Real Estate Accounting in Columbus
Columbus has grown fast enough that portfolios change hands and change managers frequently, and a large share of the accounting work here is not steady-state bookkeeping at all. It is taking over a set of books someone else kept.
Proud AppFolio Stack™ Partners, working directly inside your AppFolio instance.
Ohio rules that apply here
- Deposit return deadline
- 30 calendar days
- Statute
- ORC 5321.16
Why Ohio Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Columbus
Experts in AppFolio Bookkeeping
A mid-year handover is the highest-risk moment in a portfolio's accounting life. The incoming manager inherits balances they did not create: deposit liabilities that may not match the trust account, prepaid rents of uncertain provenance, owner draws that were never classified, and a fixed asset schedule that may be a guess. Accepting those balances as given imports every error the previous system contained and makes them yours from that date forward.
Assigned, Responsive Team
We reconstruct rather than accept. Deposit liabilities are proven back to the trust account and to the lease for each tenancy, because Ohio's interest obligation under ORC 5321.16 depends on tenancy length and deposit size and cannot be computed from a balance alone. Owner equity is rebuilt from contributions and distributions rather than carried across as a plug. It is slower at the start and it is the reason the first clean year is actually clean.
Accurate Monthly Bookkeeping
The handover is also where Ohio's deposit clock most often gets dropped. A tenancy that terminates around the transition can fall between two managers, and neither itemises within the 30 days. The consequence is not shared: the landlord forfeits the right to retain any of the deposit and faces double the wrongfully withheld amount plus attorney fees.
Deposit Compliance for Columbus Portfolios
ORC 5321.16
Ohio ORC 5321.16 requires deductions to be itemised in a written notice delivered with any amount due within 30 days after termination of the rental agreement and delivery of possession. Failing to return the deposit or provide the itemised list forfeits the right to retain ANY portion of it, and exposes the landlord to double the amount wrongfully withheld plus reasonable attorney fees.
Ohio adds an interest obligation that runs during the tenancy rather than at the end of it. Any deposit exceeding fifty dollars or one month's rent, whichever is greater, bears 5 percent annual interest on the excess once the tenant has been in possession six months or more, computed and paid ANNUALLY to the tenant. A deposit is therefore an accruing liability with a yearly cash consequence, not a static balance settled at move-out.
All Ohio 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 Columbus 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 Columbus 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
Columbus 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 moving from another manager. How do you handle the transition?
By reconstructing the balances rather than accepting them. Deposit liabilities are proven back to the trust account and to each lease, and owner equity is rebuilt from actual contributions and distributions instead of being carried over as a plug.
Why not just take the prior manager's closing balances?
Because it imports their errors and makes them yours from that date. Deposit liabilities that do not tie to the trust account and unclassified owner draws are the two we find most often.
What is the risk around move-outs during a handover?
Tenancies ending near the transition can fall between two managers and miss Ohio's 30-day itemisation. The landlord then forfeits the right to keep any of the deposit and is exposed to double damages plus attorney fees.
More in Ohio
Other Ohio markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Columbus
Schedule a call and we will review your AppFolio setup, your Ohio deposit handling, and what it takes to close clean every month.