For landlords & rental owners

Bookkeeping software for landlords, run by your AI

A book per property, free, with an AI assistant doing the categorizing: rent in, repairs and mortgage split correctly, a clean P&L per property for your tax preparer. Real double-entry underneath, so the numbers hold up.

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Rental books, kept

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?

Why landlord books go wrong

Three habits make rental bookkeeping painful, and all three are structural, not effort.

Everything in one checking account

When personal spending, Property A, and Property B share an account, per-property profit is a reconstruction project every April. Separate books (free here) make the split automatic.

Mortgage payments booked as expense

Only the interest is deductible; the principal is not an expense at all. Booked as a loan, every payment splits correctly and your equity picture stays real.

Spreadsheets that drift

A spreadsheet trusts you to never miss a row. A ledger reconciles to the bank statement, so missed and double-counted transactions get caught. Our landlord bookkeeping guide walks the fundamentals.

Set up in an afternoon

  1. 1

    One book per property, or one book with tags

    Books are free and unlimited, so 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.

  2. 2

    Hand your AI the statements

    Connect Claude, ChatGPT, or Grok and give it the bank statement for the rental account. It imports, categorizes rent, repairs, insurance, utilities, and mortgage payments, and flags anything ambiguous instead of guessing.

  3. 3

    Pull the picture your preparer wants

    A P&L per property, a general ledger, vendor totals for 1099s, and CSV export of everything. Tax season becomes handing over reports, not shoeboxes.

The heavy lifting is your assistant’s job: connect Claude, ChatGPT, or Grok and talk to it in plain language. Behind the scenes it posts balanced entries the database enforces.

What you get at tax time

Per-property P&L

Rent, repairs, insurance, interest, utilities, each property on its own statement. It is the sheet your preparer builds Schedule E from.
See the reports →

1099 vendor totals

Paid a contractor across the year? Vendor totals are tracked as you go, with missing W-9s flagged before January.
How the 1099 report works →

Reconciled, not remembered

Every month ties to the bank statement, so the annual numbers are proven, not hoped. See how reconciliation works.

Everything exports

Full CSV export of transactions, ledger, and reports. Your data, your preparer’s format, no lock-in.

Common questions

What is the best way to do bookkeeping for rental properties?

Keep each property separable from day one: either a book per property or one book with a tag per property, fed by a dedicated rental bank account. LedgerMCP makes the structure free (unlimited books) and an AI assistant does the categorizing, so per-property P&L stops being a spreadsheet project.

Do I need a separate book for each property?

It is the cleanest option and it costs nothing here, since books are unlimited and free. Some owners prefer one book with a tag per property so transfers between properties stay in one place. Both work; per-property reporting falls out either way.

Can it track security deposits?

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.

Does it do Schedule E?

Rentals report on Schedule E, and LedgerMCP does not fill tax forms. What it gives your preparer is what they actually work from: a per-property P&L with categorized rent, repairs, insurance, mortgage interest, and the rest, plus CSV export. The built-in tax report is Schedule C shaped, for sole-proprietor service businesses.

What about mortgage payments?

A mortgage payment is part interest, part principal, and treating it all as expense is the classic landlord books mistake. 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.

What does it cost for a landlord with a few properties?

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.

Give every property clean books

Free for CSV and manual books, unlimited properties. Connect your AI and hand it this month's statement.

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