Reconciliation Specialist Job Description

Reconciliation Specialist Job Description

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Reconciliation specialist provides accounting support to major financial accounting areas, including payroll general ledger accounting and account reconciliation.

Reconciliation Specialist Duties & Responsibilities

To write an effective reconciliation specialist job description, begin by listing detailed duties, responsibilities and expectations. We have included reconciliation specialist job description templates that you can modify and use.

Sample responsibilities for this position include:

Creates and maintains appropriate job procedures
Identify areas where controls and procedures can be improved in the preparation of the account reconciliations and propose solutions
Develop and maintain written operational procedures for all tasks performed and cross train to provide effective support to all team members
Obtaining / entering appropriate information in the system and manipulating various Excel spreadsheets
Reconcile monthly reporting from agencies, subservicers and vendors to ensure accurate invoicing on charges related to MSR’s
Review and supplement compensatory fee appeals prepared by Bayview Loan Servicing counterparties
Performs data collection and analysis, in compliance with regulatory requirements, to verify and reconcile domestic and foreign securities held at various depositories
Ensures regulations are adhered to and proper action is taken to resolve issues in a timely manner
Coordinates the quarterly examination and verification of physical securities held on premises
Researches and provides resolutions for system errors which cause stock records to be out of balance

Reconciliation Specialist Qualifications

Qualifications for a job description may include education, certification, and experience.

Licensing or Certifications for Reconciliation Specialist

List any licenses or certifications required by the position: SII/CISI, IAQ/IOC, ACCA, HFMA, RHIT, RHIA, CHDA, CRISC, CISSP, CGFM

Education for Reconciliation Specialist

Typically a job would require a certain level of education.

Employers hiring for the reconciliation specialist job most commonly would prefer for their future employee to have a relevant degree such as Bachelor's and Associate Degree in Accounting, Finance, Business, Associates, Education, Business/Administration, Economics, Mathematics, Management, Financial Services

Skills for Reconciliation Specialist

Desired skills for reconciliation specialist include:

Financial instruments and their accounting treatment
Fund accounting systems
Accounting principles
Procedures
Excel
General accounting principles
General ledger accounting
Conflict resolution techniques at a proficient level
Microsoft Office products at a proficient level
Accounting Shared Services Center environment

Desired experience for reconciliation specialist includes:

Maintains orderly and readily obtainable records for research and examination purposes
Assists/performs operational testing of system enhancements and new software applications, related to stock record, for accuracy and usability
Researches, identifies and provides resolution on complex business issues with minimal supervision
Prepares written recaps and spreadsheets for special projects/observations, submitting to management for review and or action
Initiates the evaluation of current processes and systems and recommends productivity improvements/efficiencies to mitigate risk and close gaps
Assists in cross-training of team processes to ensure appropriate bench strength

Reconciliation Specialist Examples

1

Reconciliation Specialist Job Description

Job Description Example
Our innovative and growing company is looking for a reconciliation specialist. Please review the list of responsibilities and qualifications. While this is our ideal list, we will consider candidates that do not necessarily have all of the qualifications, but have sufficient experience and talent.
Responsibilities for reconciliation specialist
  • Bank reconciliations of all US, UK and Investment accounts in accordance with GAAP ensuring that all reconciliations are properly stated with adequate supporting documentation to the appropriate month end timelines
  • Reconciliation of Asia entities bank accounts, liaising with Accounts Payable, Accounts Receivable, banking contacts within the US and Asia regions
  • Respond timely to internal and external audit requests
  • Assist team with the monthly financial review of Clearing House management reports including journal posting, responding to queries and analysis of P&L
  • Reviewing sub-ledger reports, matching items in Frontier and conducting follow-up on open items
  • Provide appropriate documentation to the Reconciliation Manager in a timely manner for open items that exceed the aging standard
  • Analytical evaluation of source documents is expected
  • Reconciliations of daily FRB statement, custody accounts and remittances received from mortgage servicers
  • Assist the Reconciliation Project Manager with troubleshooting Frontier and various projects
  • Participate in general ledger and loan systems projects, including conversions, testing, enhancement implementations, etc
Qualifications for reconciliation specialist
  • Performing operational reconciliations and testing on processes and systems/system enhancements
  • High School Diploma or equivalent and a minimum of three (3) to five (5) years experience in the areas of annuities, accounting, banking and/or financial services industry
  • Diligent in Position, Cash, Transactions, OTE and MV Reconciliations
  • Ability to manage Admin & PB related Reconciliations
  • Ability to work independent of management
  • Knowledge of mutual funds preferred
2

