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t13equities
Returning Member

Balance Sheet Doesn't Match

I am trying to complete the tax return for my LLC and I can't seem to get my balance sheet to match; I'm not sure what I'm doing wrong.

1 Best answer

Accepted Solutions
tagteam
Level 15

Balance Sheet Doesn't Match

You will most likely have to provide more details before anyone can assist you with this issue.

 

However, in quite a few instances, what happens is net income (profit) is reported and distributed automatically to members of an LLC but no actual distribution is made. As a result, that leaves an imbalance due to the income flowing into the partners' capital accounts on the balance sheet.

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4 Replies
tagteam
Level 15

Balance Sheet Doesn't Match

You will most likely have to provide more details before anyone can assist you with this issue.

 

However, in quite a few instances, what happens is net income (profit) is reported and distributed automatically to members of an LLC but no actual distribution is made. As a result, that leaves an imbalance due to the income flowing into the partners' capital accounts on the balance sheet.

BlueNomad
Returning Member

Balance Sheet Doesn't Match

I am having a similar issue.  I used TurboTax Business 2018 for my LLC and my ending #s balanced.  However, when I transport that data into TurboTax Business 2019, my beginning balance is off on my balance sheet.  I don't see how this is possible since the same numbers balanced on my 2018 ending balance sheet.  I am having to file an extension because I cannot get anything to work out.  

tagteam
Level 15

Balance Sheet Doesn't Match

@BlueNomad You should contact Support (link below) for this issue. Some users of the 2018 Business edition have reported issues with transfers to the 2019 program.

 

https://ttlc.intuit.com/community/using-turbotax/help/what-is-the-turbotax-phone-number/00/25632

sleeper1949
New Member

Balance Sheet Doesn't Match

The only  thing lef t to do on my 1120 S is the section concerning the balance sheet . It says the balance sheet is not  correct which I do not understand all the numbers are correct concerning business expenses . I need some one to walk me through the balance sheet section,. 

Thanks

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