1120s, Schedule L

Forum|Forum|5 years ago
March 10, 2021
2 replies
30 views

Is it a must that Schedule L be prepared when filing Form 1120s?, I asked because client do not have a balance sheet or trial balance available, Likewise, is there a year end balance sheet or trial balance template available in proseries if I want to help with preparing these schedules to complete Schedule L?

Thanks look forward to the response.

ProSeries Professional

This topic has been closed for replies.

sjrcpa

Level 15

This is a real good example of why a lot of small businesses should not be S Corps.

They have no idea how to keep corporate books and records.

Without a balance sheet and trial balance, how confident are you in the P&L numbers?

The "template" could be the Schedule L itself.

The Balance Sheet should be generated through the accounting system.

Read the 1120S instructions for the exception for when it is not required.

And let me guess-no payroll either?

The more I know the more I don’t know.

U

usbarellcAuthor

Level 2

That assumption about payroll is correct. I will try to ask a few questions to see if I can generate a balance sheet and trial balance. If the Sch. L can work to get a some what schedule of statements I will do that or they will have to just pay me to keep their books.

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