Reconciliation Specialist Job Description

Job Description Example
Our company is growing rapidly and is looking for a reconciliation specialist. We appreciate you taking the time to review the list of qualifications and to apply for the position. If you don’t fill all of the qualifications, you may still be considered depending on your level of experience.
Responsibilities for reconciliation specialist
  • Assuring the accuracy and completeness of reconciliations and the respect of procedures
  • Review daily commentary on breaks by the off-shore team for accuracy
  • Ensure that each break has an explanation
  • Reconcile subsidiary ledger to general ledger discrepancies for various product systems
  • Maintain detailed off-line reconciliations for general ledger activity
  • Perform Balance Sheet and Off-Balance Sheet substantiation and sign-off
  • Reconcile Inter-Company transactions and balances
  • Reconcile balances in back office processing systems to corresponding subsidiary ledger balances
  • Diagnose repetitive root causes that create control breaks
  • Complete assigned work, meeting deadlines, with some supervision
Qualifications for reconciliation specialist
  • Knowledge of bank account reconciliation methods
  • Some relevant administrative, finance, accounting or customer service experience preferred
  • Knowledge of external reference data providers -BLOOMBERG, REUTERS, will be an advantage
  • Any experience with reconciliation software such as Frontier or ReconPlus is optional
  • Manually matching items and resolving data quality issues
  • Any team leader/ 1st level supervisor experience (1-4 people) is optional
3

Reconciliation Specialist Job Description

Job Description Example
Our company is growing rapidly and is looking to fill the role of reconciliation specialist. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for reconciliation specialist
  • Respond appropriately to phone, e-mail and system requests related to movement of IT hardware devices
  • Take ownership/responsibility for processes with a predisposition for efficiency, customer service and process improvement
  • Work in collaboration with various areas supporting our Firm hardware needs, logistics and processes to include technology owners, service areas, warehouse and repair vendors
  • Self-driven approach to growing responsibilities and individual development, open to changing responsibilities as role evolves
  • Reconciles system activity to bank activity daily for multiple bill payment platforms
  • Researches and responds to exception inquiries
  • Maintains reconciliation with no exceptions greater than 10 days that an active resolution plan is not already in place for
  • Provides troubleshooting support as needed to various departments
  • Prepares and submits various weekly and monthly reports for management
  • Effectively communicates with appropriate areas of the firm and outside partnerships
Qualifications for reconciliation specialist
  • Degree in Accounting/Finance or equivalent experience
  • Minimum 3 years recent reconciliation experience, preferably in banking/financial services industry
  • 2-year college degree in business or accounting related field
  • Ability to work with a team individuals
  • Knowledge of 945 filing and IRS EFTPS a plus
  • Minimum of 1 – 3 years in accounting, reconciliation or finance related role required
4

Reconciliation Specialist Job Description

Job Description Example
Our innovative and growing company is looking to fill the role of reconciliation specialist. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for reconciliation specialist
  • Provide training and all necessary training tools to team
  • Provide help in completing daily work due to absences and scheduling conflicts with team members to ensure no losses are taken
  • Complete team member quality assessments on time, providing timely feedback
  • Monitor workflow of unit including gathering statistics for performance indicators
  • Maintain accounts under clearing standards, monitor accounts daily for “aging” items making sure items are cleared timely and properly
  • First line of escalation for problems, responsible for identifying system issues that impact customers and suggesting solutions
  • Assist Supervisor in tracking daily activity of team members, attendance, vacation and other appointments
  • Complete Team Lead appraisal form to provide feedback on team members for mid year and annual reviews
  • Demonstrate the ability to multi-task and prioritize projects with flexibility and adaptation to changing needs
  • Issuing call tag and RTS labels
Qualifications for reconciliation specialist
  • Basic Accounting knowledge, including debits, credits
  • 2-3 years in the financial services industry is preferred
  • Must be able to manage multiple projects and priorities
  • Excellent verbal, written, and data entry skills
  • Strong aptitude for query design, documenting requirements, and process improvement, Hyperion experience is a plus
  • Attention to detail being able to perform defined, repetitive processes accurately and efficiently
5

Reconciliation Specialist Job Description

Job Description Example
Our innovative and growing company is hiring for a reconciliation specialist. If you are looking for an exciting place to work, please take a look at the list of qualifications below.
Responsibilities for reconciliation specialist
  • Ensuring that all cash and securities outstanding items are properly justified and followed up
  • Identifying risks to a timely delivery of reconciliation services and escalating the relevant issues to the Milan departments
  • Continuously interacting with different Milan offices to clarify issues
  • Usage of main system platforms for reconciliation (Operation desk and Spider)
  • Usage of main system platforms for investigation
  • Managing and archiving of the documentation related to the daily activity
  • Trailer fees calculation and reconciliation based on agreements within deadlines
  • Reconciliation of distributors positions based on Custodian statements
  • Conduct root cause analysis in order to solve all discrepancies
  • Creating opportunities to improve the overall process of reconciliation
Qualifications for reconciliation specialist
  • Ability to establish and maintain working relationships with co-workers, supervisors, vendors and Bayview clients
  • Operational areas and the systems associated with them
  • Anticipates problems / obstacles and understands the ramifications to business
  • Previous experience working in Mutual Fund industry preferred
  • Knowledge of PC and various software applications (Microsoft Office)
  • Must enjoy working with people and technology

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