Shareholders Distributions on Sch K Throwing Balance Sheet Out of Balance.

Forum|Forum|5 years ago
September 14, 2020
6 replies
24 views

Hello,

My balance sheet is out of balance and its affecting the retained earnings. The amount is off by $476, which is the exact amount of shareholder distributions for the year. However, when I enter the distributions in Schedule K on the SH Distributions and Dividends Smart Worksheet, the out of balance amount doubles to $952. To make the balance sheet reconcile and zero out the out of balance amount, I have to enter the distribution on Sch K as a NEGATIVE amount. That doesn't make sense to me and I've never run across this in the past. Is this a program glitch or did I enter something incorrectly?

Thank you.

Mary Ellen

ProSeries Professional

This topic has been closed for replies.

dkh

Level 15

I've not had a problem with the 1120S returns I've prepared. Do you have a Balance Sheet from accounting program you're entering from? If yes, verify it was entered as a distribution in the accounting program.

M

METMETMETAuthor

Level 2

Hi, there. Yes, QB balance sheet clean as a whistle. That's where the original distribution stems from. No resolution help from the ProSeries business team. Wasted time, unfortunately.

dkh

Level 15

I've had instances that prior year distributions were not closed into Retained Earnings, so when I used distributions from Balance Sheet it was overstated. Can you verify the distribution amount is only 2019 distributions?

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