Job Title: Development Accountant
Reports To: Senior team member, Cash Management & Development Accounting
Department: Cash Management & Development Accounting
Actively analyze and prepare all Development Accounting reports and information with a business perspective and use the numbers to drive the business. Through a combination of performing functions and shadowing Senior team members, gain a full understanding of the Development Accounting function.
The position calls for a strong team player who can manage multiple tasks as changes occur and use problem solving skills to meet the requirements of both management and stakeholders.
For your portfolio of properties across the country, which will include a variety of projects as well as several new initiatives (storage facilities, senior’s homes, condominiums, rental apartments, office towers, townhomes, and others), you will be responsible for:
- Preparing “Development Status Reports” (DSR) (summary of actual development costs compared to contracts, proformas and budgets) and ensure they are completed monthly in addition to on an ad-hoc basis for both internal and external use
- Prepare draws to various lending institutions or cash calls, to partners/co-owners
- Analysing of cash balances and monitoring the release of payments
- Review Invoices, cheque requisitions and ensure in line with budgets
- Review Cheques / documents received from partners / co-owners before submitting to signing officers for execution
- Prepare bank reconciliations for purpose of DSR
- Review and reconcile monthly progress billings from general contractors/sub-trades for the properties in your portfolio
- Monthly / quarterly / annual development reporting to and from partners / co-owners in accordance with the agreements
- Monthly review of development costs to confirm aligned and in compliance with all financial aspects of agreements with partners and lenders
- Invoicing development, leasing, management, disposition and acquisition fees as permitted under various partner/lender agreements
- Reviewing construction chargeback invoicing for all properties in your portfolio and following up on the receipt of funds from tenants / customers
- GST/HST, QST & PST reconciliations for development properties
- Coding of Non tenant deposits
- Where applicable and required under the various Construction Lien Acts across the country, setup of holdback bank accounts and manage them in accordance with the legislature
- Reviewing and key approved budgets in accounting system
- Reviewing and analyze development cash flows, cost variances, fee variances, equity requirements, and fee payments
- Recording all property acquisitions, parcel sales and property dispositions in a timely basis and participate in the due diligence and statement of adjustment phases, as required
- Recording the transfer of assets to and from IPP in accordance with company policy and IFRS requirements, including annual true up
- Ensuring that all accounting records related to all properties are kept up to date within guidelines established by generally accepted accounting principles, IFRS and by the company and / or its partners/ co-owners
- Preparing and recording journal entries
- Preparing and reviewing Year End working paper files for submission to internal / external auditors
- Closing out completed projects as soon as possible, including requesting for deregistering GST/HST, QST & PST accounts, dissolving corporations, etc.
- Assist with all audit requirements, including the company’s audit firm and all partner / co-owners audit firms, as well as government audits when required
- Continually liaise and build working relationships with all departments to achieve information sharing
- Administrative duties such as, archiving, filing and scanning of documents
- Continually monitor and review accounting processes and procedures and recommend changes as appropriate to improve internal controls and / or efficiencies
- Other responsibilities and participation in special projects including new initiatives as they arise
- Accounting designation or working towards a designation.
- At least 3 years of experience with Construction / Project Accounting
- Strong working knowledge of accounting practices (IFRS) as applied to real estate development, property management, cash flow forecasting and financial and management reporting
- Proficiency in reading and interpreting legal agreements such as co-owner’s agreements, development agreements, property management and leasing agreements, and other similar real estate agreements
- Excellent oral and written communication skills with the ability to effectively communicate across all levels within the organization
- Yardi Voyager S7 experience is an asset.
- Intermediate MS Excel skills.
The Development Accountant must be client focused, advocate and communicate a positive image of the company, both internally and externally. The Senior Manager shall take accountability for decisions made and conduct oneself in a respectful and ethical manner in representing the company’s interests. The Development Accountant shall demonstrate entrepreneurialism and behave like an “owner” in carrying out daily tasks and responsibilities, demonstrating creativity and resourcefulness in achieving desired results. The Development Accountant is expected to be a team player and work effectively with colleagues and associates in terms of input, sharing of ideas and working to achieve common goal.
We are an equal opportunity employer committed to an inclusive and accessible recruitment and selection process. If you are contacted about an employment opportunity, please advise if you require accommodation.
Job Types: Full-time, Permanent
- Company events
- Dental care
- Employee assistance program
- Extended health care
- Life insurance
- On-site parking
- Tuition reimbursement
- Vision care
- Wellness program
- Bachelor’s Degree (preferred)
- Project Accounting: 3 years (preferred)