![QuickBooks Help](https://uxfabric.intuitcdn.net/web-app/sh-exp-sbg-app-experience/sbg_ohh_icon.19f2ae89.png)
How do I properly record lease payments?
by Intuit• Updated 4 weeks 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
- Record a loan for an asset in QuickBooks Onlineby QuickBooks•912•Updated 3 weeks ago
- Record your payments to credit cards in QuickBooks Onlineby QuickBooks•1669•Updated 3 weeks ago
- How to record a company loan from a company officer or ownerby QuickBooks•610•Updated 3 weeks ago
- Enter and manage bills and bill payments in QuickBooks Onlineby QuickBooks•4279•Updated May 30, 2024
- Record a retainer or depositby QuickBooks•1082•Updated 3 weeks ago