Accounts Payable (AP)
Invoice Processing:
- Receive and review vendor invoices and expense reports, ensuring accuracy and appropriate supporting documentation (contracts, receipts).
- Verify that invoices match quotes, contracts, or receipts and resolve discrepancies by collaborating with property managers or vendors.
- Prepare coding sheets and attach them to corresponding invoices and submit for approval before entering them into the accounting system.
Payment Processing & Reconciliation:
- Ensure timely processing of vendor payments in line with policies and schedules.
- Maintain accurate payment records for audit purposes.
- Reconcile vendor statements and resolve payment discrepancies.
- Assist with month-end and year-end closing, ensuring that AP transactions are correctly recorded and reconciled.
- Respond to vendor inquiries regarding payment statuses or discrepancies.
- Prepare AP-related reports for management as required.
Accounts Receivable (AR)
Tenant & Billing Maintenance:
- Communicate with new tenants regarding rent payment setup (PAD), process payments and maintain records.
- Ensure accurate and timely rent payments, adjustments, and tenant billing.
- Initiate requests for account holds, tenant defaults, or write-offs, and manage approvals.
- Verify and follow up on tenants’ insurance certificates.
- Direct maintenance requests to the Property Management team as needed.
Account Reconciliation & Collections:
- Reconcile AR records for accurate payments and balances.
- Investigate and resolve discrepancies in tenant accounts, coordinating with tenants or the leasing team.
- Review AR aging reports regularly.
- Follow up on overdue tenant payments, ensuring collection of outstanding rents.
- Respond to tenant inquiries related to billing, payment status, and resolve issues.
- Escalate collection issues to management
- Maintain an up-to-date A/R list.
Bank
- Monitor daily bank account transactions and provide daily reports.
- Prepare monthly bank reconciliations, ensuring all transactions are accounted for.
- Process monthly cheques (mortgage payments, distributions) and post to the GL.
Lease Administration
- Abstract, review, analyze, and maintain leases
- Set up lease recurring billing charges in the system in according to lease terms.
- Monitor lease renewals, options, and amendments and update records as needed.
- Analyze financial variances in lease-related accounts and support monthly/quarterly/year-end close procedures.
CAM Recovery
- Analyze leases to determine accurate CAM charges and ensure proper allocation of shared expenses across a portfolio of commercial properties.
- Reconcile tenant CAM expenses against actual costs and investigate discrepancies to ensure correct cost allocation.
- Track tenant reimbursements for CAM charges, ensuring timely collection.
- Prepare CAM budgets and forecasts, ensuring accurate projections for financial planning.
- Prepare annual CAM reconciliations, review tenant accounts, and issue final reconciliations to tenants and property owners.
- Provide support during internal and external audits of CAM recoveries.
Tax Analysis and Recovery
- Analyze and ensure accurate billing and recovery of Taxes (property Taxes, supplement Taxes, garbage, water, and other Tax-related charges) as specified in leases.
- Verify tenant recoveries for property Taxes and other related charges.
- Manage property Tax budgets and incorporate Tax obligations into tenant billing and recovery.
- Address Tax-related discrepancies by communicating with management, tenants, and Taxing authorities.
Financial Reporting & Analysis
- Assist with the preparation of financial reports for CAM and Tax Recovery, offering detailed explanations for variances.
- Monitor trends in CAM and Tax Recovery, analyzing the impact on both property owners and tenants.
- Ensure compliance with internal controls and audit requirements for CAM and Tax-related activities.
- Assist with monthly HST / QST preparation, filing and payment
