Thanks, @Mike. I was afraid of that.
I would hope Intuit/TTB would see their way to providing a tool to track capital accounts. It would certainly be helpful for small, growing cash-basis companies like us that have no use at all for a balance sheet or capital accounts other than that the IRS wants to see them if we earn enough. Yet maybe accrual basis partnerships could use some help, too, now that the IRS has its own unique way of accounting for capital accounts.
Our situation is only slightly more involved than you describe. We do have some liabilities (Covid relief debt and credit cards we use) and there are cash-basis timing differences with our deductions, so there are a few adjustments we need to report in Schedules M-1 and 2. Yet the capital accounts on M-2 don't reconcile, so the amounts I thought might be right for beginning/ending balances apparently aren't. Time to pull out the old returns and calculate them by hand, I guess.
