Accounting & Payroll Specialist

Job Description

POSITION; Accounting & Payroll Specialist DATE: May 2024

DEPARTMENT: Accounting Policy & Financial Reporting FLSA: Exempt

REPORTS TO: Manager, Accounting Operations & Payroll LOCATION: Hybrid/Reston

SUMMARY OF POSITION:

The primary functions of this position are to complete the Office of Finance’s (OF) semi-monthly and unscheduled payrolls, record journal entries, and reconcile bank accounts related to payroll; establish monthly and quarterly accruals; prepare accurate and timely retirement, regulatory, and internal reports; prepare the quarterly salary and benefits budget and forecast variance reports; support the preparation of the annual budget; process accounts payable and accounts receivable transactions related to Human Resources; and support the OF’s diversity and inclusion (D&I) program.

We’re proud of the way our teammates have a positive impact on everything we do. Our employees are committed to and exemplify our Core Values:

Integrity through accountability, consistency, transparency, and trust

Agility through adaptability, continuous improvement, expertise, and flexibility

Partnership through collaboration, communication, leadership, and teamwork

Inclusivity through diversity, relationships, respect, and supportPRINCIPAL RESPONSIBILITIES:

Calculate and report quarterly accruals to the Federal Home Loan Banks (FHLBanks) related to vacation liability, incentives, and Supplemental Retirement Plan.

Review and process Human Resources-related vendor invoices in a timely manner, avoiding late payment and duplication of payment.

Maintain working knowledge of and comply with OF policies including Vendor Management, Travel, Training, and Education reimbursement policies when verifying and processing Accounts Payable and employee reimbursements transactions

Establish monthly, quarterly and year-end accruals related to compensation and benefits.

Prepare monthly benefit allocation journal entries.

Responsible for the semi-monthly payroll process using Automatic Data Processing (ADP), including processing benefit reimbursements and deduction payments.

Calculate and ensure proper employee and matching contributions for qualified and non-qualified retirement plans.

Verify personnel records, benefit deduction changes set up by Human Resources, and coordination of changes and modifications to the payroll system with a high level of accuracy.

Ensure compliance with State and Federal tax withholding requirements.

Knowledge of all OF plans and benefit programs to ensure compliance with policies, procedures, and applicable laws.

Develop annual budget and quarterly forecast for compensation and benefits, review quarterly budget variances, and identify key underlying causes.

Assist with the calculation and implementation of the variable pay programs (e.g. annual and deferred incentive programs).

Participate in Year-End Processing, including W-2s & 941 reconciliation and various annual reporting (e.g. DB & 401(k) Census, Software Capitalization).

Prepare journal entries for each payroll.

Reconcile ADP reports to bank statements and General Ledger.

Maintain confidential payroll records. Assist with compensation related regulatory and financial reporting, and other ad-hoc reporting.

Review the Human Resources Compensation Committee of the Board of Directors materials related to compensation.

Provide data in a timely manner in support of internal and external audit teams and implement remediation plans as needed.

Maintain the Payroll procedures manual, ensuring updates are implemented and approved in a timely manner.

Support the OF’s diversity and inclusion strategy by following policies and procedures that ensure opportunities for employees and diverse business partners.

Responsibilities related to payroll are 50%, accounting 30%, and budget 20% of the overall duties.PRINCIPAL JOB REQUIREMENTS:

Bachelor’s degree or related work experience

5-7 years of work experience in accounting and payroll

Working knowledge of accounting concepts and experience processing payroll

Demonstrated ability to plan, organize, and prioritize tasks

Strong analytical skills and attention to detail required

Strong proficiency in Excel is a must

Good interpersonal skills, ability to interact with staff on all levels

Ability to listen and integrate ideas from diverse groups of individuals, build and maintain respectful relationships, collaborate with others, and resolve conflicts constructively

Working knowledge of Defined Contribution and Defined Benefits

Experience with the ADP Workforce system preferred

Knowledge of various federal and state employment laws and regulations preferred

FPC, CPP, or other certification a plus

Proof of eligibility to work in the United States

EQUAL EMPLOYMENT OPPORTUNITY:

The Federal Home Loan Banks Office of Finance is committed to equal employment opportunity without regard to race (including traits historically associated with race, such as hair texture, hair type and protective hairstyles), color, religion, sex, pregnancy (including childbirth, lactation, and related medical conditions), national origin or ancestry, age, physical or mental disability, veteran status, uniformed service member status, military status, sexual orientation, gender identity, status as a parent, marital status, genetic information (including testing and characteristics), citizenship status, or any other characteristic protected by applicable federal, state, or local law.