Balance sheet retained earnings question

Forum|Forum|3 years ago
March 7, 2023
2 replies
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Doing taxes on my own for my S corporation with TurboTax Business 2022.

1. I entered beginning of year and end of year amounts on "Enter Your Assets Quick Entry" of Balance Sheet.

My Balance Sheet is not balanced and trying to figure it out.

Q1. Where are Retained Earnings amounts coming from on "Enter Your Liabilities and Capital Quick Entry" ?

Q2. Why in the world on Reconciling Retained Earning sheet Beginning Book Retained Earnings show 0? It's not true, i entered an amount there see item 1 above.

Q3. Above amount shows 0 and no way to override it... where is it coming from? What is logic? Or is it a bug in the software?

Please help,

Thanks,

Paul B.

TurboTax Business Windows

AliciaP1

Level 13

On the balance sheet entry, the retained earnings amounts come from your retained earnings reconciliation. You should reconcile and enter any differences in your Income Reconciliation and Retained Earnings Reconciliation before you enter your Balance Sheet.

To get back to this screen in TurboTax Business you can:

Open your tax return
Under the Federal Taxes tab click Balance Sheet
Click Edit for the Income Reconciliation and verify the book to tax balances
Click Edit for the Retained Earnings Reconciliation and verify or enter the book to tax balances
Click Edit for the Balance Sheet and now verify your asset entries, then your liabilities and capital entries

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theshowco

Level 2

Hi there--

I found this posting and need to do the same thing. I am using TurboTax Business 2022.

Using these instructions, I cannot find "Retained Earnings Reconciliation" anywhere on my screen. I've tried using the search tool, no help.

Can anyone advise where to find this?

TW