cancel
Showing results forΒ 
Search instead forΒ 
Did you mean:Β 

Reply to message

View discussion in a popup

Replying to:
Alan Coley
Level 2

Is this how to transfer physical assets to sole proprietor LLC in Quickbooks Online?

I am new to quickbooks and am using the Online Essentials version. I need to transfer personal photo equipment to my LLC, which was established in June 2018. My goal is to donate the equipment, not sell it the LLC.

Proposed steps:

Create vendor account in my own name

Create a bill for each item to transfer from myself as payee and enter June 1, 2018 as bill date (does the date matter as long as it is after LLC was formed and before year end?)

On first line select appropriate expense or fixed asset category, description of item, and fair market value for the amount

On the second line, select Owner Investment as category, asset donation as description, and negative fair market value for the amount

 

Would this work?

Thanks

 

Solved

Need to get in touch?

Contact us