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Leased automobile - prepayment?

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(@shawn-k)
Joined: 3 years ago
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My client is leasing a truck (Honda Ridgeline). When he started leasing it at the end of 2021, he put a down payment of $8000. How do I record that? Can we just expense the whole thing? He said he put a down payment so the monthly lease payment is lesser. I have never seen anyone who put down payment when lease a car. Please help. PS S-corp cash basis.

This topic was modified 2 months ago 2 times by Shawn

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