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Jshoplist
Level 1

Retail Property Lease Payments

I've searched the Q&A's regarding the proper way to record a monthly/quarterly, etc. space lease payments and I couldn't find the best answer. I would like to record my monthly rental payments for my retail shop. Will this be entered as an expense, bill, etc?

 

Thank you

Solved
Best answer February 26, 2020

Best Answers
Tori B
QuickBooks Team

Retail Property Lease Payments

Hi there, @Jshoplist

 

Thanks for reaching back out. 

 

Yes, you can set up the bill up for every three months with no worries. You can check out the link provided by my colleague above, it shows detailed information and exact steps on how to accomplish this. 

 

Feel free to reach out should you have further questions. Take care and have a good one!

View solution in original post

5 Comments
Mark_R
QuickBooks Team

Retail Property Lease Payments

Hi there, @Jshoplist.

 

You can enter a bill for the lease payments and create recurring monthly or quarterly bills for it. Before doing so, I encourage seeking help with your accountant to know what specific category to use.

 

Here's how to set up a recurring bill:

 

  1. In your QuickBooks Online, click the + New button and select Bill.
  2. Select the vendor from the drop-down.
  3. In the Category details, select the appropriate account for lease payment from the Category drop-down.
  4. Enter the necessary information.
  5. Click Make recurring at the bottom of the bill.
  6. Enter the Template name, then select the schedule from the Type drop-down.
  7. In the Create _ days in advance field, enter the number of days before the date set in the Interval section you want the bill to be created in advance.
  8. Designate the Interval and Start date of the recurring transaction.
  9. From the End drop-down, specify if you want it to end that transaction after some occurrences, by the set end date, or to not end recurring.
  10. Click Save template.

Here's an article you can read for more details: How to set up a recurring bill.

 

You might also want to check out this article to learn more about recording lease payments: How do I properly record lease payments?

 

Please know you can continue to reach me here with any additional questions. Thanks for coming to the Community, wishing you continued success.

Jshoplist
Level 1

Retail Property Lease Payments

Ok. I've set up the bill for this. If i decide to pay say 3 months, how would i reflect this on the bill? Will it still schedule on a monthly basis? Thanks.

Tori B
QuickBooks Team

Retail Property Lease Payments

Hi there, @Jshoplist

 

Thanks for reaching back out. 

 

Yes, you can set up the bill up for every three months with no worries. You can check out the link provided by my colleague above, it shows detailed information and exact steps on how to accomplish this. 

 

Feel free to reach out should you have further questions. Take care and have a good one!

View solution in original post

Jshoplist
Level 1

Retail Property Lease Payments

Thank you for the responses. I'm all set up for this however I do have a related question. While my new business is not set to open until September, I'm currently paying my lease. What I would like to do is enter this as a prepaid expense and recognize it starting October. I tried to enter an expense using the Payment Account Prepaid Expenses but I'm getting an error. I'm not sure if I'm doing this the correct way. Please advise. Thanks.

MaryAnn_E
QuickBooks Team

Retail Property Lease Payments


 Hi there, @Jshoplist.

 

Thanks for the screenshot you have provided. In reviewing the expense you have created, you have selected the expense account in the Payment account menu.

 

When you enter an expense, you'll have to select a Bank account that paid the prepaid expense at the Payment account drop-down arrow.

 

Please check this article for more information on how to create and delete expenses in QuickBooks Online: Enter or delete expenses in QuickBooks Online.


Should you have other questions or concerns, please comment below. I'll be here to help. Thanks for posting, and have a lovely day.

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