Turbotax v. Quickbooks Balance Sheet - Retained Earnings

[Winnie8845]

My 2018 tax file has a retained earnings value a few dollars off from my QuickBooks.   It is causing my 2019 taxes not to balance on my balance sheet.   Is there a way to make an adjustment in turbo tax somewhere to bring these back to matching?

[JamesG1]

This TurboTax Help states:

“If you imported your balance sheet data from QuickBooks, confirm that all amounts imported correctly and that no information is duplicated or missing. If necessary, adjust balances.”

I suspect what you are seeing is a rounding error from dollars and cents in QuickBooks to only dollars in TurboTax.

[Winnie8845]

Yes, but I cant make my balance sheet zero out due to the rounding issues.   Where would you include the rounding difference In order to balance these numbers?

[JamesG1]

I suspect you have a difference of only a few dollars? 

I would make the adjustment to a large expenditure item such as materials cost or supply cost but not a payroll related number which may balance to your W-2's issued and Federal 941 and 940.

[platterell]

You mention "adjust balances" if the imported balance sheet is not correct.  How do you do that?

[AliciaP1]

If you are using TurboTax Business or TurboTax Home and Business you can switch to forms mode with the icon in the upper right corner.  Choose the form on the left menu that provides your balance sheet (depending on the type of business entity you are filing for) and make changes to put the balance sheet in balance.

@platterell