Form 1065 Balance Sheet rounding issues

[anton]

I am trying to complete schedule L on Form 1065 and TurboTax introduces rounding errors that make it impossible to balance the balance sheet. How do I address these issues? Should I add an entry called "Rounding errors" or should I force some of the numbers there to different values to fix the balance sheet? What is the accepted practice?

[Mike9241 · Accepted solution]

the rounding error shouldn't be more than a few dollars. adjust the cash balance or any other account.  

[anton]

Thank you!

[beyondthebox]

In no way is this an acceptable solution. The correct solution is for Turbo Tax to accept dollars and cents, and to stop rounding.

[bjtek]

Not acceptable? It's literally how the data will be entered on the tax return. Are you under the impression that the IRS uses cents on 1065 returns?