Real Estate Accounting in 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.
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 Virginia Beach
Experts in AppFolio Bookkeeping
Under 55.1-1226, where damages exceed the security deposit and repair requires the services of a third-party contractor, a landlord who gives the tenant written notice within the 45-day period gets an additional 15 days to provide the itemisation of damages and the cost of repair. That is a real and useful extension, and it is conditional: the notice inside the original window is what buys it. Miss the notice and the extension does not exist, regardless of how legitimate the contractor delay was.
Assigned, Responsive Team
Operationally that turns the 45-day clock into two decisions rather than one. At move-out the question is not only what the damage is, but whether it will exceed the deposit and need a contractor, because that determines whether the protective notice has to go out. A process that only assesses damage once the contractor's invoice arrives has already lost the option.
Accurate Monthly Bookkeeping
Storm events compound it by clustering. A single weather event produces many simultaneous claims against a contractor base that is suddenly oversubscribed, so repair timelines stretch exactly when the volume of affected move-outs is highest. That is the scenario the extension exists for, and it is the scenario in which a manager is least likely to have sent the notices.
Deposit Compliance for Virginia Beach 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 Virginia Beach 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 Virginia Beach 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
Virginia Beach 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
I highly recommend Real Estate Accounting (REA) services from this group. They truly are great and have helped us tremendously at a time we needed it the most. I felt very comfortable giving up all my accounting responsibilities to this team and I'm still glad I made the decision to work with this group. Nothing less than an amazing experience!
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.
Frequently Asked Questions
Can we get more time if a contractor is delaying the repair?
Yes, but conditionally. If damages exceed the deposit and need a third-party contractor, written notice to the tenant within the original 45 days buys an additional 15 days to itemise. Without that notice the extension is not available.
When do we need to decide about the extension?
At move-out, not when the invoice arrives. You have to judge whether damage will exceed the deposit and need a contractor early enough to send the protective notice inside the 45 days.
What happens after a storm when contractors are backed up?
That is exactly what the extension is for, and it is when it is most often missed, because many affected move-outs land at once. We flag likely contractor cases at move-out so the notices go out on time.
More in Virginia
Other Virginia markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Virginia Beach
Schedule a call and we will review your AppFolio setup, your Virginia deposit handling, and what it takes to close clean every month.