I've only been doing my own taxes for a couple of years now and so not sure what I'm doing wrong.
My Balance Sheet in Turbo Tax is off by the exact amount showing in my Tenant Balance Detail report in my Quickbooks account as the change.
When this tenant paid (via PayPal), I put the money in the "Security Deposits Payable account. (Same bank as other transactions)
This past year, I raised rent a little when an old tenant moved out and changed over to new tenant. The $80 change is showing in my Tenant Balance report attached here which reflects that increase.
I have always had the security deposits listed in liabilities side. I have attached that statement. But as you can see from my records, it appears that the amount I'm off in my TT Balance sheet looks like it may be a result of this increase.
My check register reconciled. I don't understand why this is happening. I realize that if I reduced the asset side with same amount, it would balance but I never had to do that before. And I don't know where I would put that debit and what next years balance sheet would need done to balance.
Thanks in advance for any help.
