Question

Turbo Tax S corp reconcile balance sheet total does not match

Forum|Forum|4 years ago
March 8, 2022
2 replies
0 views

Hello,

I am trying to reconcile the balance sheet. As I am, having hard time to locate the difference I have zero out all field but the total Liability, Capital and Retained earning still show me a value.

How can I see where the total value is coming from when all Field has been zero out?

TurboTax Home & Biz Windows

T

THIERRY61Author

Hi,

I need to make a correction to my post. The product I use is Turbo Tax for Business, NOT Home and and Biz

J

JillS56

Some of the accounts automatically calculate and you are unable to zero all of the fields. Here is some information on reconciling a balance sheet. Reconcile Balance Sheet

The Liability, Capital and Retained Earnings is a field that is automatically calculated based on the net income or loss of the return. You are not able to zero out this number. Just proceed with entering all the information and see if it balances.

If you are using a desktop version, you can switch to Forms and ago to the Balance sheet.

T

THIERRY61Author

I fianlly used the form itself instead of the quick form of the review and was able to fix it. I also realized that TT imported some value incorrectly. So after correcting those in the form itself, I was able to reconcile.

But then when I did the state portion, I had to correct again some balance sheet number. It did not transport properly from Fed to State.