entered into a lease/option \ to buy contract on a piece of equipment in 2015, the contract will mature in 2018, at that time we can purchase via cash or a equipment loan, and purchase the piece of equipment, returen the piece of equipment, or continue to lease the piece of equipment. So how do i go about setting that up inQB. Starting the Company up in as a "New Company" the current"company is so messed up, want to enter everything manually, and correctly, help please
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You mentioned that leasing a piece of equipment is a simple, straight-forward expense with no other current activity or posting. So I don't need to do any journal entries for the price of the equipment/asset? All I'm doing is entering a "bill" with the account to Equipment Rental - COS? QB Online doesn't show "Lease Equipment" or "Equipment Lease" as an option for an account/setting.