Real Estate Accounting in Charleston, West Virginia
West Virginia sets the deposit deadline as the SHORTER of two periods, one of which depends on how quickly the unit is re-let. Filling a vacancy fast therefore shortens the compliance window.
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West Virginia rules that apply here
- Deposit return deadline
- Shorter of 60 days, or 45 from new occupancy
- Statute
- W. Va. Code 37-6A-2
Why West Virginia Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Charleston
Experts in AppFolio Bookkeeping
The deposit or itemised statement is due within 60 days after the tenancy terminates, or 45 days after the next tenant occupies the premises, whichever is shorter. A unit re-let in two weeks brings the deadline forward substantially, so the better the leasing performance the tighter the accounting deadline becomes. That is a genuinely counterintuitive incentive and most workflows do not model it at all.
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It also means the deadline is not knowable at move-out. It becomes fixed only once the next tenancy starts, which is information sitting in the leasing system rather than the move-out file. We connect the two so the applicable date updates when the new tenancy is created, rather than being set once and left.
Accurate Monthly Bookkeeping
West Virginia also provides the contractor extension: where damages exceed the deposit and require a third-party contractor, written notice to the tenant inside the applicable period buys an additional 15 days to itemise. As in Virginia, the extension is conditional on the notice, so the judgement has to be made early.
Deposit Compliance for Charleston Portfolios
W. Va. Code 37-6A-2
West Virginia 37-6A-2 sets the deadline as the SHORTER of 60 days after the tenancy terminates or 45 days after the NEXT TENANT OCCUPIES the premises. Re-letting quickly therefore brings the compliance deadline forward, which means the deadline is not finally knowable at move-out: it fixes when the new tenancy begins. Where damages exceed the deposit and require a third-party contractor, written notice inside the applicable period buys an additional 15 days to itemise.
This is the only state where LEASING PERFORMANCE shortens the accounting deadline. Portfolios that manage leasing speed and deposit compliance as separate disciplines have built the structure in which one silently damages the other, so the move-out record has to be aware of the subsequent tenancy and recalculate when a new lease commences.
All West Virginia requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a Shorter of 60 days, or 45 from new occupancy 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 Charleston 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 Charleston 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
Charleston 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
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Bills paid, rent collected, owners paid
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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
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Check Out What Our Clients Have To Say About Us
Property Managers, Investors & Owner Operators
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.
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!
Frequently Asked Questions
How long do we actually have in West Virginia?
The shorter of 60 days after termination or 45 days after the next tenant moves in. Re-letting quickly brings the deadline forward, which is counterintuitive and rarely modelled.
So we cannot know the deadline at move-out?
Not finally. It fixes once the next tenancy begins, which is information in the leasing system, so we connect leasing to the move-out file and update the applicable date when the new tenancy is created.
Is there any extension available?
Yes. Where damages exceed the deposit and need a third-party contractor, written notice inside the applicable period buys an additional 15 days to itemise. The notice is the condition.
More in West Virginia
Other West Virginia markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Charleston
Schedule a call and we will review your AppFolio setup, your West Virginia deposit handling, and what it takes to close clean every month.