How to enter a material contribution as Owners Equity to multi partner LLC taxed as partnership

Record the expenditure for FMV of items using Expense screen and post from your equity contributions account. If you have to funnel it through a clearing bank type account you can do tgat as well.

Oh, and the items will post as inventory assets not COGS. COGS is the income half of the item and is only applicable when items are sold.

You cant post directly from an equity account. From what I understand you suggest setting up yourself/the partner as a vendor paying from a dummy bank account ? Then the balance on the dummy account goes negative and you 'finance' it from the Equity account ?

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@bldr wrote:

You cant post directly from an equity account. From what I understand you suggest setting up yourself/the partner as a vendor paying from a dummy bank account ? Then the balance on the dummy account goes negative and you 'finance' it from the Equity account ?

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Yes

I prefer to set up a cash type bank account called partners, make it inactive when it is at zero balance and not in use.

Pay the expenses or buy the assets from that account driving the balance negative

make a deposit in that total amount and use partner-[name] equity investment as the source account for the deposit