Leased automobile - prepayment?
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.