These answers did not show up for me til now. I'm using TT Business. This is a very tiny mom n pop micro-business. I should have been clear, there are no shareholder loans. The loans are loans to the s-corp from a bank and don't count towards equity. Some of the money from those loans is what's in the bank account. I've gotten some "the balance sheet on the tax return isn't that important" advice from the accountant I consulted with, but I want to understand now that I see I do actually have to file one, how to make it match the accounting method on my return instead of what Quickbooks prints out. I'm also confused about where Turbotax is getting their automatically calculated "retained earnings" number from. If I subtract "adjustments to shareholder equity" it throws the balance off. Are distributions to shareholders entered in TT Business already being subtracted from the balance sheet somewhere? I can get it to balance without adding those, but I don't know if that's correct. And what I've ended up with a modified cash basis balance sheet, not a true cash basis one as I understand it, since I've listed long-term assets and debts owed to banks (?)
