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Join nowI 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! Go to Solution.