To record a financial lease for a car in Accountable, create a new expense, upload your leasing contract, and categorise it under Vehicle > Automobile > Financial Leasing Contract. Each monthly invoice and any purchase option at the end of the lease are recorded separately. The same process applies to utility vehicles, with a dedicated category path.
There are different ways to record a vehicle, depending on how it was acquired: full purchase, financial lease, or rental. Each option has its own conditions and method of encoding in Accountable.
This article focuses on how to encode a financial lease for a car. It also covers financial leasing for utility vehicles.
Not sure which situation applies to you? Reach out to our tax team with your documents and we will help you determine the correct approach.
Want to understand the differences between leasing, renting, and buying? Read our full comparison: Leasing, renting or buying a car: which is the best option? 🚗💼
Please note that this article provides general guidance only. Tax rules may vary depending on your individual situation. When in doubt, ask your Tax Coach.
What is financial leasing for a vehicle? 🚘
Financial leasing is a financing option where a leasing company acquires an asset and makes it available to the lessee, who can use it but does not legally own it. The asset is recorded on the lessee's balance sheet, allowing for depreciation over time.
Payments reduce the debt, with each invoice separating the principal and interest for clear asset management.
At the end of the lease, there is typically a purchase option for up to 15% of the asset's value.
For VAT, payments are spread across the lease term, easing the financial burden compared to direct purchases, with partial recovery through VAT returns.
Financial leasing provides flexibility by allowing asset usage without significant upfront costs, and a potential acquisition option at the end.
How to encode financial leasing for a vehicle in Accountable 📝
1. Record the initial leasing contract 📄
Create a new expense and upload your contract.
Go to Vehicle > Automobile > Financial Leasing Contract.
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Enter the leasing contract details, making sure to input the car's total value excluding VAT. This allows you to depreciate the car's value over time.
2. Record monthly leasing invoices 💵
For each monthly invoice, go to Vehicle > Automobile > Financial leasing monthly invoice.
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Only record the amount corresponding to the capital repayment.
The VAT portion of the invoice is partially deductible.
3. Record the purchase option (if applicable) 🛒
If you decide to exercise the purchase option at the end of the lease, record the final invoice under "Car purchase".
⚠️ Don’t confuse a regular car with a professional-use vehicle. A regular car is typically used for both personal and business purposes, which limits how much of the cost and VAT can be deducted.
See picture ⬇️⬇️⬇️
How to encode financial leasing for a utility vehicle in Accountable 🚚
1. Record the initial leasing contract 📄
Go to Vehicle > Utility vehicle > Financial leasing contract.
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Enter the leasing contract details, making sure to input the total vehicle value excluding VAT. This allows the utility vehicle's value to be depreciated over time.
⚠️ Please note that the utility vehicle should be used 100% for professional purposes. If it is not used 100% for professional purposes, it must be recorded as a normal vehicle.
2. Record monthly leasing invoices 💵
For each monthly invoice, go to Vehicle > Utility vehicle > Financial leasing monthly invoice.
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Only record the amount that corresponds to the capital repayment.
The VAT portion of the invoice is 100% deductible.
3. Record the purchase option (if applicable) 🛒
If you decide to exercise the purchase option at the end of the lease, record the final invoice under "Utility vehicle purchase".
⚠️ Be careful not to confuse a utility vehicle with a standard car. Even if a regular car is used for work, personal use reduces its deductibility. Only vehicles designed purely for professional use, like those shown in the example below, qualify as utility vehicles.
See picture ⬇️⬇️⬇️
Key takeaways
Record the initial leasing contract under Vehicle > Automobile > Financial Leasing Contract, entering the total value excluding VAT.
Each monthly invoice is recorded separately: only log the capital repayment amount.
For a standard car, the VAT on monthly invoices is partially deductible; for a utility vehicle, it is 100% deductible.
If you exercise the purchase option at the end of the lease, record it as a separate final invoice under the relevant purchase category.
Need help? Chat with us or email support@accountable.eu, we're happy to help.