Hi.
I am using TurboTax Business for my partnership LLC and need to complete Balance Sheet since it is required for my State filing. I switched from single member to partnership during the year so this is the first year for 1065.
Right now my book records shows Assets = Liabilities + Capital status and the same in TurboTax Business. But TurboTax Business shows me "your beginning balance sheet is not in balance" and here
Total Beginning Assets = 0 while Total Beginning Liabilities and Partner Capital shows the opening balance amount that was in my bank account. I assume the reason for beginning assets = 0 is because this is the first year. I entered the opening balance to the Partner Capital for end of year.
How can I balance my beginning balance in this situation?
Any advice would be appreciated.