Cash Allocation Specialist- Shared Services

Norfolk, VA

Full Time

Mid Level

Title: Cash Allocation Specialist- Shared Services
Operating Company: Air Control Concepts
Location: Norfolk, VA
FLSA Status: Exempt
Salary Range: $55,000-$65,000 annually

About AIR Control Concepts:
AIR Control Concepts is more than just a collection of firms, we are a community of forward-thinking experts committed to excellence, innovation, and collaboration. With a focus on commercial HVAC representation, we bring together esteemed entities from diverse regions, each boasting decades of invaluable experience.

We understand that success in the HVAC industry goes beyond individual accomplishments. That's why we believe in the power of unity and collaboration. By leveraging our collective assets, knowledge, and resources, we empower our member firms to deliver unparalleled service, safety, and efficiency to clients across healthcare, commercial, and residential sectors.

Click here to view our website: AIR Control Concepts

Job Description:
The Cash Allocation Specialist is responsible for the accurate and timely application of customer payments, researching and resolving unapplied or misapplied cash, and performing daily reconciliation of customer receipts across multiple operating companies.
This role will manage a high volume of commercial payment activity within a fast-paced, project-driven environment, ensuring payments are accurately applied to the appropriate customer accounts, invoices, and projects. This position will also investigate payment discrepancies, identify and resolve outstanding cash application issues, and maintain accurate customer account balances.

Essential Duties and Responsibilities:

Apply daily customer payments received by check, ACH, wire, credit card, and lockbox to the correct customer accounts and open invoices in the ERP system
Match remittance advice to open invoices, including partial payments, short pays, retainage, progress billings, and payments covering multiple invoices or jobs
Research and resolve unapplied, unidentified, and misapplied cash, partnering with customers, sales, and project teams to obtain remittance detail when needed
Process joint check payments and coordinate with the credit team to confirm proper allocation between customers, contractors, and suppliers
Reconcile daily cash receipts and deposits to bank activity and the general ledger, ensuring all receipts are posted accurately and on time
Identify and document payment discrepancies such as deductions, disputes, overpayments, and duplicate payments, and route them to the appropriate team for resolution
Process customer refunds, credit memo applications, and on-account balance cleanup in accordance with established approval levels
Monitor unapplied cash and on-account balances daily, working them down promptly and reporting on aged unapplied items
Maintain accurate payment records and ensure compliance with all laws, regulations, company policy, contract requirements, and internal controls
Assist with process improvement initiatives focused on cash application accuracy, remittance capture, lockbox, and bank file automation, and month-end close support

Additional duties may be assigned as needed to support business operations; however, such duties will be reasonable, job-related, and consistent with the scope, level, and classification of the position.

Experience and Requirements:
Required

High school diploma required, associate’s in Accounting, Finance, or a related field preferred.

Minimum of two years of experience in cash application, accounts receivable, or payment processing, with a strong preference for candidates who also bring experience with high-volume lockbox or bank file processing.
Working knowledge of lockbox processing, bank reconciliation, remittance matching, and AR subledger to general ledger reconciliation
Advanced Excel proficiency, including pivot tables, VLOOKUP/XLOOKUP, and data analysis.
Strong attention to detail with excellent organizational and problem-solving abilities
Ability to communicate clearly and professionally with customers, sales, and internal operations teams when researching payment questions
Hands-on experience with ERP and accounting systems in a high-volume environment, including but not limited to Zendesk, FACTs and Oracle
Self-starter capable of managing multiple priorities and daily deadlines simultaneously

Preferred

B2B cash application experience within construction, specialty contracting, engineering, manufacturing, government projects, or similar project-based environments is strongly preferred

Construction or specialty trade industry exposure
Experience applying payments for large commercial or industrial projects, including retainage and progress billing
Familiarity with joint check agreements, multi-entity cash application, and high-volume bank or lockbox file processing

Benefits: 
We offer a competitive and comprehensive benefits package, including: 

Health & Wellness – Medical, dental, vision, and life insurance coverage to support your well-being.

Financial Security – 401(k) retirement plan with company match and short/long-term disability coverage.

Work-Life Balance – Paid time off (PTO), paid holidays, and an employee assistance program (EAP).

Professional Development – Ongoing training opportunities and support for continuing education.

The Company provides equal employment opportunity in accordance with applicable laws and prohibits discrimination and harassment. Employment decisions are based on business needs and qualifications.
The Company complies with disability laws and provides reasonable accommodations to qualified individuals.

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Thanks for visiting our Career Page. With locations throughout North America — across the U.S. and Canada — please review our open positions and apply to the roles that match your qualifications. For questions, email AIR Control Concepts.

Cash Allocation Specialist- Shared Services

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