Real Estate Accounting in Jackson, MS
Mississippi's deposit clock has three conditions rather than one, and the last of them is entirely outside the landlord's control. Portfolios that treat move-out as the trigger are working from the wrong date.
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Mississippi rules that apply here
- Deposit return deadline
- 45 days from termination, possession and demand
- Statute
- Miss. Code 89-8-21
Why Mississippi Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Jackson
Experts in AppFolio Bookkeeping
Under 89-8-21 the remaining deposit is due no later than 45 days after termination of the tenancy, delivery of possession AND demand by the tenant. All three have to occur, which means a tenant who vacates and never demands has not started the clock. Like Oklahoma, that leaves deposits sitting as open liabilities for former tenants, and like Oklahoma most systems have no way to see them.
Assigned, Responsive Team
The corollary is that the demand date has to be captured when it arrives, because it is the only one of the three conditions the landlord does not already know. A deposit ledger recording move-out but not demand cannot evidence whether the deadline was met.
Accurate Monthly Bookkeeping
Mississippi permits claiming only what is reasonably necessary for rent defaults, tenant damage excluding ordinary wear, cleaning, and other reasonable expenses caused by the default, all itemised in the written notice. Courts may award the amount wrongfully withheld again on top, plus attorney fees, so the itemisation carries the weight.
Deposit Compliance for Jackson Portfolios
Miss. Code 89-8-21
Mississippi 89-8-21 requires the remaining deposit no later than 45 days after termination of the tenancy, delivery of possession AND DEMAND BY THE TENANT. All three conditions must occur, so a tenant who vacates and never demands has not started the clock. Claims are limited to what is reasonably necessary for rent defaults, tenant damage excluding ordinary wear, cleaning, and other reasonable expenses caused by the default, itemised in a written notice.
The demand condition is the only one the landlord does not already know, so its date must be captured on arrival or the deadline cannot be evidenced. Like Oklahoma, the demand trigger means portfolios accumulate deposits that are owed but not yet payable, and those balances need their own ageing category or the trust account holds money nobody can attribute.
All Mississippi requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a 45 days from termination, possession and demand 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 Jackson 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 Jackson 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
Jackson 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
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.
Following a series of erroneous financials from my previous bookkeeper, who lacked expertise in real estate, it's been truly remarkable to receive not only accurate financials on a consistent basis but also proactive advice without prompting. The REA team is a game-changer in real estate accounting!
Frequently Asked Questions
When does the Mississippi deposit clock start?
Only when all three conditions are met: termination, delivery of possession, and demand by the tenant. A tenant who vacates without demanding has not started it.
What should we be recording?
The demand date above all, since it is the only condition the landlord does not already know. A ledger recording move-out but not demand cannot prove the deadline was met.
What can be claimed against the deposit?
What is reasonably necessary for rent defaults, tenant damage excluding ordinary wear, cleaning, and other reasonable expenses caused by the default, itemised in the written notice.
More in Mississippi
Other Mississippi markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Jackson
Schedule a call and we will review your AppFolio setup, your Mississippi deposit handling, and what it takes to close clean every month.