A book per property, free, with your AI doing the categorizing. Real double-entry underneath, so the numbers hold up.
No card. Works with Claude, ChatGPT, Grok, Cursor, and any MCP client.
| Date | Merchant | Description | Category | Amount | Reviewed |
|---|---|---|---|---|---|
| 07/01 | Chase rent, both units | Rental income | +$2,400.00 | ||
| 07/01 | Security deposit unit B, new tenant | Security depositsliability | +$1,200.00 | ||
| 07/03 | Wells Fargo $611.00 interest, $489.00 principal | Mortgage interestsplit | −$1,100.00 | ||
| 07/09 | Home Depot faucet, unit A | Repairs | −$310.00 | ||
| 07/15 | State Farm landlord policy | Insurance | −$96.00 | ||
| 07/18 | City water both units | Utilities | −$84.00 | ||
| 07/22 | JT Services repair or capital improvement? | −$1,850.00 |
6 posted, 1 to review.
Cash by property · July 2026
incl. $1,200.00 deposit held
3 properties, net cash $2,967.00
Live bank feeds are the one upgrade.
A spreadsheet trusts you to never miss a row. When personal spending, Property A, and Property B share an account, per-property profit is a reconstruction project every April. Separate books make the split automatic.
Three properties
One price, any number of books.
Three steps. Your AI runs the middle one.
01 One book, or tags · create_business
A duplex and two singles can be three clean books, or one book with a tag per property. Either way every dollar lands against the right address.
Three books
One book, three tags
One key reaches every book.
02 Hand over statements · bulk_categorize
Give your AI the bank statement for the rental account. It imports, categorizes rent, repairs, insurance, utilities, and mortgage payments, and flags anything ambiguous instead of guessing.
Categorize July for the Maple St duplex. The $2,400 from Chase is rent, both units.
Posted: $2,400 rent income, the $310 Home Depot charge to repairs, insurance and water bills to their accounts, and the mortgage payment split $611 interest / $489 principal. One charge from “JT Services” is flagged: repair or capital improvement?
03 Pull the reports · run_pnl
Everything is ready when your preparer asks. Tax season becomes handing over reports, not shoeboxes.
Maple St duplex, July 2026
One P&L per property.
The heavy lifting is your AI’s job: connect Claude, ChatGPT, or Grok and talk to it in plain language.
Your AI posts them the way an accountant would.
Mortgage
Only the interest is an expense. The principal pays down the loan.
Wells Fargo, Jul 3 · $1,100.00
Interest is computed from the live balance at 6.00%.
Deposits
A deposit is the tenant’s money. Held, not earned.
Received
07/01 · Security deposit, unit B · $1,200.00 → Security deposits, a liability
Held
Balance sheet, liabilities: Security deposits $1,200.00. Not on the P&L.
Move-out
Refunded, or applied to repairs: one entry, when you say what happened.
Contractors
Contractor totals build all year, not in January.
Paid to vendors · 2026
run_1099_report runs any day of the year.
On every plan, including Free.
FAQ
Keep each property separable from day one, fed by a dedicated rental bank account. LedgerMCP makes the structure free and an AI assistant does the categorizing.
No. A separate book per property is the cleanest option, but one book with a tag per property also works; per-property reporting falls out either way.
Yes, the double-entry way: a deposit is recorded as a liability, because it is the tenant’s money you are holding, not income. When you refund or apply it, the entry moves it properly. Your AI posts it correctly when you tell it what happened in plain language.
Rentals report on Schedule E, and LedgerMCP does not fill tax forms; the built-in tax report is Schedule C shaped. What your preparer gets is the per-property reports and CSV export they actually work from.
Recorded as a loan, each payment splits correctly: interest to expense, principal against the loan balance. Ask your AI to set the loan up and it handles the split.
The software is free: unlimited books, CSV import, all reports. If you want live bank feeds instead of dropping in statements, feeds are pooled across all your books from $9 per month, not per property.
Connect your AI and hand it this month’s statement.
No card. Unlimited books.
Example: one book, three properties tagged. Maple St duplex, July 2026, 7 transactions. Mortgage balance $122,200.00 at 6.00%.