I want to set up Quickbooks Pro 2016 to transfer my accounting information to TurboTax for Tax filing. What are the correct chart of accounts that need to be set up for an LLC that will provide the correct assignment in TurboTax. And can they be imported into Quickbooks...
When I filed my taxes I selected "Do you want to import your QB file into TurboTax and I said Yes, Unfortunately the transfer did not enter the information correctly in my 1040 and Schedule C so there is a problem in my chart of account assignments.
Is there a chart of accounts for a single member LLC that will work with TurboTax?
You'll need to sign in or create an account to connect with an expert.
There really is no "one size fits all" chart of accounts that you can apply to ALL LLC's. The chart of accounts depends on what you want to see in your own financial statements and reflects what's important to you, information that you believe is vital to the proper running of your business. Of course you could set up a chart of accounts that looks exactly like what's required on a Schedule C, (I'm ASSUMING that's the proper reporting in your case), but that setup is fairly "gross", lacking in a lot of detail that you might deem important to know.
For example, you might set up an expense account called "Taxes and licenses", exactly mimicking the Schedule C line item, but if taxes and licenses are a material aspect of your business and it's important that you understand the detail-level information behind the gross number, you'd have to constantly run analysis to try and tease out that detail. In that case it would make more sense to set up maybe several expense accounts covering taxes and licenses, organized in the fashion that you want to see the information routinely. Within Quickbooks you'd then set up all these accounts to feed into line 23 - "Taxes and licenses" - of Schedule C.
I assume Quickbooks, a product of Intuit, works in a similar fashion as Quicken in terms of how information is transferred into an income tax return: for each income and expense account you establish you separately "tell" Quickbooks exactly WHICH line item of WHICH Form or Schedule of your income tax return you want each account's balance to show up. That's really a question you should be asking over here: https://community.intuit.com/quickbooks-online
Tom Young
There really is no "one size fits all" chart of accounts that you can apply to ALL LLC's. The chart of accounts depends on what you want to see in your own financial statements and reflects what's important to you, information that you believe is vital to the proper running of your business. Of course you could set up a chart of accounts that looks exactly like what's required on a Schedule C, (I'm ASSUMING that's the proper reporting in your case), but that setup is fairly "gross", lacking in a lot of detail that you might deem important to know.
For example, you might set up an expense account called "Taxes and licenses", exactly mimicking the Schedule C line item, but if taxes and licenses are a material aspect of your business and it's important that you understand the detail-level information behind the gross number, you'd have to constantly run analysis to try and tease out that detail. In that case it would make more sense to set up maybe several expense accounts covering taxes and licenses, organized in the fashion that you want to see the information routinely. Within Quickbooks you'd then set up all these accounts to feed into line 23 - "Taxes and licenses" - of Schedule C.
I assume Quickbooks, a product of Intuit, works in a similar fashion as Quicken in terms of how information is transferred into an income tax return: for each income and expense account you establish you separately "tell" Quickbooks exactly WHICH line item of WHICH Form or Schedule of your income tax return you want each account's balance to show up. That's really a question you should be asking over here: https://community.intuit.com/quickbooks-online
Tom Young
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Nickstax15
New Member
skt302
New Member
jppsmitty
Level 2
angelakc70
New Member
vailbb
New Member
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.