Real Estate Accounting in Bismarck
North Dakota permits several distinct amounts to be collected at move-in, each with its own limit, and combining them into one deposit figure is what turns a compliant arrangement into a non-compliant one.
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North Dakota rules that apply here
- Deposit return deadline
- 30 calendar days
- Statute
- N.D.C.C. 47-16-07.1
Why North Dakota Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Bismarck
Experts in AppFolio Bookkeeping
The security deposit itself is capped at one month's rent, with narrow exceptions. A pet security deposit is separately permitted up to the greater of $2,500 or two months' rent. These are different amounts with different limits and different justifications, and a ledger holding a single combined figure cannot demonstrate that either was within its own cap.
Assigned, Responsive Team
Recording them as components also matters at move-out. A pet deposit is collected for a specific purpose, and applying it to unrelated damage or to unpaid rent is a different act from applying the general deposit. Keeping them distinct through the tenancy is what makes the eventual application defensible.
Accurate Monthly Bookkeeping
The return itself is due within 30 days after the tenant relinquishes control of the unit, with accumulated interest where occupancy reached nine months. Because the interest depends on tenancy length and the components have separate caps, the move-out calculation is genuinely multi-part rather than a single subtraction.
Deposit Compliance for Bismarck Portfolios
N.D.C.C. 47-16-07.1
North Dakota 47-16-07.1 caps the security deposit at one month's rent and requires return within 30 days after the tenant relinquishes control of the unit. A PET security deposit is separately permitted up to the GREATER of $2,500 or two months' rent, which is a different limit with a different justification, so combining the two into one figure cannot demonstrate either was within its own cap.
The deposit must sit in a federally insured INTEREST-BEARING savings or checking account for the benefit of the tenant, but interest is only payable to the tenant where occupancy reached at least NINE MONTHS, accumulated and paid at the end of the agreement. The account therefore earns across every tenancy while only some create an entitlement, which leaves interest on short tenancies sitting in the account belonging to nobody. Unresolved, it makes the balance permanently exceed the sum of tenant liabilities.
All North Dakota requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a 30 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 Bismarck 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 Bismarck 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
Bismarck 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
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.
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.
Frequently Asked Questions
Can we combine the pet deposit and security deposit?
Not on the ledger. They have different caps and different justifications, and a single combined figure cannot demonstrate either was within its own limit.
Why keep them separate through the tenancy?
Because a pet deposit is collected for a specific purpose. Applying it to unrelated damage or unpaid rent is a different act from applying the general deposit, and keeping them distinct is what makes that defensible.
What is due at move-out?
Return within 30 days of the tenant relinquishing control, with accumulated interest where occupancy reached nine months. It is a multi-part calculation rather than a single subtraction.
More in North Dakota
Other North Dakota markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Bismarck
Schedule a call and we will review your AppFolio setup, your North Dakota deposit handling, and what it takes to close clean every month.