739941
In reviewing the balance sheet, I get the message "beginning balance sheet is not in balance". Since this is a new LLC, I'm trying to set the Beginning Assets to "0" but I can't make changes to the actual form and can't find where this is entered in the Step-by-Step. There is always a value in "Beginning Assets". Help much appreciated!!!
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That value usually comes from the prior year Form 1065, Schedule L if you transfer info in from the previous year. But that is not the situation in your case.
First check you entries in the interview:
If the wrong figure still shows on Schedule L (Row 1 column b), you can go into Forms Mode, open the Schedule L and override the value. To override, put your cursor arrow in the box, right-click and select Override from the pop-up menu. [Screenshot #4]
You might not have to complete Schedule L.
The IRS does not require you to complete Schedule L (balance sheet), Schedule M-1 (reconciliation of book income with return income), and Schedule M-2 (changes to partners' capital accounts) if this partnership has:
If you need (or want) to prepare Schedule L, you can indicate zero assets at the beginning of the tax year, you can make the entries manually in Forms Mode. Please follow these steps:
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