Trust Accountant Job Description
Trust accountant
provides customer service to Plan Sponsors, Trust Grantors, Oriental Financial Services’ officers and brokers, Accounting Department, etc.).
Trust Accountant Duties & Responsibilities
To write an effective trust accountant job description, begin by listing detailed duties, responsibilities and expectations. We have included trust accountant job description templates that you can modify and use.
Sample responsibilities for this position include:
Oversee the accounting aspects of a trust or estate intermediate or final settlement
Recommend form of accounting in terminating trusts in partnership with Settlement Officer
Gather relevant accounting materials for the outside preparation of judicial and non-judicial accountings, including full, principal only or abbreviated accountings
Interpret the governing trust instrument and conduct review of accountings to confirm account was funded correctly and that all items were allocated correctly between income and principal during the life of the account
Work with Trust Officers, Settlement Officers and Estate Officers, along with Trust Counsel and/or Accounting firm, to resolve any accounting issues that may arise
Review and/or prepare computations of trustee’s commissions in terminating trusts
Prepare abbreviated and/or cash statement accountings on a limited basis, as requested
Participate in Quality Control reviews of accountings being filed with a court or governmental agency
Provide support to broader Trusts & Estates Practice
Provide expert analysis of our acts as trustee or executor on particular matters including, but not limited to, account fundings, receipts and disbursements, or investment performance
Trust Accountant Qualifications
Qualifications for a job description may include education, certification, and experience.
Licensing or Certifications for Trust Accountant
List any licenses or certifications required by the position: CPA, EA
Education for Trust Accountant
Typically a job would require a certain level of education.
Employers hiring for the trust accountant 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, Education, Taxation, Communication, Technical, Supervision, Accountancy, MBA
Skills for Trust Accountant
Desired skills for trust accountant include:
Trust & fiduciary environment would be an asset
Advantageous
Applications
CCH accounting software
Financial accounting
Internal CIBC systems
Mutual Funds
Outlook
Products and services
Securities Industry and Fundserv
Desired experience for trust accountant includes:
Serve as resource on trustees’ commissions and historical record keeping
Participate on other projects and assignments as needed
When required, devise, implement and monitor procedures and processes for other financial administration that PCAT is responsible for, including a variety but not exclusive of billing, AUA reporting, KRI reporting and investment performance monitoring
Possess a recognized accounting qualification (ACA, CA, CGA, ACCA, CPA)
Assist with the implementation and development of the Current Reporting
Accounting-only services clients – Accurately track time spent and analyse in relation to relevant fee categories and financial years
Trust Accountant Examples
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Trust Accountant Job Description
Job Description Example
Our growing company is hiring for a trust accountant. 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 trust accountant
- Independent bookkeeping of bank transactions and other transactions necessary to maintain full sets of account preparation of financial statements and minutes of an individual portfolio of companies
- Preparation of financial analysis
- Training, directing, and reviewing the day-to-day activities and work product of the Junior Accountants
- Book to tax accounting
- Completion and review of monthly financial statement reporting books
- Completion and review of internal & external budgets
- Oversight of for-profit entities
- Preparation and/or review of annual audit workpapers
- Calculation of performance and working alongside our Investment Manager
- Acting as a liaison with internal colleagues, outside consultants and other offices
Qualifications for trust accountant
- Maintenance of all company policies and procedures with respect to the format layout and presentation of the Financial Statements the adherence to internal controls agreed with Compliance and the Manager of Finance
- Where required devise, implement and monitor procedures and processes for other financial administration that PCAT is responsible for, including but not exclusive of billing, annual return fee payments, AUA reporting and investment performance monitoring
- Accounting-only services clients – Responsible for the timely preparation of annual and quarterly financial statements, consolidations and reporting packs to meet client and client auditor deadlines, where applicable
- Accounting-only services clients – Act as the first point of contact to client staff and service providers for all accounting and financial statement preparation matters
- Accounting-only services clients – Support the primary relationship manager in determining client requirements, time tracking, billing and fee monitoring to aid them in the negotiation and collection of accounting service fees
- CPA/Enrolled Agent
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Trust Accountant Job Description
Job Description Example
Our company is growing rapidly and is hiring for a trust accountant. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for trust accountant
- Significant direct communication with clients legal counsel
- Perform invoicing, tracking and processing of payments for client bookings
- Perform contract analysis, data entry, filing, executive reporting on client bookings
- Provide back office support for talent management and sales team as needed
- Monthly Close Entries and Reconciliations related to management and integration Revenue Recognition
- Preparation and monitoring of Participations and Residuals Statements
- Interpret participant contracts and work with Business Affairs to ensure accurate terms are reflected on corresponding statement overview
- Interpret Feature Film ultimates and work with Finance to ensure proper calculations of participations and residuals
- Perform contract analysis, revenue recognition, and executive reporting on client bookings
- Proactively identify opportunities to continually drive further service improvements
Qualifications for trust accountant
- Ensure the timely preparation and administration of all Financial Statements for the Personal Trust Department
- To produce, review & monitor the timely production of Investment Trust PLC interim and final report and accounts to UK GAPP (AIC SORP) or IFRS standards
- To train and develop other Investment Trust Fund Accountants
- Take the necessary corrective and preventative action to ensure all timetabled deadlines and quality standards are met – inclusive of staff holidays, appraisals, and disciplinary (as appropriate)
- Communicate professionally & effectively with other NT Departments, Trustees/Depositaries, Custodians, Auditors, Asset Managers and the non-exec Board members, ensuring that they are more than satisfied at all times
- To work closely with the wider Report & Accounts Team in London to continually assess the team’s processes to improve efficiency, reduce risk or cost, to increase the satisfaction of our staff
3
Trust Accountant Job Description
Job Description Example
Our innovative and growing company is looking to fill the role of trust accountant. To join our growing team, please review the list of responsibilities and qualifications.
