Property Management Bookkeeping in Maine

Money held for owners in Maine is not your money, and Maine sets its own rules — through state law and the Maine Secretary of State-registered licensing regime — on how those funds are held, how often they are reconciled, and what records must exist. We keep the trust ledger reconciled to the bank with owner-level detail behind every balance; whether that satisfies Maine's specific requirement is a determination for you and your attorney, not us.

Security deposits in Maine are a liability, not income. Maine caps a residential deposit at 2 months' rent, and requires you to return or account for it within 30 days of move-out. That deadline is why the ledger has to be per-tenant rather than one pooled balance — a pooled figure cannot answer "what is owed to this tenant, and by when," which is the only question that matters when a deposit is disputed.

Registering to do business in Maine runs through the Maine Secretary of State, with tax accounts through the Maine Revenue Services and employer accounts through the Maine Department of Labor. Maine treats these as wholly independent, so being in good standing with one says nothing about the others — and the sales tax account is the one that accrues a real balance while you are not looking.

The Maine statewide base rate is 5.5%. Local rates stack on top and are generally sourced to the delivery address, so the effective rate varies within the state. Getting sourcing right is what keeps the liability account matching what you actually collected.