Senior Financial Accountant (Owners Association/Community Management)

Role Overview

Senior Financial Accountant (Owners Association/Community Management) at Palazzo Versace Dubai.

Role Purpose

Manage financial operations, service charge administration, and regulatory compliance for the Owners Association in accordance with RERA requirements and Strata Law, ensuring accurate invoicing, collection, reporting, and maintenance of all financial records.

Key Responsibilities

Budget & Service Charges

• Prepare Owners Association budgets and calculation of Service Charges in accordance with Strata Law and Rules and Regulations prescribed by the Real Estate Regulatory Agency, Dubai (RERA).

Payment & Vendor Management

• Facilitate release of payments to various service providers and suppliers in line with the approved budget and requirements prescribed by RERA and Escrow Trustee bank.

Systems & Compliance

• Maintain expertise with RERA's Mollak system to facilitate generation and issuance of Service Charges invoices to Residence Owners on time.
• Track VAT collected and paid, ensure timely filing of VAT returns and payments to the respective authority.

Collections & Reconciliation

• Manage service charges collection process and maintain records of Service Charges received from Residence Owners.
• Track outstanding service charges and reconcile amounts received in the Regulated bank account against RERA's Mollak system.
• Facilitate invoicing, collection, and depositing of other Owners Association incomes such as Hot Water, Potable Water, Gas charges, and Penalties, and maintain proper records of the same.

Reporting

• Prepare financial reports as required by the Auditors and RERA.
• Provide periodical Management Information System (MIS) reports to management.

General Accounting

• Perform standard book keeping and accounting tasks associated with day-to-day operations and management of Strata/Body corporate.
• Maintain accounting records of all associated financial transactions.