John Hyre - Quick Books/KISS question - Posted by Mike (MI)

Posted by Erick on October 01, 2003 at 22:38:23:

Entering the rental income and lease payments are pretty straightforward so, don’t make it harder than it is. What you should do is consider the two as separate transactions as they are, accounting-wise. The rent increases Cash-Debit(an Asset account) and Credit-Rental Income (Income account). The lease payment is Debit-Rent Expense (Expense account) and Credit-Cash (Asset).
Pretty basic. Sound good?

John Hyre - Quick Books/KISS question - Posted by Mike (MI)

Posted by Mike (MI) on September 25, 2003 at 16:08:46:

John,
I have recently performed the front end of a Sandwich Lease Option. The KISS book gives an example if you have the deed and sell on L/O.
My question is this: How do you enter the rent received and the lease payment to the owner in Quickbooks? I can not depreciate or take tax deductions because I do not own the property. Any how, any help would be much appreciated.
Mike