And after the 7004 (extension) form which is due by 03/15/2021 I suggest continuing education classes if you have no clue where to start. Remember to extend the state also if applicable.
I start with the trial balance. Then I usually have to go back to the books and clean up all of the things that are obviously wrong. Once you have a clean trial balance, it takes 10 minutes to drop the numbers in the boxes and then another 20 minutes to chase down the $2 rounding error that's throwing everything off-balance. 🙂
Not trying to get rid of balance sheet. I'm trying to clear a balancing error & it seems like I could exclude one of the schedules (M or L?) to make the error go away.
Not trying to get rid of the balance sheet. It was more frustration on one final error I was receiving. I had the error that my balance sheet was out of balance, so I entered the amount of net profit from last year's 1120s to the cash line in the balance sheet. That made sense because I hadn't included that figure anywhere & I felt it should. Was that the correct thing to do?
NO that was not correct. Do you not have a Balance Sheet and Profit/Loss statement you are working with to enter this information into the F1120S? You need to do so reading as to closing out one year profit/loss for the start of a new year...... it is not adding it to the cash line on the Balance Sheet.
I only have a profit & loss statement, not a balance sheet. How do I clear the out of balance error, what do I need to read? I have the prior year 1120s also, if that helps.
I did. Is there a training video I can watch or other training resource you can suggest? This is a very basic return. I just need to learn how to handle this error. I appreciate your help!
