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Balance Sheet Not Balancing
I have "successfully" been using Turbo Tax Business to file my S Corp taxes since 2007. I never had to complete the Balance Sheet Sch. L in the past because assets are always way below $250K. I'm trying to complete my 2019 taxes and Schedule L is not balancing by -$39,194 loss due to the purchase of a fix and flip investment single family residence valued at $320k. I won't realize a gain until after I rehab and sell in 2020.
Sch. L Line 1 - My beginning cash account is (b) $74 and ending. (d) is $74
Line 10a begining tax year (a) $301,017 and ending (c) $301,017 balances are both $301,017
Line 10b beginning tax year (a) is ($7,811) and (b) is $293,206 and end of tax year are (c) ($7,811) and (d) $293,206
Line 12 beginning of tax year (b) $54,019 and end of tax year (d) $54,019
Line 13a beginning of tax year (a) $4,857 and end of tax year (c) $4,857
Line 13b beginning of tax year (a) ($270) and (b) $4,587 and end of tax year (c) ($270) and (d) $4,587
Line 15 beginning of tax year (b) $351,886 and end of tax year (d) $351,886
Line 17 Mortgages, etc beginning of tax year (b) $292,825 and end of tax year (d) $292,825
Line 24 Retained Earnings **(This is what is causing out of balance)** Beginning of tax year (b) $0 and end of tax year (d) -$39,194
Line 27 beginning of tax year (b) $292,825 and end of tax year (d) $253,631.
Out of balance by $39,194.
I didn't take any distributions. Basically house rich and cash poor. All of the assets are in the equity.
I've read several articles on Balance Sheet Not Balancing and haven't been able to find a solution. Any assistance is very much appreciated.