It's hard to explain in an email for me, but I will give it my best shot.
In Turbo Tax Business when I come to the balance sheet section it is telling me I'm out of balance. I'm also off the same amount on my retained earnings statement. The amount out of balance is the exact amount I got in a PPP loan in 2020. When I got the loan I put the dollar amount in an account named "long term loan". When it was forgiven I did a JE on 12/31/20 to remove it from Long Term Loan account to my checking account. I'm sure that is where I did something wrong but I don't know what to do to fix it.
On my 2020 taxes I did the PPP loan entry on line 16B (Other Tax-Exempt Income) and my Balance Sheet and Retained earnings matched.
Any advice would be greatly appreciated.
