PatriciaV
Expert Alumni

After you file

Unfortunately, you cannot change the Opening Balance of Equity on a business return. This number is automatically transferred from the prior year. Retained Earnings are based on last year plus this year's income or loss, and cannot be over-ridden either.

If you need to adjust the ending balance of equity, you can either adjust each member/partner's ending capital balance using the "other adjustments" line. Or you can report a "prior period adjustment" as miscellaneous business income or expense.

Adjust member capital under Business Info >> Member/Partner Information. Just be sure you adjust all members according to their ownership interest in the company.

Note that you may not need to include a Balance Sheet with your return. Read more here:

https://ttlc.intuit.com/replies/3302277

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