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eiram
August 13, 2021
Question

Asset Transfer

  • August 13, 2021
  • 2 replies
  • 0 views

Hi all,

We recently just converted from a Partnership to an LLC.
We are trying to transfer assets from a Partnership to the LLC like a gift.

Please, please, please advise on how I can enter this in QuickBooks.

I found the attached photo online and not sure what to credit on the circled item.

Your help would be greatly appreciated.

2 replies

PrachiJoshi
PrachiJoshi
August 13, 2021

Hello,

 

This is a complicated question and you should seek advice from your CPA. There might be tax implications that you are not aware of. 

 

Thanks

Prachi

L
LauraAB
August 13, 2021

Hello eiram,

 

Congrats on the change from a partnership to an LLC! I know that can mean many changes for your books, and Prachi's suggestion of speaking with an accounting professional is ideal. I wanted to also leave you with some additional information about how QuickBooks can help you find an accountant and how you can work with an accountant in the program.

 

I see you've tagged all three QuickBooks products for your thread, so I'm not sure which you're using. No matter, I'll provide you with some details for each of them.

 

If you're using QuickBooks Online, one of the great things about this version of the software is the My Accountant tab. This tab is handy because it gives you the opportunity to invite your existing accountant to your account as a user so they have the access and tools to work directly in your books. If you don't yet have an accountant, you can use the Find a pro to help button to research QuickBooks-certified accountants near you.

 

For QuickBooks Desktop, things work a bit differently. Accountants can work with your company data using what's called an Accountant's Copy of the company file. You can learn more about it here: Use the Accountant's Copy. In this case, to find an accountant you want to work with if you don't have one, you can use the Find an Accountant page on our website. This takes you to the same directory as the Find a pro to help button from QuickBooks Online.

 

QuickBooks Self-Employed doesn't currently have a way to work with accountant users or to create a copy of data to provide to accountants like QuickBooks Online and QuickBooks Desktop do. Given you've mentioned that you're coming from a partnership business type, I suspect you weren't and aren't using this version of the program anyway.

 

I hope this has helped give you some further direction. Don't hesitate to reply on this thread if you'd like clarification about anything!

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