Development Accounting Analyst; position

Role impact:

The Development Accounting Analyst is responsible for development accounting, budgeting, construction draws, funding package and equity cash calls request, various reconciliations, cash flow forecast and detailed project reporting for a portfolio of mixed-use projects. This role will maintain and prepare reports to be distributed to various departments and business partnerships.

The Development Accounting Analyst is also responsible for the mapping process of new and existing third-party managed projects into the CF accounts; conducting monthly audits and identifying any data discrepancies to rectify issues and ensure compliance with accounting policies and joint venture protocols.

What you will deliver:

• Setup new pre-construction and construction projects jobs in Yardi in compliance with CF Delegated Authorities and Development Procedures.
• Joint Venture Projects: CF managing on behalf of Partners and Third-Party managing on behalf of CF:

• • Provide support with setting up new joint ventures projects templates, including mapping into CF accounts and including the construction cost categories, preparing accounting profit and loss analysis and balance sheet reports, documenting of variance analysis by applying critical thinking on identifying the root reason of variance and identifying the required corrections. Additionally prepare the funding & construction loan draw, financial & construction reporting, draw & equity reconciliation in compliance with CF and JV protocols and ensure the compliance with JV agreements by coordinating with various parties including Co-owners, Partners, Development Executive, Project Management, Head Office Finance & Treasury, Property, Lawyers.
  • Responsible for monthly mapping process of new third-party managed projects into the construction account and create Journal Entries for further approval & posting. Conduct monthly audits and identify any data discrepancies with posted accounting records.
  • Review monthly report submitted by third-party: work in progress construction account, budget & actual variances, bank reconciliation, owners’ equity and follow up with third-party manager to rectify the discrepancies. Communicate issues and resolutions with interested stakeholders within CF to ensure alignment for financial reporting and compliance with accounting policies.
  • Responsible for the review and approval of monthly development construction draws request and co-owner cash call request by ensuring compliance with loan draws & cash call procedures and internal controls. Coordinate with Tax, Treasury and HO Finance to execute the cash calls. Coordinate with the third-party manager for any discrepancy, rectify them and communicate with Development Executive to fully approve construction draws request.
  • Produce Monthly and Quarterly Reports for partners.
  • Provide supporting documentation and share information with Properties, HO Finance, Tax, Valuation teams.
  • Assist the Manager with the preparation of year-end tax and statutory financial statements and related notes to the financial statements.
• Responsible to Review, Approve (or Reject) and Post development project invoices in Yardi by ensuring compliance with tax requirements, correct coding, contract and budget variance review, prepare construction draw and related supporting documentation and reconciliation of project draw, job costing and ledger.
• Ensure project bank account has sufficient funds for emergencies and rush payment request by coordinating with various teams.
• Review monthly job costing for appropriate accruals are posted (including TI installments) relating to development project and monitor Ledger & Job Costing for JE are posted with Development approval. Communicate with stakeholders in Development and Property to rectify any discrepancies.
• Monthly and Quarterly review of budget variances, cash flow forecasting in Yardi and coordinate with the Development Team to ensure compliance with budget revisions procedures. Process Budget revision in Yardi.
• Provide support for closing the final project proforma cost and profit return and reconciling accounting records for the completed development project and liaise with various stakeholders.
• Produce quarterly reports on project recoverables;
  Prepare monthly reconciliation and follow up with Development Property Accounting, HO Finance teams regarding any discrepancies and status of recoverable from tenants and operations.
• Other ad-hoc support for Development Accounting Team and Development…