Property Management & Bookeeping

[Sean Autry]

This is a total newbie question- so I apologize in advance. Do property management companies typically keep the books on a property for their client (and deliver a balance sheet, income statement, etc)? Or do they just handle the day to day property management (collecting rents, maintenance requests, etc) and leave the accounting/bookkeeping up to the owner/client? My assumption is the prop manager is also doing the accounting, but just trying to confirm here.