Cash Management Accountant

Title: Cash Management Accountant

State Role Title: Accountant II

Hiring Range: $70,153 - $87,692

Pay Band: UG

Agency: Virginia Lottery

Location: Virginia Lottery

Agency Website: www.valottery.com

Recruitment Type: General Public - G

Job Duties

For more than three decades, the Virginia Lottery has worked to build a strong reputation, one synonymous with providing fun, entertaining experiences and doing so responsibly and with integrity. Proceeds from traditional Lottery games support K – 12 public education in Virginia. Taxes generated by sports wagering and casino gaming, which are regulated by the Lottery, benefit other priorities of the Commonwealth.

The Virginia Lottery, an independent state agency, is currently seeking a Cash Management Accountant to join its Finance and Administration Department. This position is located in Richmond, Virginia.

Note - This position requires in-office work three days per week including Tuesday and Wednesday.

The Cash Management Accountant will be responsible for ensuring that system balances, cash and clearinghouse account balances, and data integrity is maintained for our iLottery system and players. Ensure our multi-state stakeholders receive timely and accurate financial transactions and reporting. The Cash Management Accountant will serve as a member of the team that manages our multi-state games in terms of reconciling, reporting, and funding. This person will work closely with management and work independently to analyze and determine any corrective measures needed to maintain the proper control over system processes. The scope and impact of this position includes activities in the revolving cash account representing hundreds of millions of dollars in prize payments, as well as the consolidation and transfers of several billion dollars annually for multi-state game transactions.

Key Responsibilities Include:
Responsible for All Financial Processes of the NPI Subscription System:
• Balancing all system transactions daily using pivot tables and host reports.
• Approving all cash out requests from our iLottery platform
• Reconciling all cash transactions, weekly and monthly in Lottery bank account to clearinghouse account and general ledger account.
• Reconciling all iLottery transactions for players using pivot tables and system reports to identify missing transactions or discrepancies.
• Working closely with vendor to identify, determine impact, and resolve any/all system abnormalities.
• Working with Clearinghouse in clearing debit card transactions, chargebacks, and any ACH returns.
• Keeping management appraised of all system deficiencies.
• Producing management reporting of volumes, trends, product comparisons.
• Creating journal entries to correct any posting omissions or errors to correct General Ledger.
• Determining prize liabilities by tracking unpaid winning tickets.
• Developing specialized reports for various departments as requested.

Performs Multi-State Game Settlements:
• Performing multi-state jackpot games (Mega, Powerball, Cash 4 Life) settlements exceeding $600 million for fixed, jackpot, and expired prizes
• Performing similar expired prize settlements to determine allocation of expired prizes and distributes.
• Assisting in the preparation, development, and testing of new software requests to accommodate multi-state changes.
Performs Cash Management Reconciliations of Lottery’s Prize Account:
• Preparing and submitting entries to cash and general ledger accounts.
• Reviewing and analyzing monthly account activity.
• Reconciling various daily, weekly and monthly cash and general ledger accounts consisting of weekly issues, voids, paid no issues, and manual issues.
• Clearing all reconciling items within one month of appearance.
• Developing spreadsheets and utilizing necessary resources to maintain data integrity.

Other duties may be required based on supplementary assignments.

Minimum Qualifications

The person selected for this position will have:

Bachelor’s Degree in Accounting, Finance, Business, or other related field from an accredited 4-year college or university.

Proficiency in generally accepted accounting principles (GAAP) and cash management practices.

Demonstrated ability to analyze complex system balances and independently resolve  problems based on the analysis and account reconciliations.

Intermediate level or above proficiency with E