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 'Is this how to transfer physical assets to sole proprietor LLC in Quickbooks Online?' available: Yes (Solved).
Source: Intuit Community forum.
Is this how to transfer physical assets to sole proprietor LLC in Quickbooks Online?: 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.Support for Quickbooks Online
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