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Hi there,
Can someone help me with this issue?
My client is a Form 1065 LLC who has a rental property. I entered the rental property on Form 8825. However, the balance sheet with Form 1065 is not updated with Building and Land data.
Is there a button that I forgot to click to link them?
Please help.
Thank you all.
Helen
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You have to enter the values on Lines 9a, 9b, and 11 of Sch L
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The fixed asset information that you enter on the asset entry worksheets does not automatically transfer to the balance sheet. I do not think it transfers in any module, you have to directly enter the data on the balance sheet.
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Sometimes when things don't happen magically with software, you just have to go back to basics and try to manually enter numbers. Living dangerously like that saves you time posting here and keeping your fingers crossed that someone will answer.
Slava Ukraini!
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Thank you for your reply. I feel better now that I'm not alone in entering those data manually in 1065.
I think Proseries needs to fix this issue. It creates problems in the long run.
I also use other tax software which connects all the pieces. I don't need to manually update 1065 balance sheet with Fixed Asset information.
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PS has a depreciation worksheet that carries over year end accumulated depr. You still have to enter the Total assets on the balance sheet.
It's called the "Accumulated Depreciation, Amortization and Depletion Worksheet."
Check the box to enter ending balance on Balance Sheet.