QuickBooksHelpIntuit
How do I properly record lease payments?
by Intuit•5• Updated 4 months ago
Leases can be complicated since they involve a review and analysis of whether the agreement is actually a lease or a conditional sales contract.
To record Lease Payments
- If you are positive that the lease or rent is a traditional lease, you can create a Lease Expense account and debit this account for payments.
- If your lease is actually a conditional sales contract we strongly encourage you to speak with your accountant. According to the IRS ruling, "payments made under a conditional sales contract are not deductible as rent expense." With the advisement of your CPA, you should decide if you want to show this as an expense on your books.
- An additional resource can be found in Chapter 4 of the IRS Publication 535: Business Expenses.
Sign in now for personalized help
See articles customized for your product and join our large community of QuickBooks users.
More like this
- Recording QuickBooks Payments bank deposits FAQsby QuickBooks•11•Updated almost 2 years ago
- Automatically record QuickBooks Payments bank deposits in QuickBooks Desktopby QuickBooks•35•Updated almost 2 years ago
- Set up and record in-kind donations in QuickBooks Onlineby QuickBooks•331•Updated September 02, 2024
- Enter historical information in QuickBooks Onlineby QuickBooks•157•Updated June 25, 2024