is the balance owing on leased equipment supposed to go into the capital lease payable account? or do i make a new sub account under machinery loans??
Hey cw05,
If you have a capital lease payable account then you should feel free to post the outstanding amount under that account. (I am assuming of course that it is a liability or loan account). If you wanted to see details for each outstanding equipment lease then you could consider setting up sub-accounts to track individual leases the way that there are sub-accounts under Machinery Loans that allow us to track individual loans outstanding.