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I am doing an s-corp and my first time using turbo tax i…

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Hi I am doing...

Hi I am doing an s-corp and my first time using turbo tax i importanted everything from QB and its saying my Balance sheet does not match only thing diff is i did not input my retained earning and whats its calculating is incorrect

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No that's it thank you

Submitted: 28 days ago.Category: Tax
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Answered in 5 hours by:
3/26/2018
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 28 days ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,008
Experience: 35 years tax experience, including four years at a Big 4 firm.
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I'mCustomer I'll assist.This is a common error in the import process. The good thing is you can simply override the amount the software exported.Calculated retained earnings commonly gets changed. Nondeductible items, or m-1s, are a common error. Book to tax depreciation is another.Simply replace the calculated retained earnings with the correct amount. You can do that by going through the m-1 adjustments, and allowing the software to fix book income. Or override and post your m-1 adjustments.Thanks for asking at just answer. Positive feedback is appreciated. I'mCustomer
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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,008
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Experience: 35 years tax experience, including four years at a Big 4 firm.

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