topic Where does Net income on Quickbooks balance sheet go on Form 1120S Schedule L in Business & farm

Where does Net income on Quickbooks balance sheet go on Form 1120S Schedule L

ronnie220 — Mon, 23 Feb 2026 10:03:04 GMT

I need to complete the Schedule L section of Form 1120S for the first time due to receipts>$250,000. When turbotax moved over my quickbooks information it was out of balance by the amount on my "net income" line on my quickbooks balance sheet. How do I fix it so my schedule L is in balance? Where does the net income go on the schedule L?

Re: Where does Net income on Quickbooks balance sheet go on Form 1120S Schedule L

Mike9241 — Fri, 27 Jan 2023 06:09:35 GMT

net income gets added to retained earnings for schedule L

Re: Where does Net income on Quickbooks balance sheet go on Form 1120S Schedule L

ronnie220 — Fri, 27 Jan 2023 15:51:02 GMT

So instead of the retained earnings Turbotax transferred over from Quickbooks, on the schedule L the beginning RE should be 21629 (-29206+50835) and end year RE should be 35054 (21629+13425)? Is this the correct understanding?