For previous years' taxes, my LLC hasn't had to file a schedule L. However this year I do. When TurboTax imported from Quickbooks, it got all the end of year balance sheet numbers for the schedule L, but it didn't fill out any of the beginning of the year numbers. So now TurboTax complains my balance sheet is out of balance.
I'm trying to manually enter the beginning of the year numbers in schedule L and M-2, but I don't know what to enter. Specifically, I have a draw account and it put the total amount of this account for the 10 years of the business under schedule M-2, line 7. I've tried adjusting this to just have this years' draws and put the beginning of year draw account balance in schedule L, line 21. But this seems to show out of balance on the "Balance sheet out of balance by" line. Also I put the correct beginning of the year cash balance in schedule L, line 1 (the end of year was correctly imported from Quickbooks), but the out of balance line seems to be off by these amounts too. If everything is in balance, should the "Balance sheet out of balance by" line be 0?
Thanks.
