Real Estate Accounting in Warwick
Rhode Island's clock cannot start until the tenant supplies a forwarding address for the purpose of receiving the deposit, which makes a piece of tenant correspondence into an accounting trigger.
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 Warwick
Experts in AppFolio Bookkeeping
A forwarding address given for mail redirection is not necessarily one given for the purpose of receiving the deposit, and the statute frames it specifically. Portfolios that treat any change of address as starting the clock may act early, which is harmless, or may believe the clock started when it did not, which leaves a liability open while everyone assumes it was discharged.
Assigned, Responsive Team
The practical answer is to capture the address, the date and the context in which it was provided, and to treat the deposit as outstanding until the notice and payment have actually gone out. We keep those tenancies visible rather than closing them on assumption, because a closed ledger line is how an unmet obligation disappears from view.
Accurate Monthly Bookkeeping
With a one-month cap the amounts are modest, which is precisely why they get neglected. A small balance owed to a former tenant is easy to leave in the trust account indefinitely, and a trust account carrying an accumulation of those is one that can no longer explain its own composition.
Deposit Compliance for Warwick 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 Warwick 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 Warwick 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
Warwick 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
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!
As REA exclusively specializes in Real Estate, I rest easy knowing my financials are precise every month while saving money at the same time, an invaluable benefit.
Frequently Asked Questions
What counts as a forwarding address for this purpose?
The statute frames it as an address provided for the purpose of receiving the deposit, which is not automatically the same as a general change of address. Capture the address, the date and the context.
Should we close the tenancy once the address arrives?
No. Treat the deposit as outstanding until the notice and payment have actually gone out, because a prematurely closed ledger line is how an unmet obligation disappears from view.
These are small amounts. Does it matter?
It is why they get neglected. An accumulation of small balances owed to former tenants leaves a trust account unable to explain its own composition.
More in Rhode Island
Other Rhode Island markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Warwick
Schedule a call and we will review your AppFolio setup, your Rhode Island deposit handling, and what it takes to close clean every month.