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Level 2

How can i enter a 20 year lease land expense in QB? we paid a third upon signature will pay the two other every 7 years. thanks

 
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Level 15

How can i enter a 20 year lease land expense in QB? we paid a third upon signature will pay the two other every 7 years. thanks

Assuming you will NOT own the land at the end of the lease.

 

create an asset account called land lease pre-paids, and use that as the expense (reason) for the payment.

 

Then at some interval, monthly quarterly, annually, you do a journal entry

debit lease expense and credit the lease pre-paid

the amount you use would be the monthly amount * the number of months the journal entry covers

 

Say $210K for seven years, $30K per year, $2,500 per month

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