Form 990

[Horseaddict]

Statement of activity and statement of financial position from entity quickbooks was used for the revenues and expenses. Everything seems to be carried over from 2023 correctly, however the reconciliation of net assets is out of balance. Any ideas on what might be causing this?  Last year's return was in balance.......

[IRonMaN]

Sometimes you need to do things the old fashioned way and compare what is on the return with what is on the financial statements.

[Horseaddict]

Are you referring to 2023 return and financial statements?  I have compared the 2024 financials with the return.  Everything is the same!

Thank you!

[IRonMaN]

What kind of reconciling items do you have?

[sjrcpa]

"Everything is the same!"

It can't be if it doesn't reconcile.

Put it aside for a day. Then look again line by line.

[Horseaddict]

I have gone through the depreciation schedule, some new assets added, but accumulated depreciation is correct.  I verified that the revenues and expenditures are correct.  The balance sheet doesn't have much except bank accounts, which are reconciled with the bank through December, assets/accumulated depreciation, and a liability that was paid in 2024.  

[Horseaddict]

Thank you!  Always a good idea.  

[sjrcpa]

How about net assets?

Your QB file probably has last year's number, not adjusted for this year's net income/loss.