Real Estate Accounting in 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.
Proud AppFolio Stack™ Partners, working directly inside your AppFolio instance.
Washington rules that apply here
- Deposit return deadline
- 30 calendar days
- Statute
- RCW 59.18.280
Why Washington Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Seattle
Experts in AppFolio Bookkeeping
Washington requires the deposit, or a full and specific statement of what was withheld, to be postmarked within 30 days of the tenancy ending and the tenant vacating. That window moved from 21 days to 30 in July 2023 under HB 1074, and management companies that built their move-out workflow around the old 21-day clock are the ones we most often find still running the wrong calendar. Miss it and the right to retain any of the deposit is waived, which turns a bookkeeping timing problem into a direct write-off.
Assigned, Responsive Team
The accounting consequence in Seattle specifically is scale. Deposits on a two-bedroom here are large enough that a portfolio of a few hundred doors can hold seven figures in tenant money that is not the management company's cash. That balance has to reconcile to a per-tenant ledger, not just to the bank statement, because the question an auditor or an owner asks is never what is in the account, it is whose money it is.
Accurate Monthly Bookkeeping
Seattle portfolios also tend to be entity-heavy. Buildings are commonly held one LLC per asset with a single management company on top, so the month-end close is really a dozen small closes plus an intercompany tie-out. We run that inside your existing software with accountant access rather than exporting to a parallel ledger, so the owner statements your investors already recognise do not change shape.
Deposit Compliance for Seattle Portfolios
RCW 59.18.280
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.
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.
All Washington 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 Seattle 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 Seattle 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
Seattle 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 moreOn a Different Platform in Seattle?
We Work Inside All of Them
Experts 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
How long do I have to return a security deposit in Seattle?
Thirty days from the end of the tenancy and the tenant vacating, under RCW 59.18.280. The deposit or a full and specific written statement of the deductions has to be postmarked inside that window. This changed from 21 days in July 2023, so check that your move-out checklist is on the current clock.
Do you keep tenant deposits in a separate trust account?
Yes. Washington requires deposits to be held in a trust account, and we reconcile that account monthly to a per-tenant ledger rather than only to the bank balance. That per-tenant detail is what proves whose money is whose if an owner, an auditor or the Department of Licensing asks.
Can you handle a Seattle portfolio held across multiple LLCs?
That is the normal case here. We close each entity, tie out the intercompany balances with the management company, and deliver one consolidated owner package alongside the individual entity statements, all inside the software you already run.
More in Washington
Other Washington markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Seattle
Schedule a call and we will review your AppFolio setup, your Washington deposit handling, and what it takes to close clean every month.