I have a chapter s llc, and am trying to reconcile my income statement from QB to what was entered in TT (they aren't matching). How can I see a dull income statement?

Forum|Forum|1 year ago
February 11, 2025
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Also, it seems TT is not closing out depreciation to RE.

ThomasM125

I'm not sure what you mean by a "dull income statement", can you clarify please?

You can use the forms method in TurboTax to make entries directly on the LLC income statement. Just compare the entries in TurboTax with the entries on your QuickBooks income statement and adjust as necessary. Depreciation expense will be part of your net income, and as such it should close out to retained earnings after the end of the year. Accumulated depreciation is a contra-asset account and as such it is not closed out to retained earnings, as it is a balance sheet account.

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jeromep63Author

Hello, and thank you so much for replying. I am sorry for my typo, it should have read "full" I/S, not dull (as opposed to exciting ;-). Thanks for the tip to use the Forms method. I had previously used the process to be walked through filling out blanks, then it was apparent the depreciation wasn't working correctly and wasn't being taken out as an expense to calculate the Net Income addition RE. This is my first time using TT, and I obviously have some things to learn. Thanks again.