ProConnect HelpIntuit HelpIntuit

Common questions about the 990 Balance Sheet in Lacerte

SOLVEDby Intuit5Updated September 21, 2023

The following articles are the top questions referring to Form 990 balance sheet

  1. Open Screen 50, Balance Sheet.
  2. On the Sections list, select Assets.
  3. In the Investments-Land, Buildings, & Equipment (-1=None) [O] section, override the asset basis and accumulated depreciation for each category (e.g. Machinery & Equipment, Furniture & Fixtures, etc.). Enter -1 in these codes to reflect a zero balance.

Note: The basis and accumulated depreciation of assets entered in Screen 39, Depreciation, flows automatically to the Balance Sheet. In addition, an entry in Category determines the classification of the asset on the balance sheet statements.

Caution: If you override one or more asset categories with entries in the above fields, you must override all categories with automatic flow-through balances.

  1. Open Screen 39, Depreciation.
  2. Under the Asset list, click the Add button. Note: You will not have to click Add for the first item.
  3. Enter the Description, Form, Category, Date Placed in Service, Cost or Basis, and Method and any other information related to this asset.

Note: The program automatically carries cost or basis, the prior accumulated depreciation, depletion, and amortization to the current year depreciation, depletion, and amortization expenses to the balance sheet.

Was this helpful?

You must sign in to vote, reply, or post
Lacerte Tax

Sign in for the best experience

Ask questions, get answers, and join our large community of Intuit Accountants users.

More like this

Dynamic AdsDynamic Ads