Real Estate Bookkeeping In Virginia
Virginia's markets diverge sharply. Arlington runs furnished corporate and government-contract rentals where furniture is a real capital programme and short tenancies make occupancy a misleading metric. Coastal Virginia Beach hits the contractor-extension scenario more than most, and storm events cluster it. Richmond is where investors scale past the thresholds at which Virginia's obligations switch on.
Locate the city nearest to you and select your software below to learn more. Don’t see your city? Schedule a meeting with us to learn more about how REA can help your property management accounting needs.
Virginia at a glance
- Security deposit return
- 45 calendar days, plus 15 with contractor notice
- Governing statute
- Va. Code 55.1-1226
- Cities we publish
- Arlington · Virginia Beach · Richmond
What Virginia Law Changes About Your Books
Deposit Handling and Trust Requirements
Trust and deposit rules are set state by state, and they change the accounting itself, not just the paperwork around it. A deadline is a ledger requirement: you cannot return a deposit inside a statutory window if the ledger cannot say what is owed.
Security deposits
Virginia Code 55.1-1226 requires the deposit and any deductions to be itemised in a written notice with any amount due within 45 days of the termination date or the date the tenant vacates. Uniquely, where damages EXCEED the deposit and repair requires a third-party contractor, written notice to the tenant inside that 45-day window buys an ADDITIONAL 15 days to provide the itemisation.
Trust and segregation
Virginia's interest obligation is tied to portfolio SIZE rather than applying universally: it attaches where the landlord owns more than ten dwelling units, or manages for someone who does, and the deposit has been held beyond thirteen months. An investor crossing ten units mid-year acquires an obligation nothing about the eleventh unit announces, which is why unit count belongs in the accounting record as a dated attribute.
What we do about it
- Deposit liabilities tracked per tenant, so a 45 calendar days, plus 15 with contractor notice deadline is answerable from the ledger
- Trust accounts reconciled three ways, including every beneficiary balance
- Deduction documentation recorded against the correct ledger, not filed separately
- Aging deposits flagged before the statutory window closes
Summary of statutory requirements provided for orientation. It is not legal advice, and local ordinances can impose stricter rules than the state minimum.
Cities We Cover in Virginia
Market by Market
We work with property managers and investors across all of Virginia, all 859 cities and towns of it. The markets below are the ones we publish Virginia-specific detail for. If yours is not listed, the same team and the same Va. Code 55.1-1226 rules still apply.
Arlington
Arlington's proximity to Washington produces a large furnished corporate and government-contract rental segment, and a furnished unit is a different asset on the books than the same unit unfurnished.
Bookkeeping by platform
Virginia Beach
Coastal Virginia portfolios deal with damage that exceeds a deposit more often than inland ones, and Virginia has a specific procedural mechanism for exactly that situation which most operators never use.
Bookkeeping by platform
Richmond
Richmond is where a lot of Virginia investors scale from a handful of doors to a real portfolio, and Virginia has an obligation that switches on at a specific size rather than applying from the first unit.
Bookkeeping by platform
Select Your Software
We Work Inside Your Platform, From Anywhere in Virginia
Services Available in This State
Every back-office function below is available on its own or as part of a full monthly close, anywhere in the state.
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
Onboarding and responsiveness
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.
Smaller portfolio, still looked after
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.
Came from a bookkeeper who did not know real estate
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!
230+
Property Accountants
30M+
Commercial Sq. Ft.
Up to 50%
Saved vs In-House
Every month
On-Time Close
Property Accounting for Virginia Portfolios
Schedule a call and we will walk your Virginia deposit and trust setup, tell you whether it reconciles today, and scope the monthly work.