Real Estate Accounting in 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.
Proud AppFolio Stack™ Partners, working directly inside your AppFolio instance.
Virginia rules that apply here
- Deposit return deadline
- 45 calendar days, plus 15 with contractor notice
- Statute
- Va. Code 55.1-1226
Why Virginia Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Richmond
Experts in AppFolio Bookkeeping
Virginia's deposit interest requirement is tied to portfolio size: it applies where a landlord owns more than ten dwelling units, or manages on behalf of someone who does, and where the deposit has been held beyond thirteen months. An investor who crosses that threshold mid-year acquires an obligation they did not have when they set their processes up, and nothing about the eleventh unit announces it.
Assigned, Responsive Team
Thresholds like this are why unit count belongs in the accounting record rather than only in the property manager's head. We track it as a portfolio attribute with the date it changed, because the question at audit or dispute is not how many units you have now, it is how many you had when the obligation would have attached.
Accurate Monthly Bookkeeping
The wider point for a growing Richmond portfolio is that scale changes obligations discontinuously rather than gradually. Entity structure, filing requirements and deposit handling can all shift at particular sizes, and a set of books designed for five doors quietly stops being adequate somewhere around the point the owner stops counting them individually.
Deposit Compliance for Richmond Portfolios
Va. Code 55.1-1226
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.
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.
All Virginia requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a 45 calendar days, plus 15 with contractor notice 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 Richmond 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 Richmond 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
Richmond 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
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.
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.
Frequently Asked Questions
Do we owe interest on Virginia deposits?
Only if you own more than ten dwelling units, or manage for someone who does, and the deposit has been held beyond thirteen months. Crossing ten units mid-year creates the obligation without anything obvious marking it.
Why does unit count need to be in the books?
Because obligations attach at specific sizes and the question later is how many units you had when it would have applied, not how many you have now. We track it as a dated portfolio attribute.
We are growing quickly. What else changes?
Obligations tend to switch on discontinuously rather than scale smoothly, across entity structure, filings and deposit handling. Books built for five doors usually stop being adequate well before anyone notices.
More in Virginia
Other Virginia markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Richmond
Schedule a call and we will review your AppFolio setup, your Virginia deposit handling, and what it takes to close clean every month.