Recently purchased new printer for my business, which is under a 5 Year lease, how do we record with wave, payments , value etc
You would record the purchase against a new Asset account you would call Printer and the loan against a new Liability account you can call the name of the creditor. The printer will be depreciated over its life, or Section 179 expensed entirely, and the payments posted against the specific Liability account you created. This entry would be a Journal Entry.
Thank you and greatly appreciated , could you give me an example of the journal entry for the lease payments debit/credit etc
I can chip in on this one! Here's everything you'll have to do:
Does this help out?
Yes it does thank you, for the asset account, do i put the full value of the lease, or current value of machine, example value of printer is 3000, but with total payments of lease it will come out to 4586
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