topic my balance sheet and profit and loss balance in QuickBooks, but not in TurboTax in Business & farm

my balance sheet and profit and loss balance in QuickBooks, but not in TurboTax

cmlgvl — Mon, 23 Feb 2026 10:19:04 GMT

My retained earnings are correct on the QB balance sheet, but not in Turbo Tax. Everything balances in QB, but not TT. What am I missing? I entered exactly from year end reports.

Re: my balance sheet and profit and loss balance in QuickBooks, but not in TurboTax

ThomasM125 — Wed, 25 Jan 2023 00:41:06 GMT

If you right click on the retained earnings number in TurboTax you should see a Data Source option which will tell you where that number comes from. Most likely, it comes from the schedule M-2 which is further down on the page. The M-2 balance at end of year is a product of many items, and starts with the ending balance from the previous year. You need to look at those numbers and make corrections to bring the balance in line with your QuickBooks numbers.

Sometimes, your QuickBooks income is stated on an accrual basis and your tax return is stated on a cash basis, which will throw your retained earnings off. If so, you can make an adjusting entry on schedule M-2 to account for that.

Re: my balance sheet and profit and loss balance in QuickBooks, but not in TurboTax

gvlcml — Wed, 25 Jan 2023 15:16:53 GMT

Thanks!! I am in balance.