Naomae
Returning Member

Balance Sheet Single Member LLC to Scorp First Year

Switched from single member LLC to SCorp beginning Jan. 2021.

Now trying to get the Schedule L/Balance Sheet to reflect correctly and I am wondering if I should be making an entry to show retained earnings for prior year profits prior to taking the scorp election and if so, on what line should that reflect?

Should I be completing the beginning of tax year columns, or leaving them zero and showing everything in End of Tax year?

Thanks in advance!