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How Do I Reflect Company Vehicle Lease Payments that are coming from my personal account?

Please help.  My husband recently entered into a Lease agreement for a new truck he is using for his business.  The Lease is in the name of the business however the weekly lease payments are coming out of his personal account.  How do I reflect this in Quickbooks?  

 

Thanks.

Best answer a month ago

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Established Community Backer ***

Re: How Do I Reflect Company Vehicle Lease Payments that are coming from my personal account?

Since you cannot directly record an Expense from an equity account I suggest creating a dummy bank type clearing account to use to record this lease payment and other such transactions. After each payment from the clearing account is made then record a deposit into the clearing account from owner equity contribution.

 

If your version of quickbooks allows zero sum expenses you can enter both the lease payment and the equity as a negative line item to offset all in one transaction

 

2 Comments
Established Community Backer ***

Re: How Do I Reflect Company Vehicle Lease Payments that are coming from my personal account?

Since you cannot directly record an Expense from an equity account I suggest creating a dummy bank type clearing account to use to record this lease payment and other such transactions. After each payment from the clearing account is made then record a deposit into the clearing account from owner equity contribution.

 

If your version of quickbooks allows zero sum expenses you can enter both the lease payment and the equity as a negative line item to offset all in one transaction

 

Experienced Member

Re: How Do I Reflect Company Vehicle Lease Payments that are coming from my personal account?

Thanks john-pero!