Title: Accounting Manager, Residential Development
Department: Accounting Department
Reports to: Director of Accounting
General Description
The Senior Accounting Manager, Residential Development, will report to the Director of Accounting and is responsible for overseeing all the accounting functions within the residential development portfolio including low-rise developments and hi-rise (condo) developments.
Madison has over 5 million sq. ft of
approved hi-rise development projects, to be constructed over the next decade or so, as well as over 2 thousand low rise approved units over the same period of time.
Main Responsibilities
- Maintain the general ledger and annual working paper files for the Housing Development portfolio by posting year-end journal entries and preparing financial statements.
- Prepare cost analyses by interpreting projects' financial data and information and report any financial risks and budgetary discrepancies to management for review.
- Generate quarterly financial reports and monthly project reports required by lenders.
- Develop, implement, and maintain construction management system, including setting up projects (jobs), budgets, job costs, cost codes, contracts, change orders, purchase orders, and various construction progress reports.
- Monitor budgets, costs incurred, costs to complete, committed costs and anticipated final costs in project management and accounting system.
- Perform and /or oversee monthly bank reconciliation and reconciliation of control accounts (accounts receivable and accounts payables) to subsidiary ledgers, intercompany balances, schedules of balance sheet accounts.
- Perform monthly HST reconciliations, file HST returns, and ensure remittances for each project on a prompt basis.
- Perform accounting duties throughout the project, such as posting acquisitions and sales closings entries for high-rise and low-rise projects, analyzing all transactions, and working unforeseen costs into the budget, and estimating cash flow.
- Ensure accurate preparation of SOAs and verify that all SOAs align accurately with records at the time of closings, confirming that all closing funds received match with sales records.
- Generate intercompany charge-back billings and reconciliations.
- Review purchase orders and accounts payable listing, prepare accounts payable journals, and process invoices if needed.
- Manage A/P staff and ensure that invoices are entered into the system correctly by AP staff and that all the relevant supporting schedules are complete and accurate.
- Ensure that holdbacks are retained and released in compliance with contractual agreements.
- Oversee bank loans/BA renewals.
- Other duties/projects as assigned from time to time.
Required Skills And Qualifications
- Minimum of 8+ years’ real estate construction/job cost accounting experience, or an equivalent combination of education and experience.
- Excellent knowledge of construction cost accounting and related financial procedures.
- Proficient in Newstar (Constellation), and advanced working knowledge of MS Excel and Word is required.
- Experience and knowledge of all aspects of year-end working papers preparation and Caseware is preferred.
- Professional Accounting designation
- Knowledge of Yardi an asset
- Previous management skills in managing and motivating staff
- Excellent verbal and written communication skills and possess strong analytical and problem-solving skills.
- Solid analytical and mathematical skills.
- Meticulous attention to detail and a high level of accuracy.
- Ability to multitask and thrive in a fast-paced environment.
- Support our company’s values: Honesty, Integrity, Respect, Trust.
