee. 

• Review of the Balance Sheet for monthly submissions, focusing on the accuracy of accruals, escrows, and loan amortizations 

• Develop deep understanding of ownership specific reporting requirements and accounting treatments 

• Perform monthly Balance Sheet reconciliations 

 

Treasury and Cash Management Functions: 

• Review and process payables weekly, ensuring timely payments to vendors 

• Process utility payments timely to avoid late fees and disconnects 

• Review the daily cash position and forecast for all properties in the portfolio, ensuring timely communication of cash surpluses or deficits to HRP management. 

• Perform daily and monthly bank reconciliations 

• Ensure mortgages are recorded and paid timely 

• Review and track all bank and self-escrows related to tax, insurance, and reserves 

• Post Security Deposit payments and reconcile bank accounts 

• Ensure all lender financial statements are submitted as required. 

• Complete and submit quarterly Lender Replacement Reserve Draw Requests by the end of the month following quarter end.  Ensure Replacement Reserve submissions and receipts are tracked according to policy. 

 

Owner and Investor Servicing: 

• Distribute monthly financial reporting to owners per the management fee agreement 

• Review and initiate ownership disbursements as necessary 

• Prepare quarterly reporting as needed (Reserve Reimbursement Requests, Financial Statements, etc.) 

 

Operations and Community Manager Support: