Tony Zhou

ASC 842 – Lease Accounting

• Managed a $1B lease portfolio covering over 750 U.S. properties. and 20+ Canadian locations, responsible for monthly ASC 842 journal entries.
• Oversee monthly leasing activities with the Legal Department, and prepare quarterly changes for lease terminations, impairments, and amendments across 150+ locations.
• Reviewed lease agreements in detail to extract and prepare JE for items such as CPI rent adjustments (variable lease payments), favorable and unfavorable leases, according to GAAP.
• Partnered closely with real estate development, construction, and fixed asset teams to calculate building and land values, determine appropriate discount rates, and ensure correct lease classification (Fin vs. Op).
• Led the processing of lease modifications by identifying and analyzing all relevant contractual changes (e.g., CPI adjustments, tax updates, rent schedule changes), and developed SFAS 13 classification support.
• Reconciled all lease-related balance sheet accounts with CoStar to support external audits, and ensure GAAP compliance.

ASC 805 – Business Combinations

• Performed purchase accounting for acquired entities, focusing on the valuation and recognition of favorable and unfavorable lease assets and liabilities in accordance with ASC 805.
• Reviewed lease agreements acquired through business combinations to assess below- or above-market lease terms. Calculated present values of lease differentials and recorded appropriate intangible assets or liabilities.
• Worked closely with valuation specialists and corporate development teams to ensure accurate purchase price allocations.
• Ensured all lease-related impacts from acquisitions were properly integrated into CoStar and financial systems, aligning with both ASC 805 and ASC 842 requirements. Provided supporting documentation for audit and due diligence purposes.

ASC 606 – Revenue Recognition

• Built advanced VBA tools to extract and parse file names from multiple folders and automatically split components using delimiters-saving significant time during bulk data input and validation.
• Led automation of month-end revenue journal entries, ensuring accurate and timely revenue close within two business days.
• Reviewed customer contracts and service agreements to determine the proper accounting treatment under ASC 606. Identified performance obligations, transaction price allocation, and timing of revenue recognition based on contract terms and delivery milestones.
• Designed revenue journal entries in accordance with the five-step ASC 606 model, ensuring proper cutoffs and recognition aligned with GAAP.
• Worked with cross-functional teams including sales, billing, and legal to evaluate non-standard terms, variable consideration, and contract modifications. Documented revenue recognition positions and supported external auditors with contract reviews and accounting memos.

ASC 450 - Contingencies

• Led monthly real estate tax accruals for over 800 locations in the U.S. and Canada. Developed and implemented VBA automation tools to streamline accrual schedules and enhance efficiency and accuracy.
• Reduced manual data entry through automated calculations and dynamic templates, significantly improving the month-end close timeline and reducing error risk.

Ad Hoc Projects & Excel/VBA Automation

• Created custom VBA scripts for large transaction reconciliation (eliminating the need for manual, line-by-line reviews), automated journal entry generation, file mapping, and variance analysis-significantly enhancing process efficiency, reducing human error, and improving overall data integrity.
• Developed robust Excel reconciliation templates integrated with advanced formulas (IFERROR, DATEDIF, MAX, Xlookup, FILTER, INDEX + MATCH etc.) to handle large datasets and support high-volume reporting tasks.
• Prepared comprehensive lease footnote disclosures for audited financial statements, including ASC 842, ASC 606 ensuring full compliance with GAAP lease accounting standards.

Implementation Project:

1. Migrating to a New ERP Accounting System

2. ASC 842 Lease Accounting Transition

3. Integration of backup system into ERP

4. 17 departments Budget/Expense Allocation

5. Improve automation worksheet for Expense detail, Prepaid expenses, Accrual expenses .etc.

6. Setting up GL and integration for New expense system - Navan(TripActions)

7. Assist in BDO audits and compliance processes.

Daily:

• Assigned GL accounts for all operating expenses and journal Entry.
• Allocate expenses to 17 divisions and forecast the budget.
• Perform calculate and analyze results (e.g., expenses, fees) and identify root cause of anomalies and/or options and discusses findings with controller.
• Setting up new storage and new office rent tracking schedule as Asc 840 and 842.
• Provide guidance and mentorship to AP accounting clerk.
• Run AR and AP NACHA files, and reverse payment cancellation.
• Assist the Controller, CFO, and VP with some special projects, and other duties as assigned.

Month-end:

• Prepare and post the prepaid expenses schedule and journal entries; record and amortize all accrued and prepaid expenses.
• Prepare and post the Fixed Asset Depreciation schedule, and perform ASC 360.
• Prepare and post a prepaid rent schedule and journal entries for multiple states. Perform ASC 842 analysis and maintenance of ROU assets and associated liabilities for operating leases.
• Prepare and post the accrual expenses schedule for 150 or more recurring vendors.
• Prepare and post monthly department leaders' expense reports, and do JE (Navan).
• P & L variance: Analyzing and identifying key variances through financial analysis, including trend and actual vs. plan/forecast.

Year-end:

• CA 571-L tax report, and multiple state business personal property.
• Set up a new vendor W-9, and prepare the vendor's year-end 1099-NEC and 1099-MISC.

• Experience with CCH Axcess Tax Return Software, Form 1040, Form 1040-NR, Form 1065, Schedules A, B, C, D, E, and K1s, etc.
• FBAR-Form 8938, Form 5471, Form 3520, Form 1116, Form 8865 etc.
• Maintains vendor records and prepares vendor's year-end 1099 information.
• Experience with payroll monthly/quarterly reports Form 941, DE9, DE9C on BP, AME, Quickbook software.
• Release/Submit Payroll ACH payment mapping/Nacha in JPM.
• Experience with Payroll Tax Deposit and ACH Payroll Direct Deposit, Sales Tax Deposit in CA, FL, NY.
• Reconcile payroll taxes, 401k, and Insurance at the end of each month.
• Experience with QuickBooks, month-end close activities, Bank reconciliations, and GL Journal entries.
• Check figures, postings, and documents for accuracy on M3 hospitality accounting.
• Experience with AME, BP, M3, and Quickbooks Software.
• Working with Accounts Payable to prepare and post all AP accruals.
• Communicating with IRS, International IRS, FTB, and clients to collect paperwork and documents with multilingual.
• Setup Corporations in CA and NV.
• Printer system, Paperless Document system, Backup storage Regular Maintenance.
• Using efficient tools and setup worksheet.
• Experience with applying ITIN.

• Experience with Drake Individual Tax Return Software, Form 1040, Schedules A, B, D, E, and K1s.
• FBAR-Form 8938, Form 3520, and Form 593, Form 8288.
• Experience with setup S-corp, LLC.
• Collect W-4, W-9, and/or prepare year-end 1099's, W2's, and Payroll Tax Reports.
• Experience with monthly/quarterly reports Form 941, DE9, DE9C.
• Experience with Entity Tax Return Form 1120, Form 1065.
• Experience with QuickBooks, Bookkeeping, Bank reconciliations, and Journal entries.
• Work with Accounts Payable to prepare and post all AP accruals.
• Analyze financial information and summarize the financial status of our clients.
• Printer system, Computer, Back-up storage Regular Maintenance.
• Experience with Mac OS, PC, Excel, and other Microsoft Software Skills.
• Communicating with regulatory agencies and clients to collect paperwork and documents with multilingual.

• Hosted foreign participants with interpretation work and distributed documents.

• Taught Chinese to local kids and introduced Chinese culture to them.
• Organized 81 kids to clean beach and taught them to do trash classification.