Real Estate Accounting in Cheyenne
Wyoming returns the deposit and any prepaid rent together, on a deadline set by whichever of two events happens later. Both features change what the move-out file has to contain.
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Wyoming rules that apply here
- Deposit return deadline
- Later of 30 days, or 15 from the new address
- Statute
- Wyo. Stat. 1-21-1208
Why Wyoming Real Estate Professionals Choose REA
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Under 1-21-1208 the balance of any deposit AND prepaid rent, with a written itemisation of deductions and the reasons for them, is delivered within 30 days after termination or 15 days after receipt of the renter's new mailing address, whichever is LATER. So the tenant's act can extend the deadline rather than shorten it, which is the opposite of most states and means a portfolio can be well inside the window without realising it.
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Returning prepaid rent alongside the deposit means the two have to be distinguishable on the ledger in the first place. Prepaid rent is unearned revenue, not trust-held tenant money, and portfolios that posted both to a single tenant liability cannot separate them at move-out or explain the composition of the payment they are making.
Accurate Monthly Bookkeeping
The permitted deductions are broad: accrued rent, damage beyond reasonable wear and tear, the cost to clean the unit to its condition at the beginning of the agreement, and other costs provided by contract. That last category makes the lease part of the deduction test, so the itemisation should reference the provision relied upon rather than only the amount.
Deposit Compliance for Cheyenne Portfolios
Wyo. Stat. 1-21-1208
Wyoming 1-21-1208 delivers the balance of any deposit AND PREPAID RENT, with a written itemisation of deductions and the reasons for them, within 30 days after termination OR 15 days after receipt of the renter's new mailing address, WHICHEVER IS LATER. The tenant's act therefore extends the deadline rather than shortening it, which is the opposite of most states.
Because prepaid rent is returned alongside the deposit, the two must be distinguishable on the ledger. Prepaid rent is unearned revenue that should be recognised in the month it covers; the deposit is trust-held tenant money throughout. A portfolio posting both to one tenant liability can neither state revenue correctly nor explain the composition of the payment it makes at termination. Permitted deductions include 'other costs provided by any contract', which makes the LEASE part of the deduction test.
All Wyoming requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a Later of 30 days, or 15 from the new address 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
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For Cheyenne Portfolios
- Process Review & Set Up
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- Monthly Statements & Reports
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Cheyenne 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.
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Three-way reconciliation, every account
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Residential, commercial and everything in between. The asset class changes what the books have to prove, and our teams are staffed accordingly.
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Frequently Asked Questions
When is the Wyoming deadline?
Thirty days after termination or 15 days after receiving the renter's new mailing address, whichever is LATER. The tenant's act can extend the deadline rather than shorten it, which is unusual.
Why does prepaid rent matter here?
Because it is returned alongside the deposit, so the two must be distinguishable on the ledger. Prepaid rent is unearned revenue rather than trust-held tenant money, and a single combined liability cannot be separated at move-out.
What can be deducted?
Accrued rent, damage beyond reasonable wear and tear, cleaning to the condition at the start of the agreement, and other costs provided by contract. That last category makes the lease part of the test, so the itemisation should cite the provision relied on.
More in Wyoming
Other Wyoming markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Cheyenne
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