TurboTax Business Incorporated 2019, and Quickbooks Desktop 2020 Pro.
Problem:
S100 "Total assets" not equal to "Total liabilities and equality" due to last year's Retained Earning was not counted in by TurboTax.
More details:
TurboTax input data from QuickBooks.
The Quickbooks's TrialBalance and BalanceSheet are balanced.
The GIFI table (generated by TurboTax during input from QuickBooks) has a Retained Earning (GIFI 3680) of 178,678.45 from year 2018. This 178,678.45 does not show on S100. Instead it show 22,932 (GIFI 3600).
On S100, "Total assets" = 163,774. "Total liabilities and equality"=342,455. These 2 numbers should be equal. But there is a difference of 178,678 (which is the GIFI 3680 mentioned above) plus a common shares of value 1.00.
How do I make the S100 balanced?
