How can I change partner capital on the balance sheet?

[tilmon]

My balance sheet is off because TurboTax prefilled in Partner Capital and the number is incorrect.  How can I change it?

[JulieCo · Accepted solution]

You can edit the Partner Capital information for each partner in the Business Information section of TurboTax Business. 

Select the Business Info tab near the top left of the screen.  Then select Partner/Member Information.  You can then select to EDIT the partner.  You will be brought through several screens, but should eventually be brought to a Partner Capital screen where the beginning and ending capital balances are entered, plus any contributions from or distributions made to the partners.  You will need to edit each partner capital screen individually for each partner. See the sample screenshot attached.

[Rkennell]

I do not see where I can edit the beginning partner capital account balance based upon the advice given.  I am using the Partnership/LLC version of Turbo Tax and there is no screen to edit the beginning balances.

[ZoltanB45]

If you used Turbo Tax last year, the ending balance should have flown to the beginning of the following year.  Certain numbers cannot be changed, unless you change the prior years return. You can create a fake 2020 return with the ending balance you want, and have it flow through, but I would not advise that.

If your issue is the ending balance (reason you want to change the beginning), just work with the "contribution" or "distribution" amount to tie the final number out to what it actually should be.