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Balance sheet 1120S

I purchased another rental property and have entered everything but I do not know how to make my balance sheet correct. Do I have to manually enter something? I thought Turbo T ax would transfer all necessary info? Perhaps "Additional Paid in Capital "has to be manually changed?

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3 Replies
M-MTax
Level 15

Balance sheet 1120S

Balance sheet issues are problematic from a number of different perspectives but TurboTax Business only handles a few entries properly (or at all). 

 

Forms Mode is typically required to make adjustments.

Balance sheet 1120S

Yes, I get that, but should I enter the "out of balance" difference in paid in capital or retained earnings?

M-MTax
Level 15

Balance sheet 1120S


@user17723024898 wrote:

Yes, I get that, but should I enter the "out of balance" difference in paid in capital or retained earnings?


I understand that you get it BUT that's the problem. No one here can see your balance sheet and other figures, M-1, and M-2. Without which it's difficult to provide any sort of reasonable answer.

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