Accounting for Customers who Choose to Lease our Products and Services

Hi there, @BulkheadSD. I'm here to ensure you'll be able to account for the customer's transactions in QuickBooks Online (QBO).

Thanks for providing detailed information about your concern. To help you get the list of money and products installed in your customer's business, I recommend reaching out to the third-party application they've used. 

Then, you can simply create an invoice for the leased items to ensure the products and the income is properly tracked in QBO. To do so, just select the +New button and choose Invoice. For reference, check out this link: Create invoices in QuickBooks Online.

It's also easy to track your sales transactions in QBO by running a report. To give you a detailed guide, please access this article: View sales transactions.

I'm always here ready to lend a hand if you have any other concerns about managing your customer's invoice in QBO. Have a great week ahead and stay safe. 

This doesn't make any sense. 

I create projects for every sale to track the profitability of each. I want to associate the items I sell with a project - which I know how to do. But when I am finished with the project, the customer assumes liability for a lease. I get paid in full from the leasing company. I need to invoice the leasing company, but I want to track the "sales" to the customer where I provided services and product.

I assume the answer lies somewhere in creating a "product" to use for invoicing and probably a journal entry to move money from the payment I get against the invoice to the leasing company and the customer where I've installed the product.

Can anyone with leasing experience chime in here since Divina doesn't seem to understand the process?

Hi there, BulkheadSD. I'll be happy to lend a helping hand in handling that transaction.

Journal entry to the payment from the leasing company to your customers would perfectly work. However, I recommend reaching out to your accountant to ensure that everything will be accurately recorded.

Another alternative that I can think of is using the class tracking feature. Using this option, you'll be able to set up your customers as classes and assign them to the leasing company's invoices. It can also generate generate class reports for the customers who lease. Here's how to turn it on: 

1. Click the Gear icon.
2. Select Account and Settings.
3. In the navigational bar, click Advanced.
4. Select Categories.
5. Check off Track classes to turn on class tracking.
6. Click Save and then Done.

Here's how to set up classes:

1. Click the Gear icon and All Lists.
2. Select Classes. 
3. Click the New button.
4. Add the name of the class or location and click Save.

To know more about this topic, here's a recommended article: Set up and work with class and location tracking.

Let me know if there's anything else you need help with managing transactions in QuickBooks. I'm always here to help. Take care and keep safe!