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Partnership Accountant

Ambition are supporting one of our top international law firm clients with their recruitment for an experienced Partnership Accountant. This is a pivotal role within the Partnership Accounts/Tax team, where they manage the affairs for the firms partners.

Key responsibilities for this role will include;

  • Prepare illustrations and advise partners of changes to PCLs because of increases in points following the allocation reviews.
  • Manage the process of advising our banks of increases to PCLs due to either: - 1) a change in profit points; or 2) partner recruitment.
  • Manage the process of advising our banks of increases to PCLs due to either: - 1) a change in profit
  • Ensure that the paperwork required for the PCL funds to be paid to the Firm's bank account to be completed and returned to our banks in as short a period as possible.
  • Arrange PCLs repayments that are required due to a change in profit points or retirement.
  • Check the quarterly interest amounts charged by our banks and allocate the amounts to the relevant partners undrawn balance accounts.
  • Explain the capital arrangements to newly promoted/lateral hire partner.
  • Notify our banks of change of addresses.
  • Advise the cashiering team when funds are expected.
  • Ensure PCL loans and repayments are posted correctly to the General Ledger.
  • Answer any partner capital related questions.
  • Prepare capital balance forecasts to assist with the decision to amend partners' capital obligations.
  • Arrange for the cashiering team to make capital repayments to retired partners as per the terms set out in their leaving letters.
  • Maintain the capital projection model and send to the Group Accountant at the beginning of each month.
  • Calculate the amount of capital to be retained partners' profit share and post to the general ledger.
  • Calculate the amount of profit due by way of interest on personal capital and update the profit model with interest due on both borrowed and personal capital.
  • Prepare the capital information required for the distribution model.
  • Order Annual Interest Statements.
  • Capital account reconciliations.
  • Reconcile various general ledger account balances.

Ideal candidates will be ACCA/ACA/CIMA Qualified and have experience of working within partnership accounts. gained from working within the legal or professional services sector. Apply now if this role is of interest to you!

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