Hi,
I've been using TurboTax Business & QuickBooks for a few years now. Took me a while initially to figure everything out, but it's been smooth since then.
This year, however, I'm running into some problems. I'm using TurboTax Business (2021 obviously), and it loaded up my 2020 TurboTax returns just fine, including the ending balance sheet. My QuickBooks financials are up to date, and everything balances. But when I tried importing my QuickBooks data into TurboTax, I ran into some problems. Some were line-mapping errors that were easy to fix. But the big one I can't figure out is - TurboTax isn't importing the line item "Retained Earnings".
It's the strangest thing, because it imported revenues ($300k) and expenses ($100k) fine. It calculated the net income correctly ($200k). The balance sheet mostly imported fine. Beginning balance sheet was perfect, but ending balance sheet has $0 (instead of $600k) for Retained Earnings, and it's not clear to me why it wasn't imported or how I can easily fix it, other than just writing in the actual Equity number at year end, and pray that there's nothing else wrong with this.
Anyone else had a similar problem? Thanks!
