BASIC FUNCTION

Prepare various accounting and financial analysis reports; participate in various functions and projects to ensure the accurate and timely recording and reporting of financial information and regulatory compliance.

ENVIRONMENT/DIMENSIONS

The Accounting Department is responsible for the administration of all accounting and financial analysis functions necessary to maintain reports and analyze financial information relating to Legent Clearing LLC, and Legent Group.  The department is also responsible for all accounts payable functions, and compiling the correspondent billing invoices.  This position prepares and analyzes various financial reports, participates in the preparation of the firm’s financial statements and regulatory reporting and works on projects as requested. The financial statements include all management and regulatory reporting as well as preparation of necessary materials for the board meetings and other presentations.  In addition this position assists in preparing all supporting schedules for the firms independent auditors and regulatory agencies for the annual exams.  The position is required to analyze output from the securities processing system as well as other sources, determine the validity of the information and research and solve discrepancies on its own.  Project work is a minor component of this position.

ENVIRONMENT/DIMENSIONS

Projects:                                               15% of the work period

            Interface with IS Dept.:             5% of the work period

Report Preparation Assistance: 80% of the work period

                        15c3-3 Report

                  FOCUS I & II

                        17 – H

Report Preparation Assistance: (cont’d)

Net Capital

Short Interest Reporting

Fixed Asset Reporting

Annual, Monthly and Quarterly Financial Statements

Balance Sheet Reconciliation

Regulatory and Management Reports

Various Ad hoc Reports

Software Packages:                                                      FRX, Platinum, Beta, Microsoft Office, Asset Keeper, On Demand, Bridge Trak, Adobe, Julian date converter

PRINCIPAL ACCOUNTABILITIES

1.        Act as primary for Regulatory reporting on weekly, monthly and quarterly basis.  Prepare the supporting work papers for various regulatory reports to include the 15c3-3 calculation, PAIB calculation, Rule 144 review, 15c3-1, Focus, 17H and short interest reports.  Prepare internal management reports as required.

·        Coordinate with bank daily investments for 15c3-3 deposit

·        Complete aggregate debits worksheet daily and update daily net cap monitor worksheet

·        Distribute Daily Net Cap Monitor worksheet for firm

·        Maintain regulatory files with all supporting documentation

·        Distribute reports as needed for each regulatory filing

·        Update 15c3-3 interest payments timely for accurate balance reporting

·        Distribute Weekly Risk Reports to senior management team for internal review.

·        Review concentration reports and communicate new accounts to cash management for new loan coordination to minimize impact on 15c3-3 computation

·        Compile Negative bank balances worksheet daily

·        File annual property tax returns

·        Distribute accommodation account activity report each month

·        Distribute monthly promissory notes schedules

·        Reserve Excess Debit tracking schedule

Performance Measurement – Reports are completed accurately and timely, allowing ample time for management review.  Supporting documents are complete and included with the reports for review.  Submissions to outside agencies are completed by designated deadlines.

2.        Serve as department resource on the automated accounting systems. Assist in chart of account maintenance, report development, and modifications to reporting structure.

Performance Measurement – updates and changes are documented and maintained in the accounting file to ensure the integrity of the accounting system.  Out of balances are researched and resolved promptly.

3.        Participate in the preparation of the firm’s financial statements and management reports.  Prepare month end journal entries, analyze activity and prepare reconciliations for various income and balance sheet accounts to verify the accuracy of financial information.

·        Prepare monthly balance sheet reconciliations for both companies (asset accounts)

·        Provide Billing support during the closing process

·        Maintain Fixed Asset system with new entries as needed

·        Prepare schedules and reports each month end for the financial books

·        Coordinate production of the semi-annual Statement of Financial Condition inserts

·        Complete payroll, PTO, 401(k), and Member Distribution journal entries

·        Complete the clearing utilities tracking worksheet

·        Follow up on monthly Reserve Corp. FDIC funds settlement payment

·        Prepare monthly accommodation account activity schedule

·        Prepare Monthly Promissory Notes schedule for senior management review

·        Prepare and Maintain Sub Debt notes and maturities for focus filings

Performance Measurement - Month end journals are accurate and have proper supporting documentation in closing file.  Reconciliation reports are complete with supporting documentation and discrepancies are resolved before next monthly cycle commences.  Schedules are monitored and align with company and department policies.

4.      Prepare work papers and supporting information schedules (including the monthly investment summary worksheet) for the annual tax reporting audit, the annual fiscal year end audit completed by the company’s external accountants, and ad hoc audits performed by the company’s SRO or other agencies.  

Performance Measurement – reports are filed accurately and timely according to requests from the external accountants or regulatory agencies.   

5.      Reconcile BETA system daily to verify accuracy of batch processing.

·        Monitor various suspense accounts daily to ensure timely and accurate posting of entries

·        Research and resolve issues promptly

·        Coordinate correcting entries with various operation units and follow up to make sure entries are completed next day.

Performance Measurement – Suspense accounts are monitored and zero balance by end of day. If item carries over to subsequent days, documentation of action taken is provided by required operation unit when the outstanding item is resolved.

6.         Annual filings for state requirements

·        Complete forms for financial information

·        Coordinate payment to the various states

·        Maintain state file records for firm

      Performance Measurement – Filings are completed timely and accurately to avoid late fees or

      penalties to the firm.  All correspondence is maintained in the state file for comprehensive firm

      records. 

7.      Oversee the maintenance of written procedural documentation for all critical process

Performance Measurement – procedures are documented and updated as processes change

8.      Other duties as assigned.