Cash Allocation Specialist- Shared Services

Title: Cash Allocation Specialist
- Shared Services

Operating Company: Air Control Concepts

Location: Norfolk, VA

FLSA Status: Exempt

Salary Range: $55,000-$65,000annually

AIR Control Concepts is more than just a collection of firms, we are a community of forward-thinking experts committed to excellence, innovation, and collaboration. With a focus on commercial HVAC representation, we bring together esteemed entities from diverse regions, each boasting decades of invaluable experience.

We understand that success in the HVAC industry goes beyond individual accomplishments. That's why we believe in the power of unity and collaboration. By leveraging our collective assets, knowledge, and resources, we empower our member firms to deliver unparalleled service, safety, and efficiency to clients across healthcare, commercial, and residential sectors.

to view our website: AIR Control Concepts

The Cash Allocation Specialist is responsible for the accurate and timely application of customer payments, researching and resolving unapplied or misapplied cash, and performing daily reconciliation of customer receipts across multiple operating companies.

This role will manage a high volume of commercial payment activity within a fast-paced, project-driven environment, ensuring payments are accurately applied to the appropriate customer accounts, invoices, and projects. This position will also investigate payment discrepancies, identify and resolve outstanding cash application issues, and maintain accurate customer account balances.

• Apply daily customer payments received by check, ACH, wire, credit card, and lockbox to the correct customer accounts and open invoices in the ERP system
• Match remittance advice to open invoices, including partial payments, short pays, retainage, progress billings, and payments covering multiple invoices or jobs
• Research and resolve unapplied, unidentified, and misapplied cash, partnering with customers, sales, and project teams to obtain remittance detail when needed
• Process joint check payments and coordinate with the credit team to confirm proper allocation between customers, contractors, and suppliers
• Reconcile daily cash receipts and deposits to bank activity and the general ledger, ensuring all receipts are posted accurately and on time
• Identify and document payment discrepancies such as deductions, disputes, over payments, and duplicate payments, and route them to the appropriate team for resolution
• Process customer refunds, credit memo applications, and on-account balance cleanup in accordance with established approval levels
• Monitor unapplied cash and on-account balances daily, working them down promptly and reporting on aged unapplied items
• Maintain accurate payment records and ensure compliance with all laws, regulations, company policy, contract requirements, and internal controls
• Assist with process improvement initiatives focused on cash application accuracy, remittance capture, lockbox, and bank file automation, and month-end close support

Additional duties may be assigned as needed to support business operations; however, such duties will be reasonable, job-related, and consistent with the scope, level, and classification of the position.

• High school diploma required, associate’s in Accounting, Finance, or a related field preferred.
• Minimum of two years of experience in cash application, accounts receivable, or payment processing, with a strong preference for candidates who also bring experience with high-volume lockbox or bank file processing.
• Working knowledge of lockbox processing, bank reconciliation, remittance matching, and AR subledger to general ledger…