Real Estate Accounting in Dayton
Dayton carries a high share of tenant-based housing assistance, which changes the most basic thing about a rent roll: for many units the rent arrives from two payers on two different schedules, and only part of it is the tenant's obligation.
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 Dayton
Experts in AppFolio Bookkeeping
A unit under a housing assistance payment contract has a tenant portion and an agency portion, and they behave differently. The agency payment arrives on the authority's cycle, in a batch covering many units at once, and has to be allocated across them. The tenant portion is the only part that can be treated as delinquent when it is late. A ledger that records total rent due against the tenant makes every assisted unit look perpetually behind, and a manager chasing that phantom delinquency loses credibility with both the tenant and the owner.
Assigned, Responsive Team
Batch remittances are the second problem. One deposit from a housing authority may cover dozens of units including retroactive adjustments for abatements, rent changes and overpayments from prior periods. Posting it as a lump sum to income leaves the per-unit ledgers wrong even though the bank reconciles. We break the remittance down to the unit and period it relates to, which is the only way the rent roll stays true.
Accurate Monthly Bookkeeping
Ohio's ORC 5321.16 applies to assisted units like any other: itemised deductions and the balance within 30 days of termination and delivery of possession, and 5 percent annual interest on deposits above the statutory threshold for tenancies of six months or more. Failing the itemisation forfeits the right to retain any of the deposit and exposes the landlord to double the amount wrongfully withheld plus attorney fees.
Deposit Compliance for Dayton 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 Dayton 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 Dayton 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
Dayton 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
How do you handle housing assistance payments?
As two separate obligations against the unit. The agency portion arrives on the authority's cycle in a batch and is allocated to the units and periods it covers; the tenant portion is the only part that can be genuinely delinquent.
Our assisted units always look behind on rent. Why?
Almost always because total rent is being charged to the tenant rather than split between the tenant portion and the agency portion. It creates delinquency that does not exist and it damages the manager's credibility with owners.
What are the Ohio penalties for a late deposit return?
Failing to return within 30 days or to provide the written itemised list forfeits your right to retain any of the deposit, and the tenant can recover double the amount wrongfully withheld plus reasonable attorney fees.
More in Ohio
Other Ohio markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Dayton
Schedule a call and we will review your AppFolio setup, your Ohio deposit handling, and what it takes to close clean every month.