Responsibilities for trust accountant
- Trust, Estate, and Gift tax consultation meetings with clients and Principals
- Additional related duties and projects
- 3 to 5 years’ experience in public accounting, trust department or law firm
- Expertise in Fiduciary Income, Estate, and Gift taxation
- CPA or EA designation (or CPA candidate) preferred but not necessary
- A positive, consultative approach to clients and team members
- Knowledge of tax preparation software , OneSource, ProSystem, GoTax
- Knowledge of PFX engagement software helpful
- Comfortable working in a paperless environment
- Ability to interpret estate planning documents
Qualifications for trust accountant
- Proven knowledge and experience in a financial services environment including Investment Trusts’ report & accounts production
- Detailed understanding and experience of the AIC SORP
- A good knowledge of the AIC Code of Corporate Governance, Policy and technical releases
- Possess strong numerical and written skills
- Experience in Client Trust Accounting and/or the Entertainment Industry a plus
- Be proactive in identifying opportunities to continually drive further service improvements
4
Trust Accountant Job Description
Job Description Example
Our growing company is looking to fill the role of trust accountant. 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 trust accountant
- Maintain accounting records for Trusts, Pooled Income Funds, and Specials Investments
- Record transactions and perform reconciliations for the designated accounts
- Responsible for the monthly and annual accounting close
- Perform money market trade booking and income reinvestment processing
- Reconcile HMC and external custody positions
- Allocate income to the appropriate accounts
- Monitor daily cash balances
- Maintain and update gifts in the database for trusts
- Perform monthly takedown of distribution to trust beneficiaries
- Work closely with Fidelity and State Street Bank to resolve system or custody issues
Qualifications for trust accountant
- CPA preferred, eligibility required
- MS in Accounting, required, MS in Taxation, a plus
- Communicate with the internal teams to ensure accuracy and completeness of record
- Participate in testing of system upgrades
- Prepare and review financial statements for trusts
- Ad hoc projects as needed by the department
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Trust Accountant Job Description
Job Description Example
Our innovative and growing company is searching for experienced candidates for the position of trust accountant. Thank you in advance for taking a look at the list of responsibilities and qualifications. We look forward to reviewing your resume.
Responsibilities for trust accountant
- Liaison between NASC, ESC, Division Labor, Human Resources, Finance and individual trust funds
- Reconciliation of benefit accounts in the general ledger
- Setup and reconcile employee payroll deductions for benefits
- Support team members on all analysis issues
- Look for areas of opportunity to create enhancements and efficiencies within existing systems and processes
- Make recommendations for system and process improvements
- Lead by example, provide positive reinforcement/constructive feedback
- Prepare periodic financial statements/reports for management of various trust funds
- Analyze financial reports and review expense records using QMF, DME, and Access
- Participate and support all departmental functions while continuing to motivate others
Qualifications for trust accountant
- Responsible for the preparation and administration of Financial Statements and the posting of third party statements relating to the Financial Statements for the Personal Trust Department ensuring optimal service and to assist with any other financial administration projects that are the responsibility of PCAT
- Outstanding analytical, organizational, and interpersonal skills
- Minimum one year of fund accounting experience in financial services industry
- Ideal candidates will have at least two (2) busy seasons in tax preparation, with experience preparing trust income tax returns
- Experience with gift and estate tax returns and wealth transfer planning is desirable but not required
- Four to six years analytical experience in a larger organization with systems both LAN-based and mainframe