Real Estate Accounting in Indianapolis
Indianapolis carries one of the largest scattered single-family rental markets in the Midwest, and Indiana attaches a precondition to the deposit obligation that scattered-site portfolios trip over constantly.
Proud AppFolio Stack™ Partners, working directly inside your AppFolio instance.
Indiana rules that apply here
- Deposit return deadline
- 45 calendar days
- Statute
- IC 32-31-3-12
Why Indiana Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Indianapolis
Experts in AppFolio Bookkeeping
Indiana's clock does not start until the tenant supplies a mailing address in writing. Under IC 32-31-3-12 the landlord is not liable until that address is provided, and then has 45 days from termination and delivery of possession to deliver the itemised notice. That is protective of the landlord, but only if the receipt of the address is recorded, because the date it arrived is what proves the deadline was met.
Assigned, Responsive Team
The failure consequence is absolute rather than proportionate. Failure to provide the notice of damages constitutes agreement that no damages are due, and the full deposit must be remitted immediately, with the tenant able to recover the deposit plus reasonable attorney fees. Getting the substance right and the paperwork late produces the same outcome as having no claim at all.
Accurate Monthly Bookkeeping
Indiana also lets unpaid utility and sewer charges the tenant was obligated to pay be included in the itemisation. In a scattered single-family portfolio those are frequently in the tenant's name with balances the owner only learns about later, so the timing of final bills has to be managed against the 45-day window rather than discovered after it closes.
Deposit Compliance for Indianapolis Portfolios
IC 32-31-3-12
Indiana IC 32-31-3-12 requires an itemised written notice of damages, delivered not more than 45 days after termination of the rental agreement and delivery of possession. Failure to provide the notice CONSTITUTES AGREEMENT that no damages are due, and the full deposit must be remitted immediately, with the tenant also able to recover reasonable attorney fees.
Indiana attaches a PRECONDITION most states do not: the landlord is not liable under the chapter until the tenant supplies, in writing, a mailing address for the notice. The clock is therefore triggered by the tenant's act, which protects the landlord only if the date that address was received is actually recorded. Indiana also permits unpaid utility and sewer charges the tenant was obligated to pay to be included in the itemisation.
All Indiana requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a 45 calendar days 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 Indianapolis 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 Indianapolis 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
Indianapolis 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
Learn moreAccounts Payable & Receivable
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
- CommercialSee the page
Check Out What Our Clients Have To Say About Us
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 does Indiana's deposit clock actually start?
The landlord is not liable until the tenant supplies a mailing address in writing. Record the date that address arrives, because it is what evidences the 45-day deadline was met.
What if we miss the itemisation deadline?
Failure to give notice of damages constitutes agreement that no damages are due. The full deposit must be returned and the tenant can also recover reasonable attorney fees.
Can we charge unpaid utilities against the deposit?
Indiana allows unpaid utility and sewer charges the tenant was obligated to pay to be included in the itemisation, but the final bills have to arrive inside the 45-day window to be usable.
More in Indiana
Other Indiana markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Indianapolis
Schedule a call and we will review your AppFolio setup, your Indiana deposit handling, and what it takes to close clean every month.