The short answer is 'it depends'.

First, a LEASE and a FINANCED EXPENSE could refer to 2 different situations. 

A lease - even a lease-to-purchase - is essentially a rental agreement, with a monthly expense.  This means that it makes most sense to create a recurring invoice for each month, and then pay these invoices.  Or, if the payments are being made automatically through your bank account, as a recurring general journal entry.

A financed expense is more likely a loan that is being paid off.  In this case, you probably should be recording the entire purchase and the entire debt up front (for example, debit MAJOR EQUIPMENT asset account, credit EQUIPMENT LOAN payable account).  Then, your monthly entries will be some variation on debit EQUIPMENT LOAN payable, debit LONG TERM DEBT INTEREST expense, and credit BANK.  Sometimes, for convenience, the interest portion is left out of the monthly entries and just sorted out by your accountant at yearend.  Debt repayments are usually set up to come out of the bank account automatically, so I usually set them up as a recurring general journal entry.

Thanks so much for your response. I really appreciate it.