Expert MRI Bookkeeping Services For Scaling Property Investors & Managers In Rochester
Rochester's rental stock built around Mayo Clinic isn't purely residential, medical office buildings, extended-stay corporate housing, and multifamily apartments often sit in the same portfolio, with commercial leases running alongside residential ones. MRI's module-based architecture was built for exactly that mix: lease administration and CAM reconciliation on the commercial side, deposit and turnover accounting on the residential side. We reconcile both halves against the general ledger, watching the handoff points where a lease abstracted in one module gets billed from another.
We work with accountant access inside your own MRI instance, exactly as you would grant an internal hire.
Minnesota rules that apply here
- Deposit return deadline
- 21 days
- Statute
- Minnesota Statute 504B
Why MRI Operators in Rochester Come to REA
Enterprise and modular, strong on commercial
CAM Reconciliation, Not Guesswork
For Rochester portfolios pairing medical office space with residential units, we reconcile CAM charges against the lease abstract in MRI, not just the invoice that gets billed. When abstraction and billing modules disagree, the mismatch usually starts upstream, we trace it back before it compounds across a full expense-reconciliation cycle.
Module Handoffs, Checked Line By Line
MRI's flexibility means no two instances behave the same way, we don't assume Rochester's configuration matches what we've seen elsewhere. Every month we verify that data passed between leasing, billing, and accounting modules landed correctly, because that handoff, not any single module, is where reconciliation errors actually originate.
Mixed Portfolios, One Set of Books
Multifamily apartments, single-family rentals, and extended-stay units serving Mayo Clinic's traveling staff each post differently in MRI. We keep commercial CAM schedules and residential deposit ledgers reconciled against one chart of accounts, so a portfolio that blends lease types doesn't produce books that only make sense in pieces.
MRI and Minnesota Deposit Rules
Minnesota Statute 504B
Minnesota Statute 504B requires returning a tenant's security deposit, or sending an itemized statement of deductions, within 21 days of move-out. MRI tracks deposit liability at the unit level, but the 21-day clock isn't something the platform enforces on its own, especially when a unit's deposit history sits in a residential module separate from the commercial lease data driving the rest of the portfolio. We run our own deadline tracking against MRI's deposit ledger so no Rochester return misses the statutory window.
Minnesota statute 504B requires the deposit to be returned within 21 days of lease termination, with penalties for non-compliance and interest obligations in defined cases.
All Minnesota requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in MRI, so a 21 days 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
MRI Accounting & Bookkeeping Services
For Rochester 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
Rochester operators use REA for the full monthly close or for the single function that has become a bottleneck. Each one is performed inside your MRI 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 Rochester?
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
I highly recommend Real Estate Accounting (REA) services from this group. They truly are great and have helped us tremendously at a time we needed it the most. I felt very comfortable giving up all my accounting responsibilities to this team and I'm still glad I made the decision to work with this group. Nothing less than an amazing experience!
REA and team have been nothing but excellent helping our firm with its day to day financial needs. Their expertise, professionalism, and timeliness have made our lives so much easier. We foresee a long relationship with REA and team.
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.
Frequently Asked Questions
Does MRI handle Minnesota's 21-day security deposit deadline automatically?
No. MRI records deposit balances and deductions, but Minnesota Statute 504B's 21-day return or itemized-statement deadline isn't something the platform tracks or alerts on by default. We maintain a separate deadline check against MRI's deposit ledger for every Rochester unit, so a busy month with mixed commercial and residential activity doesn't let a return date slip past.
Why does our CAM reconciliation not match what MRI billed?
This usually traces to a data handoff, a lease abstracted in one MRI module and billed from another can drift out of sync, especially in commercial-weighted portfolios like the medical office and extended-stay space common in Rochester. We reconcile the abstract against the billing output directly rather than trusting either module's number in isolation.
Can MRI handle our mix of multifamily, single-family, and extended-stay units?
Yes, that's close to what MRI's modular design is built for. Rochester's rental base, shaped by Mayo Clinic's physicians, researchers, and traveling medical staff, spans exactly that mix. We keep the commercial lease and CAM side reconciled alongside residential deposit and turnover accounting, so the portfolio's variety doesn't create separate, disconnected sets of books.
More in Minnesota
Other Minnesota markets, the platforms we work in, and the functions available on their own.
MRI Bookkeeping for Rochester
Schedule a call and we will review your MRI setup, your Minnesota deposit handling, and what it takes to close clean every month.