Real Estate Accountant | Atlanta, GA

Job Description
Perform all accounting functions related to the development and operations of IDI-owned and joint venture funds; report information related to both real estate under development and operating properties on a monthly or as-needed basis.

Supervision
Reports to: Accounting Manager

General Qualifications Required
Education: Bachelor’s degree in accounting or finance

Licensing: None required

Experience: Minimum of two (2) years’ experience in development/job cost accounting or real estate accounting preferred

Skills/Behaviors:

• General Ledger accounting experience
• Required computer skills include proficiency in Word & Excel
• Yardi experience preferred
• Effective oral and written communication skills
• Strong organizational skills with ability to prioritize
• Ability to handle multiple tasks while meeting strict deadlines
• Strong analytical problem-solving skills
• Detail and team orientation
• Major Areas of Responsibility

Development

• Set up construction budgets for new projects in Yardi accounting software
• Revise projected costs monthly in cooperation with regional colleagues
• Record takedown of land for vertical development on both land estate and building
• Review and approve development and construction invoice batches in the AP system; review general contractor pay applications and reconciliation to contract information in Yardi
• Review each project’s status for correct classification as proposed, under development, abandoned, or completed; record any related entries to transfer asset balances
• Prepare construction loan draws and record receipt of loan funding
• Maintain non-financial tracking information for development projects in Yardi
• Record acquisition of new land estates, including earnest money deposits
• Maintain development reports on monthly basis, work with construction/development manager to ensure development reports are updated monthly
• Record monthly capital expenditure accruals
• Record overhead capitalization on all projects in development
• Record capitalized lease-up losses for newly completed projects

Operations

• Review monthly tenant rent charges and record partial period rent payments if needed
• Monitor aged receivables and assist in collection efforts as needed
• Calculate and charge tenant late fees as needed
• Prepare deferred rent schedules for new leases and setup recurring entries in Yardi
• Prepare annual operating expense reconciliations (CAM reconciliations)
• Update fixed asset system quarterly for asset additions and reconcile to general ledger; assist Tax department with inquires related to fixed assets
• Review and approve accounts payable
• Process monthly debt payments
• Perform month-end close procedures, including a detailed review of trial balance, income statement, balance sheet, general ledger, budget variances, development report, accounts payable and accounts receivable
• Calculate, record, and prepare payment of management fees
• Prepare monthly reconciliations for multiple bank accounts as required
• Work with property managers to identify and analyze variances and prepare reports for operating properties

Joint Venture Reporting

• Prepare monthly joint venture reporting package, including financial reports and budget variance explanations
• Calculate monthly cash distributions and communicate to joint venture partners
• Prepare partner equity requests as needed and coordinate partner funding
• Calculate and record monthly net income allocation to joint venture partners
• Calculate, record and prepare payment of all fees, including but not limited to, development fees, management fees, financing fees, budget savings fees and administrative fees

Support Functions

• Assist in preparing annual business plan and building-level operating budgets
• Assist in preparing annual audit schedules and work directly with audit teams to provide requested information for testing
• Assist in preparing annual rent letters
• Prepare assigned month-end reconciliation schedules following the completion of property close

Miscellaneous

• Other duties assigned

The preceding Position Description has been designed to indicate the general nature and level of work performed by employees within this qualification. It is not designed to contain or be interpreted as a comprehensive inventory of all duties, responsibilities, and qualifications required of employees assigned to this position.