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Converting an 1120 to a 1120S in ProSeries

by Intuit Updated 2 years ago

Before you start:

  • This process allows you to take a prior year corporation and create a current year s-corporation.
  • This process doesn't work for a same year to same year transfer.
  • If you have trial balance import links setup, these won't transfer and will need to be setup again in the 1120S file.

To convert an Corporation to an S corporation:

  1. Open the current year of ProSeries to the HomeBase.
  2. From the File menu, select Transfer, then Transfer Clients...
  3. On 1 Select the type of files to transfer, select 2020 Form 1120 to 2021Form 1120S.
  4. If your prior year client list doesn't appear make sure step 2 Transfer data files from... has the correct folder selected. If the folder isn't correct, click Browse to select the right folder.
  5. Select the client files that need to change from an 1120 to a 1120S.
    • To select all the listed files, select the Select All button.
    • To select several client files that are in consecutive order, select the first client, then hold down SHIFT while you select the last client.
    • To select several client files that aren't in consecutive order, hold down the CTRL key while you select each client file you want.
  6. Select the Transfer button.
  7. When the transfer procedure concludes, review the Transfer Log that appears.
  8. Review the information that was transferred to the new 1120S client files.
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