How do I show a transfer of personal property into my S Corp

Hi there, @pedz.

Thanks for reaching out to us. I hope you're having a great day so far. 

You may enter a journal entry to record the transfer of your personal property to your S Corp. If you aren't sure which accounts to use and which ones should be credited/debited, I'd recommend working with an accounting professional. If you need one, you can visit our ProAdvisor website. All accountants listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

Here's how enter a journal entry:
 

1. Click on the +New button and then Journal entry.
   
2. Fill in the date and journal number.
3. Enter the correct accounts in the Category column.
4. Enter the debit and credit amounts.
5. Add a description and hit Save and close.

I've also included a detailed resource about working with journal entries which may come in handy moving forward: Create a journal entry.

You're always welcome to post here anytime you have other concerns. Our door is always open to help you. Have a lovely day!

@pedz 

The value of the corporation has not changed.  I suggest getting the help of a CPA to make sure this is recorded properly.  When you contribute a receivable to an S-corp, your shareholder basis (equity) does not increase until payments on the note are received.  So, at this point, you have not changed anything about the business.  As soon as payments are received, then you can increase your equity.  This makes sense when you think about it: just because you signed a receivable over to the corporation, you have not given anything yet - just the right to receive future payments.  If you record the entire note as an increase in equity, it's an easy red flag for the IRS because that increase in equity gives you the ability to take tax-free distributions and deduct losses to the extent of your increased basis.