- Invoices arrive via email, document portals, scanned folders, or vendor uploads
- All vendor and utility invoices are centralized into a single intake system (e.g.,
- document management folder or accounting workflow tool)
- Each invoice is assigned a unique identifier for tracking
- Invoices in the preliminary queue are routed to the correct process workflow
- Example: maintenance invoices go to “Maintenance” workflow, marketing invoices to
“Marketing,” etc.
- Proper workflow allocation ensures they go to the right approvers and keep
processing moving forward
- Examine each invoice for:
- Completeness (vendor info, amounts, dates)
- Correct general ledger (GL) coding based on expense type
- Accurate property and entity allocation
- If a purchase order (PO) exists, match the invoice to the PO (2-way or 3-way
matching where applicable)
- Invoices stuck in workflow are identified (e.g., missing PO, mismatched amounts, or
other blockers)
- The AP specialist coordinates with site or operations teams to resolve exceptions
- Common issues include PO gaps, incorrect workflow assignment, or incomplete
approvals
- Utility invoices may be:
- Already in workflow (auto-routed)
- Sent via email or downloaded manually from utility portals
- These are entered, coded, and assigned to workflows for approval and posting
- Once invoices are approved and posted:
- Checks, ACH batches, or electronic payments are prepared based on vendor terms
- Payment batches are submitted for final US-end approval
- Checks are printed or electronic disbursements are executed
- Corporate card or debit card transactions are:
- Entered as GL account charges
- Matched with receipts
- Reconciled monthly against bank statements
- New vendors are onboarded into the accounting system with correct master file
details
- Documentation such as tax forms, contact info, and payment preferences are captured
- Internal reports are generated to provide visibility and control, including:
- AP Aging reports
- Payment status reports
- Exception and stuck invoice reports
- Rent, CAM estimates, reimbursements, and other recurring charges are reviewed
- Billing rules are validated against leases and agreements
- Charges are set up at the property, tenant, and unit level
- Monthly rent and billing are generated as per lease terms
- One-time charges (CAM adjustments, utilities, fees) are raised as applicable
- Invoices and rent charges are reviewed for completeness
- Payments are received via multiple channels such as:
- Lockbox
- ACH / Wire
- Online portals
- Checks
- All receipts are centralized for processing
- Receipts are applied to open invoices or tenant ledgers
- Payments are allocated correctly between rent, CAM, fees, and other charges
- Partial payments and overpayments are identified and handled
- Bank deposits are matched with posted receipts
- Differences between bank deposits and system postings are identified
- Timing or posting gaps are resolved
- Tenant-wise and property-wise AR aging reports are generated
- Past-due balances are identified
- Exceptions, disputes, and unapplied cash are flagged
- Discrepancies such as short payments, incorrect billings, or disputes are reviewed
- Coordination is done with property management or leasing teams
- Adjustments or corrections are posted where required
- Discrepancies such as short payments, incorrect billings, or disputes are reviewed
- Coordination is done with property management or leasing teams
- Adjustments or corrections are posted where required
- Standard reports are prepared, including:
- AR aging
- Tenant balances
- Cash received summaries
- Reports are aligned with month-end close and owner reporting
- Monthly bank and trust account statements are obtained
- Statements are verified for the correct period and account
- All active operating, trust, and reserve accounts are identified
- General ledger cash balances are reviewed for the same period
- Prior-period unreconciled items are identified
- Opening balances are validated
- Bank statement transactions are matched against ledger entries
- Deposits, withdrawals, ACHs, wires, and checks are reviewed
- Matched items are cleared in the reconciliation
- Outstanding checks are identified
- Deposits in transit are listed
- Timing differences between bank posting and ledger recording are documented
- Unidentified withdrawals or deposits are reviewed
- Duplicate, missing, or incorrectly posted entries are flagged
- Supporting documents are reviewed where required
- Necessary correcting entries are prepared and posted
- Bank fees, interest, or errors are recorded
- Adjustments are aligned to the correct property and entity
- Reconciled balances are confirmed between bank and ledger
- Reconciliation schedules are finalized
- Supporting documentation is attached
- Completed reconciliations are reviewed
- Exceptions or unusual items are documented
- Reconciliations are approved for month-end close
- Reconciliation status reports are prepared
- Open items are carried forward to the next period
- Reconciliation completion is tracked for all accounts
- Month-end close timeline is defined and communicated
- Transaction cut-off dates are confirmed
- Open tasks from prior periods are reviewed
- All AP, AR, payroll, and bank activity is confirmed as posted
- Pending invoices, receipts, and accruals are identified
- Late transactions are assessed for materiality
- All operating, trust, and reserve accounts are reconciled
- Differences are investigated and resolved
- Reconciled balances are locked for reporting
- Accruals for expenses and revenues are calculated
- Prepaids, amortization, and depreciation are recorded
- One-time or non-recurring adjustments are reviewed
- Property-wise P&L and balance sheet are reviewed
- Variance checks are performed against prior periods and budgets
- Misclassifications or anomalies are corrected
- Intercompany balances are reconciled
- Due-to / Due-from accounts are cleared or explained
- Entity-level balances are validated
- CAM recoveries and accruals are reviewed
- Lease terms, escalations, and rent schedules are validated
- Revenue recognition is aligned with lease agreements
- Final P&L, balance sheet, and cash flow statements are generated
- Supporting schedules are prepared
- Owner or management reporting formats are applied
- Financials undergo internal QC review
- Exception items are documented
- Management sign-off is completed
- Accounting period is closed in the system
- Final reports are shared with stakeholders
- Open action items are rolled forward to the next month
