My balance sheet is not balancing in TT. I see that a sold asset in 2021 and accounted for on the tax return is still listed on the Depreciation Schedule for 2022.
How is that happening?
Which balance sheet? Is this for QuickBooks (as in your previous posts)?
Was there an end-of-the-year figure for 2021?
It may be that you still have the asset listed in your program. You can check on this by using the View menu option and then Forms to see a list of all your forms on the left menu bar. Look for an Asset Entry Wks for the asset and if you see it there, you can click on it to bring up the worksheet and use the Delete Form option to remove it from your program. If you remove it in this fashion, it will remove the asset and associated accumulated depreciation from your balance sheet and remove any depreciation entries associated with it for the current year. However, it won't guarantee that any gain or loss or potential depreciation recapture that applied to the previous year was reported correctly.
If this asset was transferred in from last year (2021) that would explain a lot, I believe, as it was apparently never removed from the list of assets nor the balance sheet.
The sale was accounted for on 2021 tax return and updated on the projected depreciation schedule for 2022. All was correct. But now doing tax return for 2022, the sold asset is listed again—even though it was under sold on the 2021 schedule and correct as not being listed on the projected schedule for 2022.
everything was fine and accounted for in 2021. The Depreciation schedule somehow has not updated from the correct projected schedule to the current year.