Real Estate Accounting in Hartford
Connecticut runs one of the most administratively demanding deposit regimes in the country, and Hartford's mix of older multifamily and long tenancies exercises every part of it.
Proud AppFolio Stack™ Partners, working directly inside your AppFolio instance.
Connecticut rules that apply here
- Deposit return deadline
- 30 days, or 15 from the forwarding address if later
- Statute
- Conn. Gen. Stat. 47a-21
Why Connecticut Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Hartford
Experts in AppFolio Bookkeeping
Interest is not settled at move-out here, it is paid or credited annually. On the anniversary of the tenancy and each year after, the landlord either pays the accrued interest to the tenant or credits it against the next rent, at the landlord's election. That makes every tenancy carry its own recurring event on its own date, and a portfolio managing it as a year-end exercise is late for most tenants and early for the rest.
Assigned, Responsive Team
The election between paying and crediting has an accounting consequence people miss. Crediting reduces rent receivable and must appear as such; paying is a disbursement against the deposit liability. Recording a credit as though it were a payment, or vice versa, breaks either the rent roll or the trust reconciliation, and in a long-tenancy portfolio the error compounds annually.
Accurate Monthly Bookkeeping
Connecticut also forfeits interest for any month in which the tenant was more than ten days delinquent, unless the landlord imposed a late charge for that delinquency. That is a conditional accrual driven by the rent ledger, so interest cannot be computed from the deposit balance alone. It requires the payment history alongside it.
Deposit Compliance for Hartford Portfolios
Conn. Gen. Stat. 47a-21
Connecticut allows 30 days from the end of the tenancy, or 15 days from receiving the tenant's forwarding address if that is later, so a flat 30-day assumption is wrong in both directions. Deposits are capped by the TENANT'S AGE rather than by the unit: two months' rent under 62, one month at 62 or older, which means the permitted maximum can change during a tenancy without anything about the property changing.
Deposits sit in an interest-bearing escrow account at a federally insured institution with written notice to the tenant identifying it, and interest is paid or credited ANNUALLY on each tenancy's own anniversary rather than settled at move-out. The landlord elects between paying and crediting, and those are different entries: a credit reduces rent receivable, a payment is a disbursement against the deposit liability. Interest is NOT owed for any month the tenant was more than ten days delinquent unless a late charge was imposed, so the accrual depends on the rent ledger.
All Connecticut requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a 30 days, or 15 from the forwarding address if later deadline is answerable from the ledger
- Trust accounts reconciled three ways every month
- Deduction documentation recorded against the correct ledger
- Aging deposits flagged before the statutory window closes
Appfolio Bookkeeping Services from REA
Available to Hartford Operators
Trust Bookkeeping
Leverage Appfolio's powerful bookkeeping capabilities with REA's tailored service.
See how it worksCorporate Bookkeeping
REA's skilled team, in combination with Appfolio's comprehensive toolset, addresses the complexity of your corporate financial activities.
See how it worksBank Reconciliations
Employing Appfolio's state-of-the-art system, REA offers bank reconciliation services that brings meticulous accuracy to your finances.
See how it worksFinancial Diagnostic Cleanup
REA utilizes Appfolio's advanced diagnostic tools to swiftly and effectively troubleshoot financial anomalies.
See how it worksTrust Compliance
REA pairs its accounting prowess with Appfolio's detailed reporting to deliver comprehensive Trust Compliance Verification services.
See how it worksAppFolio Accounting & Bookkeeping Services
For Hartford Portfolios
- Process Review & Set Up
- Bank Reconciliations
- AP / AR
- Accurate NOI, Balance Sheets
- Recording HUD's & Accruals
- Owner Distributions
- Monthly Statements & Reports
- Management Fees
- Corporate Bookkeeping
- Tenant Chargebacks
Take the Whole Close, or One Function
Hartford operators use REA for the full monthly close or for the single function that has become a bottleneck. Each one is performed inside your AppFolio instance.
Trust Accounting
Compliant, audit-ready trust funds
Learn moreBank Reconciliation Services
Three-way reconciliation, every account
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Bills paid, rent collected, owners paid
Learn moreBookkeeping Cleanup & Catch-Up
Back books fixed and current
Learn moreCAM Reconciliation
Annual commercial true-ups
Learn moreExperts In All Property Types
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community Associations
- Commercial
Experts In All Property Types
Residential, commercial and everything in between. The asset class changes what the books have to prove, and our teams are staffed accordingly.
- Single-Family
- Multifamily
- Student Housing
- Affordable Housing
- Community AssociationsSee the page
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Property Managers, Investors & Owner Operators
As REA exclusively specializes in Real Estate, I rest easy knowing my financials are precise every month while saving money at the same time, an invaluable benefit.
I highly recommend Real Estate Accounting (REA) services from this group. They truly are great and have helped us tremendously at a time we needed it the most. I felt very comfortable giving up all my accounting responsibilities to this team and I'm still glad I made the decision to work with this group. Nothing less than an amazing experience!
REA and team have been nothing but excellent helping our firm with its day to day financial needs. Their expertise, professionalism, and timeliness have made our lives so much easier. We foresee a long relationship with REA and team.
Frequently Asked Questions
When is deposit interest paid in Connecticut?
On the anniversary of the tenancy and annually after, either paid to the tenant or credited against the next rent at the landlord's election. It is not settled at move-out, so each tenancy carries its own recurring date.
Does it matter whether we pay or credit the interest?
On the books, yes. A credit reduces rent receivable; a payment is a disbursement against the deposit liability. Recording one as the other breaks either the rent roll or the trust reconciliation.
Is interest always owed?
No. It is not owed for any month the tenant was more than ten days delinquent, unless a late charge was imposed for that delinquency, so the accrual depends on the rent payment history rather than on the deposit balance alone.
More in Connecticut
Other Connecticut markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Hartford
Schedule a call and we will review your AppFolio setup, your Connecticut deposit handling, and what it takes to close clean every month.