and finally we will see how to manage leases in quickbooks online
if you have any questions about this topic you can leave them in the comments section below
and i'll do my best to help you and of course if you feel the video helped you i hope you will
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what happens in quickbooks during a lease well you first enter the main lease information
into the lease document which we know is an estimate you can add any details from
the contract that you need to always remember into the memo field or the description field
right on the face of the leased estimate any other long-term information about the lease
should really be kept in the notes section of the customer center in the tenants records
and we saw those notes when we set up the customers on the customer or tenant list
you can attach a photocopy of the actual lease from the pay-per-click icon in the
ribbon of the lease window because almost every transaction document in quickbooks
online allows you to attach a document like a picture or a file to any of the transactions
you just open the lease each month to record an invoice against the lease
when each monthly invoice comes and that's it those are the steps and it's very very simple
so for example let's imagine on april 1 we made a lease for candy for 24 months
same rent a thousand dollars per month let's check check it out so we come here and we know
we have to click the plus sign and come across to estimate now remember even though it says estimate
here when we print it it will say lease agreement because we made sure of that in the previous video
now this customer is candy charles and the date of this lease agreement is april 1 i believe it's
april 1 yes it's april 1. now the product or service is obviously the rent due now we know
that the rent due is at the rate of a thousand dollars a month because that's the rate
of her monthly rent but there will be 24 months push the tab key on the left of your keyboard
there will be 24 months in this lease which means the total amount of the lease is 24 000 starts on
april 1. now we have not earned one penny of this until time goes by but at the beginning
we have a twenty four thousand dollar contract which is really a lease agreement
that starts on april one and runs twenty four months for a thousand dollars each
you can add information that's on the physical contract right here and the message displayed
the message displayed on statement and here's the pay-per-click where you can
attach a picture or a file that represents the actual paper document or picture of the lease
so this is everything you need you can add lease information in the description field and so on
now it's good to add an expiration date and we know if we're 24 months in the future
i'm not going to click the forward arrow 24 months i'm simply going to put two years later
2021 so the lease starts on april 1 of 2019 and it ends on april 1 which is almost the same as
march 31st of 2021 and that would be oh actually uh 19 yeah 2021 24 months two years looks good
enough so now we're going to click save now how do we know we made a lease that we haven't earned
anything from yet well we close this and we look on the report that we set up in the previous video
click reports custom reports estimate progress invoice summary customer click whatever
notice that this here twenty four thousand dollars specifically for candy charles now this is here
because of metal candy is under metal lane but don't worry about that just open up you just
have to yeah okay open up candy charles and you see that you have a 24 000 lease that status is
pending because we haven't made any invoices yet and that there's zero percent invoice so now we're
ready for the next step now you will really see the power of this when we enter our first invoice
i'm going to show you april's invoice and what the result is amazing voice what the result is
and so on so when we make the invoice we set it against the specific lease the way to do that
is to double click and open the lease itself when you open the lease itself from the same place
each month you go to the top right and create invoice that's the only way to be absolutely sure
that the invoice will be matched against this particular lease click create invoice now will
it be for everything a certain percent or a custom amount for each line we're going to click custom
amount for each line and click create invoice now quickbooks knows it's 0 out of 24 and that's the
product and we're going to put the quantity we're going to put one so the amount will be a thousand
and the quantity shows up as one if we put a thousand because we know it's a thousand a month
for 24 months that's the way we did it when we set up the lease so now if we click away click in
any field to save this field now it looks the way it's supposed to and when we click save and close
uh something went wrong and they're working on it but what they mean is we have to click reports
and go back to this good report to kind of make it fresh
notice the lease is there it's lease number one zero zero four or whatever number you want to put
the total amount is here but the invoice amount is here the invoiced percent is here and the
remaining balance of the lease is here so if you have many leases across many years for
many tenants this report will help you manage it if you put it into the computer this way
now on one sad and final note i have some bad news about leases automated invoices from
the memorized transactions or in our case the reoccurring transaction list cannot be applied
to lease estimates so you have a choice you can make the estimate the invoices yourself from
the estimates window like we just did or you can automate the invoices and set up a custom report
so that you can see here's the total estimate and here are all the invoices
but it's not as good so i wish you good luck with your choice and your leases
you