Visitor I

Book Income (Loss) not balancing

I am using Trbotax Business 2017 Download format.

 

It has been riddled with bug.

 

It does not allow me to balance my Book Income (loss) section.

 

Help!!! I called in 7 times already and even the support does not know what to do. 

This is just not acceptable. They keep closing my ticket as resolved and I get np resolution. Nobody calls me back and I am stuck!!!! This is n0t what I was expecting. Is there anybody out there of the Management team that cares?

 

1 Comment
Visitor II

Book Income (Loss) not balancing

Hello,

 

It is important to understand the accounting equation:  Assets=liabilities+equity.

 

Additionally, every entry on the balance sheet should be entered twice.  For example, distributions will affect your assets and your retained earnings (equity).  Additional paid in capital, will increase your equity, and also your cash by the same amount.  If this is done properly, the balance sheet will balance.