Recruiter's Glossary

Examples: Occupancy Rate • Work Order System • Incident Report

General Ledger

Term from Property Management industry explained for recruiters

A General Ledger is the main financial record-keeping system used in property management and real estate companies. Think of it as the master financial book that tracks all money coming in (like rent payments) and going out (like maintenance costs). It helps property managers and accountants keep track of every financial transaction, organize financial reports, and make sure all the numbers add up correctly. This system is crucial for property management because it helps track expenses and income for multiple properties, manage budgets, and prepare financial statements that owners and investors need.

Examples in Resumes

Managed General Ledger entries for a portfolio of 200+ residential units

Reconciled monthly GL accounts for commercial properties

Supervised General Ledger operations and financial reporting for multiple properties

Typical job title: "Property Accountants"

Also try searching for:

Property Accountant GL Accountant Real Estate Accountant Property Management Accountant Real Estate Bookkeeper Property Management Financial Manager

Where to Find Property Accountants

Professional Organizations

Job Boards

Professional Networks

Example Interview Questions

Senior Level Questions

Q: How do you handle complex month-end closing procedures for multiple properties?

Expected Answer: A senior accountant should explain their process for organizing deadlines, coordinating with property managers, reviewing financial statements, and ensuring accuracy across multiple properties. They should mention reconciliation procedures and common challenges.

Q: What experience do you have with implementing or improving property accounting systems?

Expected Answer: Should discuss experience with different property management software, process improvements, training staff, and ensuring smooth transitions between systems while maintaining accurate financial records.

Mid Level Questions

Q: How do you handle rental income reconciliation?

Expected Answer: Should explain the process of matching rent rolls to bank deposits, handling discrepancies, following up on missing payments, and maintaining accurate records of all transactions.

Q: Describe your experience with preparing monthly financial reports for property owners.

Expected Answer: Should discuss creating income statements, balance sheets, and budget variance reports, explaining how they communicate financial information to non-financial stakeholders.

Junior Level Questions

Q: What's your process for recording daily transactions in the General Ledger?

Expected Answer: Should explain basic accounting entries, proper documentation, and understanding of debits and credits in the context of property management transactions.

Q: How do you ensure accuracy in your work?

Expected Answer: Should discuss double-checking entries, following established procedures, asking for help when needed, and using available tools to verify calculations.