Hi, I'm using Turbotax Business for a new LLC. It keeps saying that the beginning balance is not in balance. How can I set "Beginning Assets" to "0"? Thanks!

[animationquest]

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!!!  

[IreneS]

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:

1. Click on the Federal Taxes > Balance Sheet > Continue.
2. On the screen, Your Reconciliations and Balance Sheet, click the Edit box next to Balance Sheet.  [Screenshot #1, below.]
3. On the Select Your Entry Method screen, click the Quick Entry box.  [Screenshot #2 ]
4. On the Enter Your Assets screen, make sure there is either a zero or no entry in the Cash Beginning of Year box.  [Screenshot #3]

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]

[IreneS]

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:

• less than $250,000 in total receipts
• less than $1,000,000 end-of-year assets, and
• provides Schedules K-1 to its partners.

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:

1. Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar.  [Screenshot #1]
2. In the Forms in My Return list on the left, click on Form 1065 p4-5.   [Screenshot #2]
3. Scroll down to Schedule L - Balance Sheets per Books.
4. Make you changes on the appropriate lines.
5. To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.  [Screenshot #3]

[animationquest]

Hi, thanks for the reply.   The problem I'm encountering is that I can't modify the first field under schedule L (Row 1 column b) "Assets" "Cash" "Beginning of tax year".    I can modify the other fields  but not this one, as if the value was carried over from another location and locked in place.

[IreneS]

I've added a second answer (below) so I could include screenshots with directions on entering the desired amount.