Account Receivable Accountant

Role Overview

Account Receivable Accountant at Wasl, Dubai, United Arab Emirates. Reports to the Manager – Accounts Receivables within the Finance Operation Division.

Company Overview

Wasl was founded on May 25, 2008, from the union of the Dubai Development Board and Real Estate Department. As one of Dubai's largest and most diversified real estate management companies, Wasl oversees an expansive portfolio of landmark assets entrusted by DREC and other esteemed partners. The company is an active contributor to Dubai's thriving economy, fostering enduring relationships with valued stakeholders through a customer-centric approach rooted in trust, respect, and a relentless pursuit of innovation in asset management.

Role Purpose

The Accountant – Receivables is responsible for managing and overseeing the accounts receivable process, ensuring timely and accurate billing, collection, and account reconciliation. The role maintains up-to-date customer account details, performs account reconciliations, monitors payment irregularities, resolves payment discrepancies, and develops effective recovery systems to ensure the company's receivables are collected in a timely manner.

Key Responsibilities

Managing Customer Accounts

• Reconcile customer accounts for leased units or plots with credit balances, ensuring accurate settlement and invoicing.
• Address discrepancies in accounts and make necessary adjustments to ensure account accuracy.

Cash Reconciliation

• Reconcile cash collection for Wasl/DREC branches with bank deposits, ensuring consistency between bank slips and internal financial records.

Refunds and Cheque Processing

• Process refunds for withdrawn cheques related to terminated leases.
• Handle returned cheques from the bank, ensuring the correction of missing information before the due date.

Receipts and Invoicing

• Issue receipts for non-contractual payments and ensure proper documentation against invoices.
• Ensure legal and court fees paid by DREC are properly invoiced and recovered from tenants or owners as applicable.
• Raise invoices based on approved memos for various receivables.

Owner and Investor Management

• Manage the allocation of rent collected on behalf of private building owners, deducting management fees and costs, and ensuring net income is distributed per agreements (for example, 70% loan, 30% owner).
• Address inquiries regarding owner accounts, including balance justifications and payment refunds.
• Manage compensation funds for investors who suffer losses due to government projects.

Specialized Transactions

• Manage Ejari-related invoicing, ensuring payments for leased units or plots are collected and transferred to Emirates Solutions.
• Process quarterly payments of 50% net income to the Department of Finance (DOF), following agreement terms.
• Settle deferred revenue for Land Leases, leased units, Sub Leased Units or plots in private buildings and Wasl/DREC's properties before the month-end closing.

Financial Reconciliation and Compliance

• Propose and manage the write-off of receivables deemed uncollectible after thorough analysis and available evidence.
• Oversee the financial handover process of buildings to owners post-loan recovery.
• Retain all relevant accounts receivable documentation including receipts, credit notes, invoices, and bank transfers as per Corporate Retention Policy.

Additional Duties

• Perform any additional responsibilities associated with the role or work assignment as assigned by the Line Manager.

Qualifications & Experience

Essential

• Bachelor's degree in Finance, Accounting, or equivalent from a recognized and accredited university.

Desirable

• Minimum 2–3 years of professional experience in Accounts Receivable management or finance roles in a fast-paced and dynamic environment in a development organization.

Skills & Competencies

• Knowledge of International Financial Reporting Standards (IFRS) and other relevant accounting standards.
• Understanding of accounting principles, billing procedures and reconciliation processes.
• Proficiency in accounting software and MS Excel.
• Advanced proficiency in Ethics and Corporate Governance.

Additional Information

• Direct reports: None.
• Financial responsibility: Not responsible for any budgets.
• Internal communications: All departments within Wasl including hospitality and other subsidiaries.
• External communications: External Auditors, Banking and Financial Institutions, Government Agencies.
• Work environment and decision-making authority: As per instructions, in line with policies and procedures.