Real Estate Accounting in Augusta, Maine
Augusta's rental market is dominated by small owners with a handful of units each, and Maine's custody requirement is the one that small portfolios are least equipped to meet.
Proud AppFolio Stack™ Partners, working directly inside your AppFolio instance.
Maine rules that apply here
- Deposit return deadline
- 30 days written lease, 21 days at will
- Statute
- 14 M.R.S. 6031-6038
Why Maine Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Augusta
Experts in AppFolio Bookkeeping
Maine allows up to two months' rent as a deposit, which for a small owner can represent a meaningful sum sitting in an account they are not permitted to treat as their own. The requirement that it be held separately and beyond the claim of creditors is exactly the standard an owner running everything through one business account cannot satisfy, and the failure is structural rather than a matter of intent.
Assigned, Responsive Team
Setting that up properly is a one-time exercise with a permanent benefit, and it is the thing we do first on a Maine engagement. The account is established, existing deposits are transferred into it with a per-tenant ledger behind them, and the reconciliation afterwards proves composition rather than just balance.
Accurate Monthly Bookkeeping
The deadlines then apply predictably: 30 days on a written lease, 21 on a tenancy at will, with the right to retain forfeited entirely for missing either. For a small portfolio where a single deposit can be a month's net income, that forfeiture is not a rounding error.
Deposit Compliance for Augusta Portfolios
14 M.R.S. 6031-6038
Maine caps the deposit at two months' rent and sets the return deadline by TENANCY TYPE: 30 days after a written lease ends, but 21 days for a tenancy at will, unless a written agreement provides otherwise. Missing either forfeits the right to retain any portion, and continued retention supports a presumption of wrongful retention with double damages and fees.
Maine words custody more strongly than almost anywhere: the deposit must be held separately, not commingled, and BEYOND THE CLAIM OF THE LANDLORD'S CREDITORS or any other person or entity. That is a solvency protection rather than a bookkeeping instruction, and it means the account cannot be an ordinary business account used only for deposits, nor pledged or subject to offset. It is one of the few deposit rules that interacts with the owner's LENDING rather than only with the tenancy.
All Maine requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a 30 days written lease, 21 days at will 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 Augusta 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 Augusta 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
Augusta 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
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.
Real Estate Accounting truly is a special company. They helped as if they were a part of our company, with the concern and caution as an employee would have, but even more. They quickly ascertained our needs and developed an effective team to help with our accounting needs. They were extremely responsive and always accurate. I would recommend their services to anyone who needs help with their property management accounting.
Adam the owner took a personal interest in my situation and was willing to work with me to see if his company was a good fit. I may be too small for them but I would highly recommend them to anyone considering a bookkeeper for their property management business.
Frequently Asked Questions
We are a small owner. Is a separate deposit account really necessary?
Yes, and running everything through one business account cannot satisfy Maine's requirement that deposits sit separately and beyond the claim of creditors. The failure is structural rather than about intent.
What does setting it up involve?
Establishing the account, transferring existing deposits into it with a per-tenant ledger behind them, and reconciling composition thereafter rather than just the balance. It is a one-time exercise.
How much can we hold?
Up to two months' rent, which for a small portfolio is a significant sum held on someone else's behalf, and forfeiting the right to retain it is not a rounding error.
More in Maine
Other Maine markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Augusta
Schedule a call and we will review your AppFolio setup, your Maine deposit handling, and what it takes to close clean every month.