Account Receivable Accountant

Born from the vision to elevate Dubai's global prominence, Wasl was founded on May 25, 2008, with the mission to transform the city into an even more captivating destination for residents, businesses, and visitors alike. Created from the union of the Dubai Development Board and Real Estate Department, Wasl embarked on a journey of seamless integration. This strategic merger not only streamlined operations but also empowered our team with enhanced expertise, enabling us to adopt dynamic, market-driven investment strategies.

Today, Wasl stands tall as a cornerstone of Dubai's real estate landscape. As one of the city's largest and most diversified real estate management companies, we proudly oversee an expansive portfolio of landmark assets, entrusted to us by DREC and other esteemed partners.

1. JOB DETAILS:

Position Title: Accountant - Receivables (UAE)
Reports to: Manager – Accounts Receivables
Division: Finance Operation
Department: Finance

2. POSITION SUMMARY:

The accountant – Receivables is responsible for managing and overseeing the accounts receivable process, ensuring timely and accurate billing, collection, and account reconciliation. The role includes maintaining up-to-date customer account details, performing account reconciliations, monitoring payment irregularities, resolving payment discrepancies, and developing effective recovery systems to ensure the company’s receivables are collected in a timely manner.

3. JOB DIMENSIONS:

Number of Staff Supervised: 0
Direct Reports: 0
Total Reports: 0

4. Core Job Responsibilities

1. 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.

2. Reconcile Cash Collection

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

3. Cheque Withdrawal

• Process refunds for withdrawn cheques related to terminated leases.

4. Receipts Management

• Issue receipts for non-contractual payments and ensure proper documentation against invoices.

5. Payment to Owners and Sheiks

• 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 (e.g., 70% loan, 30% owner).

6. Invoicing Legal Expenses

• Ensure legal and court fees paid by DREC are properly invoiced and recovered from tenants or owners as applicable.

7. Write-off Receivables

• Propose and manage the write-off of receivables deemed uncollectible after thorough analysis and available evidence.

8. Building Handover

• Oversee the financial handover process of buildings to owners post-loan recovery.

9. DOF-Abu Hail

• Process quarterly payments of 50% net income to the Department of Finance (DOF), following agreement terms.

10. Ejari Transactions

• Manage Ejari-related invoicing, ensuring payments for leased units or plots are collected and transferred to Emirates Solutions.

11. Owner’s Inquiries

• Address inquiries regarding owner accounts, including balance justifications and payment refunds.

12. Compensation Management

• Manage compensation funds for investors who suffer losses due to government projects.

13. Deferred Revenue

• Settle deferred revenue for Land Leases, leased units, sub-leased units or plots in private buildings & Wasl/DREC’s properties before the month-end closing.

14. Other Receivables

• Raise invoices based on approved memos for various receivables.

15. Cheque Return Without Process

• Handle returned cheques from the bank, ensuring the correction of missing information before the due date.

16. AR Record Keeping

• Retain all relevant AR documentation including receipts, credit notes, invoices, and bank transfers as per Corporate Retention Policy.

17. Other Tasks

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

Key Technical Skills and Knowledge

Technical Competency

Description

Proficiency Level

• 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.

Ethics & Corporate Governance: Advanced

5. COMMUNICATIONS and WORKING RELATIONSHIPS:

• Internal: All Departments within Wasl including hospitality and other subsidiaries

6. CONTEXT, WORK ENVIRONMENT AND DECISION-MAKING AUTHORITY:

• In Line with Policies & Procedures

7. FINANCIAL RESPONSIBILITIES AND ACCOUNTABILITIES:

• Not Responsible for any budgets.

8. SELECTION CRITERIA:

Qualifications and 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.

Note: This job description provides a broad indication of the role and responsibilities of the position. The position holder may be required to perform additional tasks and responsibilities not listed here, in line with organizational needs and changes in business priorities.

Our Values

At Wasl, we are more than just a real estate company. We are active contributors to Dubai's thriving economy, fostering enduring relationships with our valued stakeholders. Our customer-centric approach is rooted in trust, respect, and a relentless pursuit of innovation in every aspect of asset management.

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