The Senior Fixed Asset and Lease Analyst position will report to the Fixed Asset and Lease Accounting Manager and is accountable for day-to-day accounting and analysis of Valley's fixed asset and lease accounting, management, reporting and related internal control functions. This position will be part of the team leading the development and implementation of Valley's new SAP S/4HANA core finance module for fixed assets (FA) and ensuring the new processes, systems and controls are compliant with U.S. GAAP. Responsibilities include, but are not limited to: Fixed Asset Responsibilities:
- Maintain fixed asset and software policies and procedures.
- Partner with the Technology, Legal and Vendor Management Departments to ensure clouding computing software arrangements are accounted for properly.
- Become a subject matter expert (SME) on the FA core module of SAP S/4HANA.
- Train other staff and business units on Valley's fixed asset policies and software systems.
- Assist Tax Director in the preparation of federal and state income tax returns, including fixed asset rollforwards and book to tax fixed asset adjustments per system record.
- Ensure fixed asset acquisitions, transfers and dispositions are recorded properly in the system.
- Maintain all construction in-process accounts.
- Review and reconcile depreciation on a monthly basis.
- Analyze long-lived assets quarterly for indicators of impairment and perform impairment analysis, if necessary.
- Perform sale and disposal analysis of certain fixed assets when requested by management.
- Monitor both expense and in-process GL accounts primarily for the Technology and Property Management Departments to ensure fixed assets and software expenses are capitalized or expensed properly.
- Track company expenditures for fixed assets in comparison to the budget.
- Prepare audit schedules for fixed assets and assist both internal and external auditors.
- Become an SME on the Visual Lease software system and maintain its monthly general ledger integration with S/4HANA.
- Maintain lease accounting policies and procedures.
- Identify and evaluate all existing leases under FASB Accounting Standards Codification Topic 842, including researching and understanding the technical accounting guidance and applying it to all leases.
- Review and approve all leases (new, renewals and extensions) from an accounting perspective including evaluation of the cost components of the lease (e.g., which costs should be included in calculation of the lease liability), rights associated
with the lease (e.g., renewal, extension, option to purchase terms), and account coding for the general ledger.
- Partner with lease owners, primarily Property Management, on middle-of-term and end-of-term decisions to ensure proper accounting and reporting, including documenting the decisions.
- Partner with lease owners to ensure leases that have variable rent components are accounted for accurately and timely.
- Monitor GL activity for identification of leases initiated outside of the defined system/processes.
- Provide timely and accurate reporting of lease accounting transactions and balances for quarterly and annual SEC filings.
- Assist in annual budget and capital expenditure planning process.
- Perform ad-hoc financial analyses as needed to support branch studies, buy vs. lease decision-making, capital planning, and other Treasury needs.
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