Torchora
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Key Responsibilities and Required Skills for Income Clerk

💰 $38,000 - $55,000

FinanceAccountingAdministrationHospitality

🎯 Role Definition

The Income Clerk, often known as an Income Auditor or Revenue Clerk, holds a pivotal role within the finance department, acting as the guardian of the organization's revenue integrity. This position is fundamentally responsible for the comprehensive auditing, processing, and reconciliation of all income-generating activities. The Income Clerk ensures that all sales and revenue are accurately recorded, balanced, and reported in a timely manner, directly contributing to the company's financial health and providing a clear, precise picture of its earnings. This detail-oriented role bridges the gap between daily operations and financial accounting, ensuring compliance with internal controls and supporting management with critical revenue insights.

📈 Career Progression

Typical Career Path

Entry Point From:

  • Accounts Payable/Receivable Assistant
  • Data Entry Clerk (with finance exposure)
  • Administrative Assistant (in a finance or accounting department)

Advancement To:

  • Senior Income Clerk / Senior Income Auditor
  • Accounts Receivable Specialist or Manager
  • Assistant Controller or Junior Accountant

Lateral Moves:

  • Accounts Payable Specialist
  • Payroll Clerk
  • General Ledger Accountant

Core Responsibilities

Primary Functions

  • Conduct daily audits of all revenue transactions from various sources (e.g., Point of Sale systems, property management systems, online sales platforms) to ensure accuracy and completeness.
  • Prepare, verify, and consolidate daily cash, check, and credit card deposits, ensuring funds are securely handled and deposited according to company policy.
  • Meticulously reconcile daily sales reports against bank statements, payment gateway reports, and internal system data, promptly identifying and investigating any variances.
  • Post all verified revenue, payments, discounts, and adjustments to the correct accounts in the general ledger and sub-ledgers with a high degree of precision.
  • Take ownership of the accounts receivable ledger, which includes the timely and accurate generation and distribution of customer invoices and account statements.
  • Systematically monitor customer accounts for overdue payments, short payments, and other discrepancies, maintaining a clear and current aging report.
  • Execute the company's collections process by professionally communicating with customers regarding past-due accounts via phone, email, and formal letters.
  • Process and reconcile all credit card transactions, including managing and resolving chargebacks, disputes, and retrieval requests in collaboration with merchant services.
  • Maintain a highly organized system of financial records, including reconciliation worksheets, bank deposit slips, and transaction reports, for audit trails and future reference.
  • Generate and distribute detailed daily, weekly, and monthly revenue and statistical reports for department heads and senior management to support decision-making.
  • Perform thorough verification of the night audit process, ensuring all procedural checks have been completed and end-of-day reporting is balanced and correct.
  • Assist in the month-end and year-end closing processes by preparing journal entries, revenue-related accruals, and detailed account reconciliations.
  • Serve as a key point of contact for other departments, providing clarification on billing discrepancies, transaction details, and revenue reporting inquiries.
  • Uphold and enforce internal financial controls, policies, and procedures related to revenue recognition, cash handling, and credit management.
  • Address and resolve customer and internal stakeholder inquiries regarding billing, payment application, and account balances in a professional and timely manner.
  • Audit and verify all rebates, allowances, and complimentary charges, ensuring they are properly authorized and recorded in the financial systems.
  • Manage and reconcile petty cash funds, ensuring all disbursements are supported by proper documentation and the fund is balanced regularly.
  • Prepare in-depth analyses of specific revenue streams or customer accounts as requested, highlighting trends, risks, and opportunities.
  • Actively participate in the preparation and support for internal and external audits by providing necessary documentation and explanations for revenue-related queries.
  • Proactively identify and recommend improvements to income audit procedures and systems to enhance operational efficiency, accuracy, and internal controls.
  • Reconcile and manage specialized revenue streams, such as banquet event orders, group bookings, or third-party commissions, against contracts and service records.

Secondary Functions

  • Support ad-hoc data requests and exploratory data analysis to assist management with special projects.
  • Assist the broader finance team with cross-functional tasks during peak periods, such as year-end closing or budget preparation.
  • Collaborate with IT and business units to test and provide feedback on new financial software, system upgrades, or POS implementations.
  • Participate in regular team meetings and contribute to the ongoing development of the finance department's goals and objectives.

Required Skills & Competencies

Hard Skills (Technical)

  • Microsoft Excel Proficiency: Advanced skills, including the ability to create and manage complex spreadsheets using pivot tables, VLOOKUPs, SUMIFs, and other formulas for data analysis and reconciliation.
  • Accounting Software Expertise: Hands-on experience with accounting systems such as QuickBooks, SAP, Oracle NetSuite, Sage, or industry-specific software (e.g., Opera PMS).
  • Fundamental Accounting Principles: A strong grasp of basic accounting principles, particularly revenue recognition standards and the accounts receivable cycle.
  • High-Speed Data Entry: Proven ability to input numerical and financial data quickly and with exceptional accuracy (e.g., 10-key by touch).
  • Cash Handling & Reconciliation: Demonstrated competence in managing physical cash, preparing bank deposits, and reconciling cash accounts.
  • POS/PMS Systems: Familiarity with operating and extracting reports from Point of Sale (POS) and/or Property Management Systems (PMS).
  • Financial Reporting: Ability to prepare, read, and interpret standard financial reports and statements related to income and receivables.
  • Accounts Receivable Management: Knowledge of the full A/R lifecycle, from invoicing and payment application to collections and bad debt provisioning.
  • Reconciliation Skills: A strong aptitude for systematically comparing data from different sources to identify and resolve discrepancies.
  • Audit Procedures: Understanding of basic internal audit and control principles to ensure compliance and mitigate risk.

Soft Skills

  • Exceptional Attention to Detail: A keen eye for spotting inaccuracies, inconsistencies, and errors in financial data is paramount.
  • Organizational & Time Management: Superb ability to prioritize a high volume of tasks, manage deadlines, and maintain order in a fast-paced environment.
  • Analytical & Problem-Solving: The capacity to investigate issues, analyze root causes of discrepancies, and implement effective solutions.
  • Integrity & Discretion: Unquestionable personal integrity and the ability to handle confidential financial information with the utmost professionalism.
  • Clear Communication: Strong written and verbal communication skills to effectively interact with customers, colleagues, and management.
  • Independent & Team Player: Self-motivated to work independently with minimal supervision while also being a collaborative and supportive team member.
  • Resilience & Adaptability: The ability to remain calm and effective under pressure and adapt to changing priorities and processes.
  • Numeracy: A natural comfort and high level of skill in working with numbers and performing mathematical calculations.

Education & Experience

Educational Background

Minimum Education:

  • High School Diploma or GED equivalent, supplemented with some post-secondary coursework in accounting or bookkeeping.

Preferred Education:

  • Associate’s or Bachelor’s Degree in a relevant field.

Relevant Fields of Study:

  • Accounting
  • Finance
  • Business Administration

Experience Requirements

Typical Experience Range:

  • 2-4 years of direct experience in an income audit, accounts receivable, bookkeeping, or similar accounting role.

Preferred:

  • Experience within an industry characterized by a high volume of daily transactions, such as hospitality, retail, or food and beverage, is highly advantageous. Prior experience as a Night Auditor is also considered valuable.
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