Cost Accountant

Job Summary: The capital projects accountant will be responsible for cash management, capital transactions, financial reporting, audit support, project creation and closeout, and other general functions. Essential Responsibilities:

Cash Management

Oversee and manage the day to day cash transactions of each project that is assigned. This includes but is not limited to daily oversight of bank accounts, understanding the online banking platforms, entering transactions into Yardi and on the Cash Spreadsheet on a timely basis; managing the intercompany bill-backs and accounts payable process, setting up and inputting wire/ACH transactions, and completing monthly bank reconciliations.

Capital Transactions

Requests capital funds and reconciles equity/lender funding with capital expenditures in the draw.

Financial Reporting

Ensures that all fixed asset entries, including depreciation, as well as all fee revenue entries, are posted in the appropriate month and meet the deadline given by the other investment accounting groups. Ensures that each propertys renovation costs for the month are posted in the correct post month and are coded according to the approved budget.

Audit Support

On an annual basis, or in accordance with the legal agreements, supplies information and reporting as requested. Ensures accuracy of requested reports and upload them to the auditors designated site.

Yardi

Knows how to enter journal entries and post fees, run reports for analytics as well as reporting, and use the Job Cost module for project budgeting and costing. Extracts the job cost data from Yardi and preparing the draw presentation for the appropriate approvers. Once the draw is approved, selects payables in Yardi for submission to A/P.

Project Creation and Closeout

Sets up new renovation projects as they are assigned. Tasks range from selecting and assigning a job number, reconciling versions of the capital budget from multiple sources, setting up the first draw and requesting a new bank account. Is familiar with the Construction Management Agreement for the involved entity and should see to it that fees are set to calculate correctly. Prepares monthly draw and all related deliverables. Upon completion of the renovation project and/or disposition of the asset, follows the Closing a Project Checklist in order to fully close out the project.

General Functions

The legal agreements (generally Construction Management Agreement) of each project dictate the reporting requirements,and are unique for each portfolio. The responsibility of the senior(s) and manager(s) is to understand the underlying agreements of each venture. The staff should work to become familiar with the specific sections that reference the budget, construction management fees and general conditions stipulations, immediate repairs and/or lenderfunding involvement, as well as any reporting requirements. The staff should also work to build relationships with other stakeholders, both internally and externally, to understand how the Renovation accounting functions affect all parties.

Organizational Responsibilities:

• Follows established policies and procedures by monitoring and ensuring compliance with regulatory requirements, organizational standards, and operational processes related to area(s) of responsibility and reporting violations or infractions to appropriate individual(s).
• Practices proper safety techniques in accordance with Company, property, and departmental policies, procedures, and standards by immediately reporting any mechanical or electrical equipment malfunctions, employee/visitor/resident injuries or accidents, or other safety issues to appropriate individual(s).
• Identifies areas for improvement and offers suggestions to improve efficiency and productivity.
• Keeps abreast of current changes in technology, processes, and standards within the industry and area(s) of responsibility by attending internal and external training classes, research and/or subscribing to the internet or other professional publications, or utilizing other appropriate method(s) to obtain business and professional information, and applies knowledge and practices to area(s) of responsibility.