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and now we will learn how to set up your QuickBooks file to be able to record leases if you have any questions about this topic you can leave them in the comment 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 click like and don't forget to subscribe to get updates on new videos that come out all the time what is a lease well a lease is a contract between the tenant and the landlord where the tenant agrees to stay and pay for a specific number of months at a specific monthly rate this contract is satisfied over time as the tenant continues to stay and pay what information do you need about a lease well you need a report that shows the total balance of the lease compared to the amount that has actually been paid thus far you need a report that shows the percent complete of the lease and you need to see at any moment how many months remain on the lease so how do you do that in QuickBooks well all contracts that are satisfied over time are put into QuickBooks as estimates you first make the estimate like you would make any other QuickBooks document and put in the lease information every month you make an invoice against that estimate and then QuickBooks will be able to give you the lease information with one click of a mouse so what are the setup steps well first you have to make sure that progress invoicing and estimates are activated in the Preferences window so if you come back to QuickBooks here and you click edit preferences you can see that one of the categories is jobs and estimates and in the company preference tab you have to make sure that you create estimate estimates is checked yes and do you do progress invoicing and that should also be checked as yes then you can make an estimate and the estimate will give you the report of the progress of the lease click OK and we'll move to the next step now we will customize and put up the reports that show the progress and information about the lease so from the main menu we click reports now the category of reports that relate to estimate is under jobs time and mileage these reports here that say jobs estimates versus actual and job Progress invoices versus estimate these two are the most important ones so let's put them up and let's actually customize them before we put them up and we will customize them in the way that we learned in Prior videos so click job estimates versus actual detail now it gives you a choice of which particular tenant or building let's just leave Meadow Lane because we can filter this report later click OK and now all we're going to do is click customize and change...