setup lease contract - QB Pro 2008

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Subject Author Date setup lease contract - QB Pro 2008 Gary Templeman 12-08-2008  Re: setup lease contract - QB Pro 2008 Haskel LaPort 12-09-2008  Re: setup lease contract - QB Pro 2008 QBConsultant 12-09-2008
Posted by Gary Templeman on December 8, 2008, 6:26 pm Please log in for more thread options The help file talks about loans, but not leases. I have a lease-to-buy contract. I need to know how to set up and track a lease with a fixed payment amount for "X" number of months, with a $1.00 end of lease buyout and no pre-payment penalty. Gary Posted by Haskel LaPort on December 9, 2008, 7:49 am Please log in for more thread options > The help file talks about loans, but not leases. I have a lease-to-buy > contract. I need to know how to set up and track a lease with a fixed > payment amount for "X" number of months, with a $1.00 end of lease buyout > and no pre-payment penalty. You will need the cost of the item if purchased outright so you can calculate the imputed interest in the capital lease arrangement. Then just consider the lease as a loan and follow the help files. > > Gary > Posted by QBConsultant on December 9, 2008, 9:00 am Please log in for more thread options I agree with Haskal--if it is a capitalized lease, just record it as a loan. So, you would debit the cost of the asset purchased and credit the lease as a liability. Then, make payments allocating part to principal and part to interest expense. Michelle L. Long, CPA, MBA Author of: Successful QuickBooks Consulting Advanced Certified QuickBooks ProAdvisor National Trainer for Intuit Accountant Trainer/Writer Network http://www.SuccessfulQuickBooksConsulting.com http://www.amazon.com/Successful-QuickBooks-Consulting-Comprehensive-starti= ng/dp/1434810690 > > > > The help file talks about loans, but not leases. I have a lease-to-buy > > contract. =A0I need to know how to set up and track a lease with a fixe= d > > payment amount for "X" number of months, with a $1.00 end of lease buyo= ut > > and no pre-payment penalty. > > You will need the cost of the item if purchased outright so you can > calculate the imputed interest in the capital lease arrangement. Then jus= t > consider the lease as a loan and follow the help files. > > > > > > > Gary- Hide quoted text - > > - Show quoted text - Similar Threads Posted lease to purchase setup October 23, 2006, 3:11 pm Contract Questions December 28, 2006, 8:26 pm Handling Depreciation of equipment in contract service January 17, 2008, 7:50 pm Help with setup February 6, 2007, 8:57 pm setup retention for AP (not AR) January 23, 2009, 10:55 pm Payroll - State SUI Setup January 22, 2009, 6:26 pm QBP 2006 Property Management setup November 20, 2006, 1:59 pm QuickBooks 2008 Remote Applciation Publishing & Windows Server 2008 STD x64 July 7, 2008, 6:23 pm QBP2004 Property Management Tenant Setup December 2, 2006, 3:17 pm How to setup subsidiaries in QB Enterprise 2009 for consolidation January 21, 2009, 8:59 pm