Real Estate Accounting in Salt Lake City
Salt Lake City has absorbed a decade of in-migration and the portfolios reflect it: management companies that were running a few hundred doors are now running a few thousand, often with the accounting process that suited the smaller number still in place.
Proud AppFolio Stack™ Partners, working directly inside your AppFolio instance.
Utah rules that apply here
- Deposit return deadline
- 30 calendar days
- Statute
- Utah Code 57-17-3
Why Utah Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Salt Lake City
Experts in AppFolio Bookkeeping
Utah is unusually broad about what a deposit can be applied to. Under 57-17-3 an owner may deduct for unpaid rent, damage beyond reasonable wear and tear, cleaning, and other costs and fees provided for in the contract. That last clause is the one that matters operationally: what is deductible is defined by the lease, not only by statute, so the deduction ledger has to reference the specific lease provision behind each charge rather than just the amount.
Assigned, Responsive Team
That is a documentation discipline, and Utah enforces it with teeth. If the itemised notice and balance are not delivered within 30 days of the renter vacating and returning possession, the renter can serve notice, and failure to comply then requires refunding the entire deposit, the full prepaid rent, and a $100 penalty. A portfolio that has outgrown its process loses the deduction it was entitled to, not because the charge was wrong but because the paperwork was late.
Accurate Monthly Bookkeeping
Scale is the other Salt Lake problem. Portfolios that grew fast are usually held across a stack of LLCs assembled deal by deal, with the management company sitting above them. Month-end is a set of entity closes plus a genuine intercompany tie-out, and the piece that gets skipped first when volume climbs is the one that makes the year-end return straightforward.
Deposit Compliance for Salt Lake City Portfolios
Utah Code 57-17-3
Utah Code 57-17-3 requires the balance of the deposit, the balance of any prepaid rent, and an itemised written explanation of every deduction, within 30 days of the renter vacating and returning possession. If that is missed, the renter may serve notice of non-compliance, after which the owner must refund the entire deposit and all prepaid rent plus a $100 penalty.
Utah is unusually broad about what a deposit may be applied to: unpaid rent, damage beyond reasonable wear and tear, cleaning, and other costs and fees provided for in the contract. That last category makes the lease part of the deduction test, so the ledger has to tie each deduction to the provision authorising it rather than only to the cost.
All Utah 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 Salt Lake City 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 Salt Lake City 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
Salt Lake City 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
What can be deducted from a deposit in Utah?
Unpaid rent, damage beyond reasonable wear and tear, cleaning, and other costs and fees provided for in the contract, under Utah Code 57-17-3. That last category makes the lease itself part of the deduction test, which is why we tie each deduction to the provision that authorises it.
What happens if we miss the 30-day deadline?
The renter can serve notice of non-compliance, and failure to comply then requires refunding the entire deposit and any prepaid rent plus a $100 penalty. A valid deduction filed late becomes no deduction at all.
We grew fast and hold everything in separate LLCs. Can you keep up?
Yes, and it is the standard Salt Lake structure. Each entity closes on its own books with intercompany balances reconciled monthly, which is exactly the step that gets dropped when door count climbs faster than the process.
More in Utah
Other Utah markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Salt Lake City
Schedule a call and we will review your AppFolio setup, your Utah deposit handling, and what it takes to close clean every month.