Expert AppFolio Bookkeeping Services For Scaling Property Investors & Managers In Chicago
Chicago’s rental market spans high-rise condos along the lakefront, dense multifamily buildings in neighborhoods like Logan Square and Wicker Park, and scattered SFR portfolios across the South and West Sides. Property managers here operate under the Chicago Residential Landlord Tenant Ordinance, one of the most detailed landlord-tenant frameworks in the country, which adds compliance layers that touch bookkeeping directly. REA, an official AppFolio Stack partner, handles the accounting behind those portfolios so Chicago operators stay accurate and audit-ready.
Proud AppFolio Stack™ Partners, working directly inside your AppFolio instance.
Illinois rules that apply here
- Deposit return deadline
- 45 days (5+ unit buildings)
- Statute
- 765 ILCS 710
Why Illinois Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Chicago
Experts in AppFolio Bookkeeping
As certified accounting partners for the AppFolio Stack™, our Chicago property accountants deliver exceptional expertise in AppFolio. We’ll manage your monthly bookkeeping while maximizing the software’s capabilities for your Illinois property management business.
Assigned, Responsive Team
We understand that Chicago property management can present unforeseen challenges. That’s why your assigned REA team is always ready to address your concerns through email, phone, video, or Slack, offering timely assistance and confidence for your Illinois properties.
Accurate Monthly Bookkeeping
Save time with our AppFolio bookkeeping services and prevent errors that can impact Chicago property management. REA ensures precise, punctual financial reports every month, allowing you to focus on what matters most, expanding your Illinois business.
Deposit Compliance for Chicago Portfolios
765 ILCS 710
The Illinois Security Deposit Return Act, 765 ILCS 710, requires landlords of buildings with five or more units to return the deposit within 45 days of move-out, with an itemized statement referencing the lease and supported by receipts. Bad-faith withholding carries a penalty of twice the deposit plus costs and fees.
State law does not mandate an interest-bearing account, but Chicago's Residential Landlord and Tenant Ordinance imposes its own stricter interest and timing rules, so a Chicago portfolio is governed by two layers at once.
All Illinois requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a 45 days (5+ unit buildings) 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
How AppFolio Bookkeeping Transforms Property Management
Onboarding a Chicago Portfolio
- 1Understanding Your Business Inside-Out
We value your time and strive to make the most of it. Once you securely grant REA access to your AppFolio account in Chicago, we'll promptly review your books and initiate the onboarding process. Next, we'll address any issues with your account, perform any necessary catch-up bookkeeping, and examine tenant/owner statements to ensure the utmost accuracy in your Illinois property records.
- 2Efficient Monthly Bookkeeping
After ensuring your AppFolio account is accurate and current for your Chicago properties, we commence our monthly AppFolio consultant services. Handling everything from bank reconciliations to accounts payable and reporting, we serve as your experienced accounting team for your Illinois property management needs.
- 3Monthly Reports and Statements
Each month we deliver clear financial packages through AppFolio, including P&Ls, balance sheets, and owner and tenant statements. Every report is trust-account compliant and built to give total visibility into portfolio performance.
Appfolio Bookkeeping Services from REA
Available to Chicago 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 Chicago 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
Chicago 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 Chicago?
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
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!
As REA exclusively specializes in Real Estate, I rest easy knowing my financials are precise every month while saving money at the same time, an invaluable benefit.
Frequently Asked Questions
What does outsourced AppFolio bookkeeping cost for a Chicago property management company?
REA’s pricing is unit-based and scales with your portfolio size. Chicago operators typically see cost efficiency compared to hiring an in-house bookkeeper familiar with RLTO compliance and AppFolio’s accounting module. Contact REA directly at rea.co for a quote tied to your actual unit count and property types.
Can REA manage AppFolio bookkeeping for mixed portfolios that include Chicago condos, multifamily buildings, and SFR units?
Yes. REA sets up property-level accounting in AppFolio so each asset class, condo associations, multifamily buildings, and SFR rentals, has its own chart of accounts and reporting structure. Chicago managers running mixed portfolios get consolidated owner statements without blending income and expense data across incompatible property types.
How does REA handle Chicago RLTO security deposit interest requirements inside AppFolio?
REA tracks each tenant’s security deposit in a dedicated liability account within AppFolio and calculates the annual interest owed using the rate published by the Chicago City Comptroller. We reconcile those figures at year-end and flag any deposits that require interest payments or updated receipts, keeping your records defensible if a tenant ever disputes the handling.
What kind of financial reports do you provide to AppFolio clients?
We provide detailed monthly financial reports and statements that offer a transparent overview of your business’s financial health. These reports are designed to ensure compliance with all trust account regulations and to help you make informed business decisions based on accurate financial data.
Can you handle both corporate and trust Appfolio bank reconciliation?
Yes, we offer both corporate and trust bookkeeping services tailored to AppFolio users. We manage the complexity of your corporate financial activities as well as ensure meticulous accuracy and compliance in your trust accounting, using AppFolio’s comprehensive toolset to manage all aspects effectively.
More in Illinois
Other Illinois markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Chicago
Schedule a call and we will review your AppFolio setup, your Illinois deposit handling, and what it takes to close clean every month.