Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
Connect with and learn from others in the QuickBooks Community.
Join nowGreetings,
I am the 50% member of an US LLC Partnership. We just started the company in 2021.
I had some goods purchased prior to this company, all paid by my personal credit card. I will be adding these items to our LLC's inventory to be sold by our LLC.
I kindly ask you to inform me how I will record this non-cash contribution in Quickbooks Online.
Kind regards,
Solved! Go to Solution.
Thanks for coming back to us, @idc_shopping.
Since you're a 50% member of the company, you can either arrange the invoice or the other members.
I've added this link about recording the business expense: Pay for business expenses with personal funds.
Leave a comment below if you have other questions. I'm always here to help. Take care.
Let me handle your concern today, idc_shopping.
Service donation like non-cash contributions is recorded by following the steps below in order.
First, create an invoice for the products or services you donated. Do this by Clicking the +New icon and choose Invoice.
The next step is to create an account for charitable contributions.
Here's how:
After that, create a product/service item called Charitable Contributions. You can refer to the same steps previously mentioned. Just make sure to use the correct Product/Service information. Then, issue a credit memo to the customer.
For the final step, verify the credit memo was applied to the invoice.
Here's ho:
Refer to this article for more details on how to record inventory contributions in QBO: How to record donations or charitable contributions.
Here's an article for available reports that will help you see the product cost, the product on hand, and more: Use reports to see your sales and inventory status.
To give more information about managing inventory in QuickBooks Online, check out this article: Inventory management.
Any additional questions about recording the owner's non-cash contribution or QuickBooks can be answered in the Community. I'm always here to help.
Thank you for your response.
There may be a misunderstanding. I mean I am putting sellable items(fashion rings) to my company's inventory. I am 50% member of this company.
In this case who will arrange the invoice?
Thanks for coming back to us, @idc_shopping.
Since you're a 50% member of the company, you can either arrange the invoice or the other members.
I've added this link about recording the business expense: Pay for business expenses with personal funds.
Leave a comment below if you have other questions. I'm always here to help. Take care.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.