This article contains tips for balancing an ending balance sheet (Schedule L) in an S-Corporation return. ProConnect Tax Online automatically calculates some lines of the Schedule L, while other items must be directly entered on the Balance Sheet screen. Items that are automatically calculated are indicated by an asterisk ( *) on the input screen.

Follow these steps to view the balance sheet:

  1. Go to the Check Return tab.
  2. On the left-side menu, select Forms.
  3. Click 1120S.
  4. Scroll to page 4 to view the Schedule L.
Verify which amounts on the Schedule L are incorrect and causing the balance sheet to be out of balance. Locate the item in the list below for instructions on how to change it.

Direct input items:

These items must be entered on the Balance Sheet screen and are not automatically calculated by the program.
Follow these steps to change any direct input item:
  1. Go to the Input Return tab.
  2. On the left-side menu, select Balance Sheet, M-1, M-2, M-3.
  3. Click on Federal.
  4. Locate the line you wish to change, and enter the correct Ending balance.
 

Automatically calculated items:

Items indicated by an asterisk ( *) on the Balance Sheet, M-1, M-2, M-3 > Federal screen will be automatically calculated by the program if no entry is made.