Discuss
Discover
  • Community basics
    • Support
  • TurboTax™
    • TurboTax.ca
    Open TurboTax

    Why sign in to the Community?

    • Submit a question
    • Check your notifications
    or and start working on your taxes
    Close icon
    Do you have a TurboTax Online account?

    We'll help you get started or pick up where you left off.

    Yes No
    cancel
    Turn on suggestions
    Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
    Showing results for 
    Search instead for 
    Did you mean: 
    carolpaniccia
    New Member

    TT is not adding my assets and liabilities correctly and I cannot override the field. What do I do? Corporate taxes are due December 31.

    The prior year figures added correctly but current year's do not. It's bizarre and I have tried everything humanly possible to fix it.

    posted
    ‎October 30, 2019 6:08 AM
    last updated ‎October 30, 2019 6:08 AM
    0
    3
    1,469
    Reply
    1 Best answer

    Accepted Solutions
    TurboTaxJeffrey
    New Member

    TT is not adding my assets and liabilities correctly and I cannot override the field. What do I do? Corporate taxes are due December 31.

    If the shareholder owes the company, that is not a liability...it is an asset.  Create an asset account "Due from Shareholder."

    View solution in original post

    ‎October 30, 2019 6:08 AM
    0
    1,458
    Reply
    3 Replies
    carolpaniccia
    New Member

    TT is not adding my assets and liabilities correctly and I cannot override the field. What do I do? Corporate taxes are due December 31.

    Liabilities is a negative amount as shareholder owes company as opposed to Due To SH.
    ‎October 30, 2019 6:08 AM
    0
    1,458
    Reply
    carolpaniccia
    New Member

    TT is not adding my assets and liabilities correctly and I cannot override the field. What do I do? Corporate taxes are due December 31.

    I did a test. I made Liabilities "0" so total Equity should be the same as total Assets. It's still wrong! TT is broken.
    ‎October 30, 2019 6:08 AM
    0
    1,458
    Reply
    TurboTaxJeffrey
    New Member

    TT is not adding my assets and liabilities correctly and I cannot override the field. What do I do? Corporate taxes are due December 31.

    If the shareholder owes the company, that is not a liability...it is an asset.  Create an asset account "Due from Shareholder."

    ‎October 30, 2019 6:08 AM
    0
    1,459
    Reply

    Related Content

    PT489157
    WendyMcAlpine
    RuiF
    carolpaniccia