I cannot get schedule L on 1120 to balance.
The business has a very large amount of debt, credit cards and notes payable on equipment, but the assets have been depreciated below amount owed on loans. The balance sheet in QBO balances, but that is due to equity account balancing out. RE does not do the same in Lacerte, do I need to make an entry to adjust shareholder's equity on line 25 of Schedule L? Any suggestions as to where I am going wrong?