How do I adjust prior year balance sheet - it is out of balance
Yes, using TurboTax Business, it is possible to revise the beginning balances on the Balance Sheet.
Under Federal Taxes >> Balance Sheet, click Edit beside Balance Sheet, then choose Quick Entry.
This option presents the Asset section first, with Beginning of the Year in the middle and End of the Year to the right. You should be able to revise any number in the middle column. Note that some changes here may also change your current numbers (End of Year).
Continue through the next screen to the Liabilities & Equity section to make any necessary changes.
If you wish to preview the underlying form, click the black up-arrow at the bottom left corner of the screen beside "Show Relevant Form." This brings up a partial view of the balance sheet on your tax return.
If you need to change a number again, use the Back button.
If you'd rather work directly on the form itself, use the Forms icon in the header. Find the form that contains the Balance Sheet (usually Schedule L) and click on the name to open it in the large window. When you're done, return to the main program by clicking Step-by-Step in the header.