Real Estate Accountant

Company: Factory Motor Parts
Location: Saint Paul
Posted on: November 15, 2024

Job Description:

The Real Estate Accountant is responsible for oversight and execution of financial accounting and reporting, tax and various compliance functions for approximately 22 owned commercial real estate properties and 300 leased properties across the United States. Compliance functions include but are not limited to property tax payments; personal property tax calculations and filings; as well as some income tax payments and reporting.

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This individual manages and keeps current the Yardi Breeze real estate accounting software and supporting documents. The Real Estate Accountant prepares the monthly rent payment schedule for over 300 locations, coordinating with accounts payable and the finance departments. The job also requires monthly billing of subtenants. The position also computes and monitors NNN/common area charges. The Real Estate Accountant regularly spends time on the phone with landlords, property managers, banks, independent accountants and vendors in connection with these locations.

*DUTIES & RESPONSIBILITIES:*

The Real Estate Accountant will have content expertise in the following areas and will be responsible for the following duties and responsibilities as deemed appropriate by the Director of Real Estate:
* Process transactions for owned properties, maintain and prepare financial trial balances and reports for said properties. Prepare and process general ledger entries to record various activity. Must understand real estate accounting.
* Prepares quarterly consolidated financial statements for owned properties and supporting detailed schedules, analyzing financial results to prior periods and expectations, and monitoring financial ratio requirements. Also monitors actual to budgeted NNN and notifies Director of Real Estate of material differences, if any.
* Monitor and update cash flow projections for owned properties. Identify necessary cash transfers. Coordinate with Senior Finance Director to determine monthly owner draws, if any.
* Prepare monthly bank account reconciliations.
* Organize monthly rent payments for over 300 locations, coordinating with the accounts payable and FP&A departments. The monthly rent is summarized in Excel using data extracted from the Prolease real estate database. The job also requires monthly billing of subtenants. Timely reviews the monthly rent summary with the Director of Real Estate.
* Update Prolease database with information received from landlords and property managers.
* Review vendor invoices for propriety and necessary approvals. Ask the vendor to explain incorrect or unusual amounts, seeking adjustment if necessary. Enter invoices for payment, process checks and present to Director of Real Estate for approval and to Senior Finance Director for signature.
* Communicates with independent accountants as needed to help them prepare the annual federal and multi state partnership income tax returns.
* Be aware of and help maintain internal accounting controls relevant to the department.
* Prepare and communicate annual NNN reconciliations for each tenant in the owned properties. In addition, the Real Estate Accountant annually receives and reviews the NNN reconciliations received from or on behalf of the landlords where FMP is a tenant, regularly contacting the sender for explanations of apparent incorrect or unusual reconciling items. Material issues are reviewed with the Director of Real Estate.
* Responsible for bank loan administration and documentation; ensuring proper loan recording on the general ledger and processing subsequent monthly loan payments. Monitors loan maturity dates. Coordinates construction draw documentation and processing if and when we build a new property, frequently communicating with the contractor and the lender.
* Works with independent accountants as needed to facilitate preparation of cost segregation studies on new properties. This is on a special project basis only.
* Prepare and monitor depreciation records of owned properties property and equipment. Maintain and run schedules for assets that are bought and sold. Ensure depreciation meets current guidelines.
* Serve as a backup to prepare and maintain the Statement of Values (SOV) required for our property and casualty insurance.
* Perform general accounting practices, including processing and journalizing cash receipts, accounts payable, check printing, and general ledger entries.
* Monitor rent collections for all owned properties tenants. Follow up on any delinquent rent. Report aging at weekly real estate department meeting.
* Calculates and manages payments to FMP for intercompany insurance.
* Maintains vendor contracts for owned properties. Coordinates with FMP staff as needed.

*KNOWLEDGE, SKILLS & ABILITIES AND WORK ENVIRONMENT:*
* Knowledge of banking practices.
* Knowledge of real estate transactions and standard documentation including but not limited to leases; property construction documentation, certificates of insurance, assignment and assumption agreements, SNDA and Estoppel documents.
* Ability to access the Prolease real estate database to extract necessary information from a lease to help answer questions and/or analyze a transaction.
* Knowledge of accounting principles, procedures and record keeping.
* Ability to think analytically, identify discrepancies or unusual matters, and problem solve as needed.
* Ability to analyze and interpret workflow and processes.
* Strong oral and written communication skills.
* Ability to track open items and attend to a high volume of detailed transactions.
* Strong computer and software skills including but not limited to the Microsoft software platform, Yardi and ProLease real estate database software packages.
* Ability to establish and maintain effective working relationships with customers and co-workers.
* Ability to prioritize work and meet deadlines with minimum supervision.

*WORK ENVIRONMENT: *

Work is primarily performed in a company office building and in certain circumstances may be done from home. Lifting requirements of up to 25 pounds on an occasional basis may be required. Wrist and finger manipulation due to computer work, calculating, compiling and filing. Equipment used may include but is not limited to computer, calculator, telephone, copy, scanner and fax machines.

The position requires someone who is detailed; organized; takes charge of their area or responsibility and has good communication skills.

*MINIMUM REQUIREMENTS:*
* Bachelor's Degree in Accounting or related field AND
* 3-5 years experience working in real estate accounting.
* OR
* An equivalent combination of education and experience.

*PREFERRED EXPERIENCE BEYOND MINIMUM QUALIFICATIONS: *
* Required license(s): None
* Notary helpful, not a requirement.

An industry leader, FMP offers well-balanced compensation and benefits programs, which may include medical, dental, vision, life, 401K, profit sharing, paid holidays/vacation/sick time, STD/LTD, + much more. Salary is based on experience and job performance.

FCHJ

Job Type: Full-time

Benefits:
* 401(k)
* 401(k) matching
* Dental insurance
* Employee discount
* Health insurance
* Life insurance
* Paid time off
* Profit sharing
* Referral program
* Vision insurance
Physical Setting:
* Office
Schedule:
* 8 hour shift
* Monday to Friday



Application Question(s):
* What are your compensation expectations?
* Please provide a valid email address.
* Do you have experience with Yardi and ProLease? If so, how many years?


Work Location: In person

Keywords: Factory Motor Parts, Edina , Real Estate Accountant, Accounting, Auditing , Saint Paul, Minnesota