Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- 1120s, Schedule L
1120s, Schedule L
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
usbarellc
Level 1
03-10-2021
01:27 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
2 Comments 2
sjrcpa
Level 15
03-10-2021
01:51 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
usbarellc
Level 1
03-10-2021
04:56 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
