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Jun 27, 2024 5:28 PM UTC
Question

Our business has recently leased a new vehicle for 39 months. I am needing to know step by step how to properly enter the leased vehicle into my books. Can someone help?

We are an S-Corp and will not buy out the vehicle at the end of the lease. I will also need to know how to properly track the payments (if there is anything special to that).

2 replies

BigRedConsulting
Jun 28, 2024 1:52 AM UTC

I think lease payments are an expense, like renting the car long term.

Jun 28, 2024 2:19 AM UTC

@kallan-salganik- 

You can sign up for a free Melio account to sync with QBO. Then you will schedule recurring payments for 39 months. You only need to track the schedule on the dashboard and make sure your payment method is always valid. You can also gt $100 cashback to pay the first bill.

https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/bill-pay-can-t-schedule-a-payment/00/1385182