Real Estate Accounting in Providence
Rhode Island combines a very short window with a trigger that has three conditions, and it enumerates what may be deducted more precisely than most states. Providence portfolios hit all three features on every move-out.
Proud AppFolio Stack™ Partners, working directly inside your AppFolio instance.
Rhode Island rules that apply here
- Deposit return deadline
- 20 days from the latest of three conditions
- Statute
- R.I. Gen. Laws 34-18-19
Why Rhode Island Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Providence
Experts in AppFolio Bookkeeping
The notice and the deposit due are delivered within 20 days after the LATER of termination of the tenancy, delivery of possession, or the tenant providing a forwarding address for the purpose of receiving the deposit. Three conditions, and the last is the tenant's act, so the clock may start well after the unit has been re-let. Recording which condition fell last, and when, is what evidences the deadline.
Assigned, Responsive Team
The permitted deductions are enumerated: unpaid accrued rent, reasonable cleaning expenses, reasonable trash disposal expenses, and physical damage other than ordinary wear and tear, all itemised in a written notice. Trash disposal appearing as its own named category is unusual, and in Providence's triple-decker stock, where tenants frequently leave furniture behind, it is a genuinely useful head of claim that portfolios often bury inside cleaning.
Accurate Monthly Bookkeeping
The cap is one month's periodic rent, so the deposit rarely covers a significant claim. That makes accurate categorisation more valuable, not less: with limited funds available, a deduction that fails because it was mislabelled cannot be recovered from elsewhere.
Deposit Compliance for Providence Portfolios
R.I. Gen. Laws 34-18-19
Rhode Island 34-18-19 requires the notice and the deposit due within 20 days after the LATER of termination of the tenancy, delivery of possession, or the tenant providing a forwarding address FOR THE PURPOSE OF RECEIVING THE DEPOSIT. Three conditions, the last of them the tenant's act, so the clock can start well after the unit has been re-let. The cap is one month's periodic rent.
Rhode Island ENUMERATES the permitted deductions: unpaid accrued rent, reasonable cleaning expenses, reasonable TRASH DISPOSAL expenses, and physical damage other than ordinary wear and tear, all itemised in a written notice. Trash disposal as its own named head of claim is unusual and genuinely useful in triple-decker stock where furniture is routinely abandoned, but portfolios commonly bury it inside cleaning and weaken both.
All Rhode Island requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a 20 days from the latest of three conditions 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 Providence 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 Providence 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
Providence 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 Rhode Island clock start?
Twenty days after the LATER of termination, delivery of possession, or the tenant providing a forwarding address. The last condition is the tenant's act, so the clock can start after the unit is already re-let.
What can we deduct?
Unpaid accrued rent, reasonable cleaning, reasonable trash disposal, and physical damage beyond ordinary wear and tear, all itemised in writing. Trash disposal is its own named category rather than part of cleaning.
Why does categorisation matter so much?
Because the cap is one month's rent, so the deposit rarely covers a significant claim. With limited funds available, a deduction that fails because it was mislabelled cannot be made up elsewhere.
More in Rhode Island
Other Rhode Island markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Providence
Schedule a call and we will review your AppFolio setup, your Rhode Island deposit handling, and what it takes to close clean every month.