I also have Equipment that we lease to a company, however these leases are indefinite Operating Leases.  I have the following questions:

1)  Is the fixed asset the actual equipment being leased or is it the Equipment Lease?  

2)  If the fixed asset is the Equipment Lease (where we are paid monthly), how do you determine the opening balance?  

3)  If the actual equipment is the fixed asset - is the opening balance the value of the equipment purchased?

4)  If the actual equipment is the fixed asset - do we have to open an income account in the Chart of Accounts for the lease?

I'm sorry if these questions seem ignorant, I'm just very new to QuickBooks and Bookkeeping.