QB Issue Resolution:

You are partially on the right track, you as member of LLC make an equity contribution of fmv and accumulated depreciation into the LLC. It is as simple as that.

 

Let’s say the equipment cost you $10,000 and you have already depreciated it by $3000. You would contribute an asset valued at $7000. A zero sum Expense will suffice. Line 1 new asset equipment $7000 line 2 member contribution -$7000. Net 0.

 

You could enter $10k , -$3k for accumulated depreciation and -$7k for contribution.

 

You also do not need to enter a name in the Expense although you can.

Resolution for Issue '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' available: Yes (Solved).
Source: Intuit Community forum.

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: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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