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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:
- Open the current year of ProSeries to the HomeBase.
- From the File menu, select Transfer, then Transfer Clients...
- On 1 Select the type of files to transfer, select 2020 Form 1120 to 2021Form 1120S.
- 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.
- 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.
- Select the Transfer button.
- When the transfer procedure concludes, review the Transfer Log that appears.
- Review the information that was transferred to the new 1120S client files.
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