why is the retained earnings from prior year not included in the liablitiy side of the balance sheet. I am by the amount of retained earnings and there is no box to enter.
Ending amount is off as well. and my numbers match my books. assets are fine.
You'll need to sign in or create an account to connect with an expert.
Are you using TurboTax Business? Where are you in the program?
I presume you are working on the balance sheet?
Yes. I am using QB BALANCE Sheet which is in balance. On Tax 1120S Balance Sheet side is correct but I cannot get the liability side to balance. The beginning year amount does not include the beginning year retained earnings. This is the amount that is off for the beginning year.
how do we fix it?
You are probably going to have to make manual adjustments, either in Step-by-Step or Forms Mode.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jd2004
Level 1
themarianiteam-g
New Member
andrew5912
Returning Member
LonzoTaxes2022
New Member
luvkhush
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.