Real Estate Accounting in Madison
Madison's rental year turns over almost entirely in a single window, and Wisconsin's 21-day deposit deadline is the shortest in the region. Those two facts collide every August.
Proud AppFolio Stack™ Partners, working directly inside your AppFolio instance.
Wisconsin rules that apply here
- Deposit return deadline
- 21 calendar days
- Statute
- ATCP 134.06
Why Wisconsin Real Estate Professionals Choose REA
AppFolio Expertise, Applied to Madison
Experts in AppFolio Bookkeeping
A portfolio turning hundreds of units in the same fortnight has hundreds of 21-day clocks running in parallel, each requiring its own written statement describing each item of damage and the amount withheld for it. Unlike states allowing 30 or 45 days, there is no slack to absorb a backlog, and the deadline arrives while contractors are still working through the same seasonal queue every other manager in the city is using.
Assigned, Responsive Team
That forces a different operating model. Inspections have to be scheduled before the turn rather than triggered by it, cost data has to come from a pre-agreed schedule rather than from quotes obtained per unit, and the written statements have to be produced in batches without becoming generic. Wisconsin requires each item to be described and separately valued, so a template that repeats identical language across a hundred units is not an itemisation.
Accurate Monthly Bookkeeping
The consequence of failing is a real transfer of value. A withheld amount that cannot be sustained comes back, and Wisconsin's treatment of unlawful withholding is serious enough that the safe answer under time pressure is usually to return rather than to charge speculatively.
Deposit Compliance for Madison Portfolios
ATCP 134.06
Wisconsin ATCP 134.06 requires the deposit, less any properly withheld amounts, to be delivered or mailed within 21 DAYS after the tenant vacates, which is among the shortest windows in the country. Any withholding requires a written statement describing each item of physical damage or other claim and the amount withheld as reasonable compensation for each.
Wisconsin requires a check-in sheet at move-in, with the tenant given seven days to report pre-existing damage, and that baseline is what makes a later claim defensible. Unlawful withholding has been treated as capable of attracting CRIMINAL liability rather than only civil damages, which places Wisconsin alongside Oklahoma and raises the standard for the file behind every withheld dollar.
All Wisconsin requirementsHow we keep you inside it
- Deposit liabilities tracked per tenant in AppFolio, so a 21 calendar 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
Appfolio Bookkeeping Services from REA
Available to Madison 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 Madison 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
Madison 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 moreExperts 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
How do you handle a whole portfolio turning over at once under a 21-day clock?
Inspections are scheduled ahead of the turn, costing runs off a pre-agreed schedule rather than per-unit quotes, and statements are produced in batches. There is no slack in 21 days to absorb a backlog.
Can we use a standard template for the withholding statements?
Not a generic one. Wisconsin requires each item of damage to be described and separately valued, so identical language repeated across units is not an itemisation.
What if we cannot document a charge in time?
Return it. Wisconsin treats unlawful withholding seriously enough that a speculative charge you cannot sustain is a worse outcome than not charging.
More in Wisconsin
Other Wisconsin markets, the platforms we work in, and the functions available on their own.
AppFolio Bookkeeping for Madison
Schedule a call and we will review your AppFolio setup, your Wisconsin deposit handling, and what it takes to close clean every month.