Properly recording a Lease journal entry

Not sure you need a liability account. A building lease is basically renting, an expense.

@jaybo767 

I would be surprised if you need to create GAAP-compliant financial statements with the new lease accounting standards if you're asking this question on a QB forum.  If you don't need to apply GAAP-compliant lease accounting, just record the expense as @BigRedConsulting mentioned. 

If you need to create GAAP-compliant statements with the new lease accounting standards, when you originally set up the lease, the liability is offset by a Right-of-use (ROU) asset account.  You need to calculate the NPV of the asset/liability and then that is split between interest (reduces payable)and amortization (reduces asset) to come up with your total rent expense.  That is a topic that is far too in-depth for a forum like this IMO.