Equipment Lease

I am looking for a video or instructions on how to set up my leased equipment in Quickbooks.  i.e., do I set up the payments as a loan?  or is there something else I should do?  Do I include the equipment as an asset or wait until I complete the lease and purchase it outright?

I'm here to make sure you're able to set up leased equipment in QuickBooks Desktop, @ESII.

To begin, ensure to create a leased expense account to track the paid amount. 

Here's how:

1. Go to the Lists menu, then choose Chart of Accounts.
2. From the Account ▼dropdown, click New.
3. Select an account type, then select Continue.
4. Complete the account details.
5. Once done, click Save & Close.

Then create vendor and bills for the leased equipment. This is used to track the payable.

Here's how: 

1. Open your company file.
2. Go to the Vendors menu and click Vendor Center. 
3. At the top portion, select New Vendor.
4. Enter the necessary information and click OK.

Then, create bills: 

1. Go to Vendor, and select Vendor Center.
2. Choose the vendor.
3. Click the Manage Transactions dropdown and choose Bills.
4. Select the account and enter the amount. 
5. Once done, click Save and Close.

Lastly, if you decide to buy the equipment, you can enter the equipment as a purchased asset.

I've also added these articles to help you manage vendor transactions in QuickBooks Desktop:

• Add and edit multiple customers, vendors, and items
• Pay bills in QuickBooks Desktop

Feel free to comment down below if you have other concerns with QuickBooks. I'll keep an eye on your response. Have a nice day ahead.

Here's how:

1. Go to the Lists menu, then choose Chart of Accounts.
2. From the Account ▼dropdown, click New.
3. Select an account type, then select Continue.
4. Complete the account details.
5. Once done, click Save & Close.

In reference to the above, which account do we select?? which account type??

Thanks