Real Estate Bookkeeping In Washington
Washington splits into two different accounting problems. The Puget Sound corridor is dense multifamily with large deposit balances and entity-per-asset ownership, while eastern Washington runs older, maintenance-heavy stock held by smaller groups. Both sit under the same statewide 30-day deposit clock, and both are commonly held across multiple LLCs with a single management company on top.
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.
Washington at a glance
- Security deposit return
- 30 calendar days
- Governing statute
- RCW 59.18.280
- Cities we publish
- Seattle · Spokane · Tacoma
What Washington 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
Washington RCW 59.18.280 requires the deposit, or a full and specific statement of the deductions, to be postmarked within 30 days of the tenancy ending and the tenant vacating. The window moved from 21 days to 30 under HB 1074, effective July 2023. Miss it and the right to retain any of the deposit is waived.
Trust and segregation
Deposits must be held in a trust account separate from the management company's operating funds, and the reconciliation that matters is to a per-tenant ledger rather than only to the bank balance. Property management in Washington is a licensed brokerage activity, so trust fund handling sits under the Department of Licensing rather than being a matter of internal policy.
What we do about it
- Deposit liabilities tracked per tenant, so a 30 calendar days 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 Washington
Market by Market
We work with property managers and investors across all of Washington, all 494 cities and towns of it. The markets below are the ones we publish Washington-specific detail for. If yours is not listed, the same team and the same RCW 59.18.280 rules still apply.
Seattle
Seattle is a high-density, high-rent market where a single management company often runs mid-rise multifamily, converted single-family rentals and a handful of short-term units on the same chart of accounts. Rent levels make deposit balances large enough that a trust reconciliation error is a material one rather than a rounding issue.
Bookkeeping by platform
Spokane
Spokane runs on older housing stock and smaller ownership groups than the west side of the state, which changes the accounting rather than simplifying it. Maintenance is a bigger share of every operating statement, and the recurring question is which of those spends is a repair and which is a capital improvement.
Bookkeeping by platform
Tacoma
Tacoma sits between a working port economy and Seattle overflow demand, and portfolios here often reflect both: residential doors alongside small industrial, flex and retail space held by the same ownership group. Those two asset types do not close the same way, and running them on one undifferentiated chart of accounts is the most common problem we inherit.
Bookkeeping by platform
Select Your Software
We Work Inside Your Platform, From Anywhere in Washington
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
Day-to-day financial operations
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.
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.
230+
Property Accountants
30M+
Commercial Sq. Ft.
Up to 50%
Saved vs In-House
Every month
On-Time Close
Property Accounting for Washington Portfolios
Schedule a call and we will walk your Washington deposit and trust setup, tell you whether it reconciles today, and scope the monthly work.